Russian government allocates $39 mln for Vostochny spaceport operationScience & Space August 18, 17:18
US sanctions will not affect construction of Turkish Stream, Akkuyu NPP — energy ministerBusiness & Economy August 18, 16:53
Turkey wants to use national currencies in trade with Russia — economy ministerBusiness & Economy August 18, 16:31
Police detain fourth suspect in Catalonia terror attacksWorld August 18, 16:05
Roscosmos denies cooperation with North Korea in missile technologiesScience & Space August 18, 15:59
Russia has no plans to attack NATO countries — diplomatWorld August 18, 15:38
Barcelona terror attack caused by illegal migration, Hungarian diplomat saysWorld August 18, 15:30
Russian, German top diplomats discuss North KoreaRussian Politics & Diplomacy August 18, 15:28
Spain hopes for cooperation with Russia in fighting terrorismWorld August 18, 14:50
NICOSIA, March 27 (Itar-Tass) – The Cyprus economy may shrink by 40 percent as a result of the measures coordinated by the Cyprus government and international creditors for restructuring the country’s leading banks and averting default. Chrisis Sofocleous, partner with Andreas Sofocleous law firm, a major law firm in Cyprus, told ltar-Tass.
He said what happens in Cyprus presently means its fiasco as a financial services center. It is precisely the services, mostly financial services that account for some 70 percent of the country’s GDP and are the main source of the state’s revenues.
Sofocleous said he does not see how the state is going to make payments for the loans to Europe and the IMF. He remarked that the Troika would be back in Cyprus in three months and would ask about the money.
Sofocleous believes the only way out for Cyprus is to quit the eurozone as soon as possible and to get rid of dependence on the Troika. Then it may be attempted to regain confidence of foreign investors in Cyprus as a financial center, Sofocleous said. He believes the resumption of the national currency use would make it possible to increase cash circulation for economic development. If the authorities refrain from steps to withdraw from the eurozone, there will be no way of Cyprus recovering. It will become a hostage of Europe, mainly of Germany, which will lead to the loss of the country’s mineral resources, Sofocleous said.