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FinancialMirrorIssue No. 1009 €1.00December 12 - 18, 2012

Professional services need action to keep driving jobs

PWC REPORT ON GROWTH

America’s Hope Against HopeBy Joseph E. Stiglitz

Public sector must do more with lessBy Dr. Theodore Panayotou, CIIM

PAGE 7PAGE 8

PAGE 3

Cyprus moves up 4 places in World Bank ranking, but is it enough? PAGE 5

Are we Doing Business right?

pRinTER erroR !*&%$Apologies to our subscribers who got a jumbled up print edition this morning.

Machines almost never fail and 99% of the time it’s down to human error. We hope to get the problem fixed soon. In the meantime, enjoy our free-for-view PDF edition on the ISSUU platform.

The Financial Mirror Team

December 12 - 18, 2012 FinancialMirror.com

2 | NEWS

EU to delay Basel III bank capital rulesl Postponement follows similar move by U.S.

The European Union is set to delay introduction of newcapital rules for banks by up to a year, the Bank of Italy saidon Tuesday, which regulators fear could undermine one ofthe most important reforms of the financial crisis.

Many officials in Brussels had been expecting a delay fol-lowing the recent U.S. decision to abandon the January 2013target and in light of difficulties between EU countries and thebloc’s parliament in finalising the rules.

“We are going towards a postponement of Basel III to theend of 2013, January 2014 at the latest,” Bank of Italy DirectorGeneral Fabrizio Saccomanni told a meeting of business lead-ers in Rome.

The delay deals a further blow to the global Basel III accord,which was struck by central bankers and regulators meetingin Basel, Switzerland, in a bid to make banks less risky.

The accord requires banks to set aside more capital tocover losses such as unpaid loans and had been due to startfrom January 1, 2013.

Austria’s banking supervisor said it also expected a delay,

though only until the middle of next year.“We assume that it will certainly happen in the course of

2013,” Financial Market Authority co-head Helmut Ettl toldreporters. “I think there are good chances that the wholething can take effect from July 1.”

In practical terms, supervisors and markets have put pres-sure on top banks to meet or even exceed Basel III’s basic cap-ital requirements well ahead of the phase-in period fromJanuary that was set by world leaders in 2010.

“A deal to my satisfaction looks highly unlikely,” saidSharon Bowles, the British lawmaker who chairs theEuropean parliament’s economic and monetary affairs com-mittee.

SPLITThe dispute centres on matters such as a demand by the

parliament for rules capping banker bonuses at the level oftheir salary to be written into the new bank-capital legislation,but it is by no means the only outstanding issue.

“For people to suggest that the parliament is blocking it onremuneration is nonsense,” Bowles told Reuters. “There are atrillion other things.”

The new regime lays down higher standards in determin-ing what kind of assets a bank can use to meet these capitallevels. For example, it sets a limit on the use of hybrid debtthat banks previously relied on, but which failed to avert thecrisis.

By standardising EU capital rules, the law would also makeit easier for the European Central Bank to supervise lenders,the first step towards a banking union, which is a cornerstoneof closer fiscal integration in the euro single currency area.

But the European Union is struggling to agree on manyaspects of the package, including what kinds of assets can beconsidered liquid, or available at short notice.

As well as a cap on bonuses, the European Parliament hasasked for a fixed calendar to introduce a capital surchargeagreed globally for the world’s biggest 28 banks and othermeasures to tighten the application of the capital rules.

Greece’s debt buyback attracted bidstotalling 31.8 bln euros, a senior eurozone official said on Tuesday, but the aver-age price paid for the bonds was slightlyabove expectations meaning the total debtreduction will be less than planned.

A banker involved in the operation con-firmed the figures, saying that the averageprice paid for the bonds purchased was33.5 cents on the euro.

The marginally higher-than-forecastprice means that the operation had ashortfall of around 450 mln euros and thetotal debt reduction will be around 9.5percentage points, less than the targeted11 percentage points.

When that is factored in, it indicatesthat Greece’s debt-to-GDP ratio will fall toaround 126.6% in 2020, slightly above the124% that was agreed with the IMF last

month, a figure that also takes intoaccount further contingent measures.

The banker said it would not be diffi-cult to find further bondholders whomight sell their holdings to make up theshortfall.

“The amount could be tapped fromGerman bad banks — they have not ten-dered all of their holdings,” the bankersaid.

“The IMF will not let go easily knowingthat there are bonds that haven’t been ten-dered. Greek banks offered almost all theyhad.”

Officials said they did not expect eurozone finance ministers to issue a state-ment after their conference call. Insteadthey will meet in Brussels on Thursdaymorning to discuss the results of the buy-back operation.

EU comes up with novel patent idea: cut red tapel Move expected to give boost to European economy;

Patent office will be split among Berlin, Paris, London

A system that made patent registration up to 60 times moreexpensive in Europe than in China is being scrapped in favourof a one-size-fits-all pan-European process.

Signing off on a plan first considered in 1973, 25 of theEU’s 27 industry ministers - apart from Spain and Italy -agreed to allow inventors to register their idea with one EUagency.

The old system makes the process 18 times more expensivethan in the United States and 60 times more than in China.Under the previous system, patents had to be registered sepa-rately in individual EU countries - up to 27 times to cover thewhole EU.

“Discussions have been under way for more than 30 yearsand this decision will help to revive the European economy,”said Cyprus Commerce and Industry minister NeoklisSylikiotis who chaired the meeting.

Rome and Madrid are challenging the right to proceed atthe EU Court of Justice (ECJ), saying the new patent systemdoes not give due recognition to their languages.

A top adviser to Europe’s highest court is scheduled to givean opinion on Italy’s and Spain’s legal challenge on Tuesdayand judges in the court will make a ruling in the next few

months. “This is a historic decision that enhances Europe’scompetitiveness,” EU financial services chief Michel Barniertold a news conference. “The door is open for Italy and Spainto join.”

The European Parliament is expected to approve the singlepatent system in Strasbourg. If the ECJ rejects Rome’s andMadrid’s case, the patent can come into force on January 1,2014.

An EU patent, which will still cost more than double theU.S. level at about 5,000 euros ($6,500) on average, will notrevolutionise innovation in Europe overnight.

But the reform is good for business at a time whenAmericans obtained four times as many patents as Europeansdid in 2011.

U.S. COMPANIES FAR AHEADU.S. companies were far ahead of Europe and Japan in

terms of innovation in 2012, according to a Thomson Reutersstudy that named 47 U.S. companies in its list of the world’stop 100 innovators, based on the number of patents registered,their success, international impact and level of ideas.

An EU patent was first created in 1973 in Munich, but the

agreement never entered into force, according to theParliament.

While EU countries have long agreed over the benefits of aunitary patent, Germany, France and Britain disputed whoshould host the court that will adjudicate in patent disputes.They eventually agreed to split the court between Munich,Paris and London, depending on the type of patent.

Under the com-promise, the court’sheadquarters will bein Paris, with somefunctions in Londonand Munich. Anyoneseeking to challengean infringement oftheir patent in life sci-ences, for example,will do so in London.Cases concerningengineering andphysics will be dealtwith in Munich.

Greek debt buyback attracts €31.8 bln

NYSE Euronext plans to launch a Europeanstock market for smaller firms in the middle ofnext year, as exchange groups battle to attractcompanies which have seen bank funding dryup due to the financial crisis.

The world’s largest stock market said itwould combine the smaller listed firms on itsEuronext markets with those listed on its jun-ior market Alternext “to achieve critical mass”.

The announcement followed recommenda-tions in September by a NYSE-appointed com-mittee to look at ways the exchange could sup-port smaller listed companies.

It also marks the latest move by a Europeanexchange to help smaller firms access much-needed investment capital.

The London Stock Exchange Group, whichruns the Alternative Investment Market (AIM),said in September it was working on a “launchpad” for European high-growth businesses

seeking afull Londonlisting.

ICAP, the European futures broker, in Junebought PLUS Markets, a struggling Britishexchange, and pledged to overhaul the plat-form to boost investment for its 133 small andmid-sized listed firms.

British small and medium-sized enterprises(SMEs) received a potential boost last weekwhen Chancellor of the Exchequer GeorgeOsborne launched a review of investing inthese firms.

“We will consult on allowing investment inSME equity markets like AIM to be held direct-ly in stocks and shares Individual SavingsAccounts (ISAs), to encourage investment ingrowing businesses,” Osborne said in anupdate on the government’s economic policy,referring to tax-free savings accounts.

NYSE Euronext to open European SME market

December 12 - 18, 2012FinancialMirror.com

CYPRUS | 3

Professional services is the new driver ofjobs and growth in Cyprus, according to areport launched by PwC on Tuesday, but theprofessionals and the government need towork better together to leverage the jobs andgrowth that this sector has to offer.

According to the report, written by FionaMullen of Sapienta Economics Ltd andMarina Theodotou of Curveball Ltd, interna-tional services (professional services andinternational financial services) grew 40times faster than tourism in the past 5 yearsand created considerably more jobs, whilealso complementing tourism through theencouragement of high-spending tourists.

However, the research also points out thatthe professional services sectors has severalweaknesses and faces a number of threats.

Weaknesses identified included lack ofcoordination by the industry players and the

government to promote the industry, as wellas overdependence on one market.

Threats include European Commissionattempts to introduce an EU-wide tax baseand the threat of the loss of young talentbecause of high unemployment.

In a benchmarking exercise against itspeer group for business services, Ireland,Malta, Luxembourg and Singapore, the reportalso found that Cyprus seriously lags behindits peers in innovation and sophistication.

However, there are also plenty ofstrengths and opportunities which the sectorcan leverage.

With these in mind the report concludeswith ten, low-budget strategic and actionablerecommendations for policy makers, the sec-tor and the sector representatives (voice ofthe industry) that could support the economyand create jobs in the next 12 to 24 months.

Recommendations for the next 12-14 months

For the government,key strategic recommen-dations include consult-ing the professional serv-ices sector on a regular,structured basis and tar-geting improvement inthe global rankings, sinceforeign investors pay agreat deal of attention tothese.

The private sector is encouraged to be pro-active with respect to the threats identified bythe authors, to build capacity in new areasand to foster innovation and technology andempower the youth.

Key recommendations for the voice of theindustry representatives include tighter coor-dination among the different players tostrengthen its voice, to revamp websites andto leverage technology and social media.

The report also includes specific recom-mendations. For example, the governmentcan use the troika’s recommendation ontransferability of staff to create a dedicateddouble taxation treaty team, while the privatesector can help channel private investmentinto entrepreneurship.

According to the authors of the report, theadoption of these specific recommendations

could lead to the creation of 9,700 new jobs in5 years.

Evgenios Evgeniou, CEO of PwC Cyprus,stressed the importance of this report duringa period where Cyprus is about to take crucialdecisions for its financial future.

“This report, through the in depth analysisof the sector, recommends specific actions togenerate economic growth in Cyprus anddecrease unemployment by creating newjobs,” he said.

“I hope and wish that these recommenda-tions can form the basis for a constructivedialogue between the government and theprivate sector that would lead to a clear planof action”.

The ‘Professional Services: Driving jobsand growth in Cyprus’ report is available atwww.pwc.com.cy

Professional services need action to keep driving jobsProfessional services need action to keep driving jobs

From left: Michalis Persianis, Economics Editor at Kathimerini newspaper; Stavros Zenios,Professor at the Department of Public and Business Administration, University of Cyprus;Evgenios Evgeniou, CEO of PwC Cyprus; Fiona Mullen, Director of Sapienta Economics; and, Marina Theodotou, Founder and Managing Director, Curveball

December 12 - 18, 2012 FinancialMirror.com

4 | CYPRUS

Austerity to keep us in recession through 2013l Parliament to debate ‘crucial’ budget Dec 18-20

Recession in Cyprus will extend through 2013 as austeritymeasures taken under an EU/IMF bailout weigh, even as theylay the foundations for future growth, finance minister VassosShiarly told parliament.

He said 2013 would also be “particularly difficult” becauseof a poor external environment and the need to recapitalise thebanking sector which is heavily exposed to Greece.

“This budget is probably the most crucial this body hasbeen called to approve in the modern history of Cyprus,” hetold MPs in his annual keynote budget speech.

He forecast GDP would shrink 3.5% in 2013 after a contrac-tion of 2.4% in 2012.

The government said it has reached a preliminary deal withinternational lenders to cut salaries and pensions, increasetaxes and introduce reforms to get aid estimated at up to 17.5bln euros, virtually the same as its annual economic output.

A four-year austerity programme will generate savings ofup to 1.3 bln euros, according to a draft leaked to media lastweek.

The precise funding needs will only be known once anaudit is concluded of all the banks by PIMCO. A rough work-ing assessment specifies banks need 10 bln euros, thoughthat is subject to review. The state will also require an esti-mated 6.0 bln euros to reschedule debt, and 1.5 bln to plug

deficits until 2016.Cuts have been incorporated into the 2013 budget.

Expenditure has been cut 5.8% on an annualised basis to7.01 bln euros and revenue is seen at 5.86 bln euros, a 1.3%increase over 2012.

Fiscal adjustments as well as the discovery of natural gasreserves off Cyprus in late 2011 were expected to boost futuregrowth potential, Shiarly said.

The communist Akel government does not have a major-ity in the 56 member legislature, though the budget isexpected to pass. Parliament is scheduled to discuss it fromDecember 18, with a vote expected on December 20.

PIMCO report on banks by mid-Januaryl Banks recap seen down at €7-9 bln;

Only 65% of Coops assessed

CB lowers output forecast for 2012, 2013

The Central Bank of Cyprus on Friday said it had revised lower its economic outputestimates, forecasting a 3.5% contraction in 2013, and a 2.4% contraction this year.

In its semi-annual forecast made last June, the Central Bank had estimated a 1.1%contraction for the island’s economy this year, and growth of 0.4% in 2013.

Both revised figures matched forecasts given by Finance Minister Vassos Shiarly toparliament during a budget speech on Thursday.

The Cyprus economy declined by lessthan initially estimated according to revisedfigures for the third quarter.

The preliminary “flash” estimate put thereal, seasonally adjusted GDP decline in thethird quarter at 0.5% over the previous peri-od and 2.3% over the third quarter of 2011.

According to the revised figures there wasa slightly more modest decline of 0.4% quar-ter on quarter and 2.1% year on year.

However, the figures still show thatCyprus recorded its fifth straight quarter ofdecline in Q3.

The Statistical Service said that negativegrowth rates were recorded in construction,manufacturing, retail and wholesale trade,transport, public administration, recreationaland cultural activities).

There were positive growth rates fortourism and legal and accounting activities.

The long-awaited due diligence report ofthe Cyprus banking system by PIMCO, one ofthe largest active global fixed income man-agers in the world and the world’s largestbond investor, is expected to be released inmid-January, a few week’s prior to the nextpresidential elections, which the currentadministration wants to win.

The interim report, presented to the gov-ernment over the weekend and outlining theisland’s needs to bailout the banks heavilyexposed to debt-ridden Greece, is expected torevise downwards the banks’ recapitalisationneeds, from 10 bln euros suggested by thegovernment, to an estimated 7-9 bln, accord-ing to some media reports.

The Ministry of Finance announced that“the initial results of the preliminary reportby PIMCO are currently being analysed. Ingeneral terms, the results are within expecta-tions of the (bailout) programme.”

In an article published in the Financial

Mirror last week, PIMCO’s CEO and co-CIO,Mohamed El-Erian wrote, “the eurozone’sbailout bill continues to rise.

Cyprus is expected to join the other three‘program countries’ (Greece, Ireland, andPortugal) in requiring considerable officialfinancing; and only Ireland is getting closeto regaining normal access to capital mar-kets.”

A steering committee made of officialsfrom EU institutions, the IMF and theCyprus government is looking at the reportfrom this morning, particularly the method-ology used to establish the preliminary needsfor the recapitalisation of the banks, aCentral Bank spokesperson said.

The PIMCO report conducted an assetreview of five banks and a stress test to deter-mine the capital needs of each. It also cov-ered a representative sample of co-operativecredit institutions, with only 65% of theCoops being scrutinised.

Q3 recession less steep thanflash estimateTourism and professional services show growth

Contrary to the impression created bysome local papers this week, Greek Cypriotsspent less over the Green Line in November2012 than in the same month of 2011 interms of plastic card use.

Credit card spending dropped by 1.0% overthe year earlier to 407,180 from 411,210,according to data from JCC Payment Systems,the major credit card provider, and analysisfrom Sapienta Economics.

The main decline came from spending onairlines, which tumbled by 35.2% to EUR60,872.

Where the reports have been right,however, is in the increase of spending onentertainment (mainly casinos), which roseby 91.3% over the year earlier to EUR 86,603.

This could be as a result of a low base forcomparison, as spending on entertainmenthad been declining in double digits for severalmonths, before bouncing back in September.

Overall card spending north of the GreenLine in January-November reached EUR 4.67mln, marking a fall of 1.0% over the sameperiod of 2011.

Spending in Turkey rose by 31.1% over theyear earlier to reach EUR 360,533 inNovember, although spending patterns here

have been erratic and total spending inJanuary-November was only up by 2.2%compared with the same period of 2011.

Turkish Cypriots continue to spend moresouth of the Green Line than Greek Cypriotsdo in the north.

Turkish Cypriot card spending reachedEUR 1.37 mln in November, although thiswas 4.4% lower than in November 2011.

The main spending was on supermarkets(EUR 350,940), clothing (EUR 236,229), DIYstores (EUR 196,795) and department stores(EUR 110,603).

Card spending by Turkish Cypriots in thefirst 11 months of the year fell by 4.4% to EUR15.78 mln.

Greek Cypriots spent less in the north in November

December 12 - 18, 2012FinancialMirror.com

CYPRUS | 5

Cyprus has moved up four places in the World Bank’sannual Doing Business report, ranking 36th in the 2013benchmark report, from 40th last year, but has failed toimpress as regards reforms, with the biggest headachebeing red tape.

Some progress is seen in the areas of regulatoryreforms, but Cyprus also introduced new taxes, whiledespite the computerisation of the Land Surveys Dept.,property registration is still a nuisance and applying for asimple electricity connection could take ages.

Now in its tenth year, the World Bank report assessesregulations affecting domestic firms in 185 economies,ranking each on the basis of various criteria including easeof starting a business, insolvency resolution and cross-bor-der trade.

The latest report, Doing Business 2013: SmarterRegulations for Small and Medium-Size Enterprises,places Singapore, Hong Kong, New Zealand, the U.S.,Denmark and Norway in the overall ranking of “ease ofdoing business”, with the UK again at the top on the easeof obtaining credit. However, some analysts suggest thatthe report does not give the full picture regarding access tocredit and its real cost as German companies find it far eas-ier to secure credit, while American businesses pay consid-erably less for it than their UK competitors.

On the other hand, while Russia moved up six places interms of its overall business environment (it is now ranked114th of 185 economies worldwide), it is in terms of taxregulation that the country showed its most staggeringimprovement – moving up 30 places from 94th to 64th, anachievement unmatched by any other country. The reportattributes this success to simpler VAT filing procedures andgreater use of accounting software and electronic services,an issue that should cause great concern to the profession-al services industry in Cyprus that relies heavily on theinflux of Russian clients in recent years.

Ten countries, among them fellow-EU membersPoland and Greece, improved the most in at least threeareas of reforms, while a significant find in the report isthat in the past ten years Eastern Europe and Central Asiaeconomies have improved the most, overtaking East Asiaand the Pacific as the world’s second most business-friend-ly region. OECD high-income economies continue to havethe most business-friendly environment, while in generalthere has been more convergence in those that relate tothe complexity and cost of regulatory processes (businessstart-up, property registration, construction permitting,electricity connections, tax payment and trade procedures)than in those that relate to the strength of legal institutions(contract enforcement, insolvency regimes, credit infor-

mation, legal rightsof borrowers andlenders and the pro-tection of minorityshareholders).

On the otherhand, Europeaneconomies in fis-cal distress areworking to improvethe business climate, and thisis beginning to be reflected in the indicators tracked byDoing Business. Greece is one of the 10 most improvedglobally in 2011/12.

Furthermore, reform efforts globally have focused onmaking it easier to start a new business, increasing the effi-ciency of tax administration and facilitating trade acrossinternational borders. Of the 201 regulatory reformsrecorded in the past year, 44% focused on these three pol-icy areas alone.

In many of the findings regarding good practices,Cyprus does not rank among the economies showing greatprogress, while Latvia, that has often been mentioned as acompetitive jurisdiction has been praised in the report, say-ing that “despite being substantially affected by the finan-cial crisis starting in 2008, Latvia continued its reformagenda, adapting it to the new challenges the country wasfacing.”

In the areas for small to medium-sized enterprises(SMEs), under the key question of “Who makes starting abusiness easy—and who does not?” Cyprus ranks neitherin the top ten nor in the bottom ten of many fields.

The property and construction sector will continue tohaunt us, as Cyprus ranks second from last (behind Haiti)as the slowest to secure a construction permit at 677 days,and among the ten slowest among 185 economies in thetime it takes to get electricity, at 247 days. Fortunately,Cyprus is praised for speeding up property registration by14 days due to the computerization of the Land Registry.

Of equal concern to the authorities should be thereport’s focus on paying taxes and why, if Cyprus aspires tobecome an international business centre, we are not con-sidered among those that make paying taxes easy.

In summary, the report concluded that “Cyprus madepaying taxes more costly for companies by increasing thespecial defense contribution rate on interest income andintroducing a private sector special contribution and afixed annual fee for companies registered in Cyprus. At thesame time, it simplified tax compliance by introducingelectronic filing for corporate income tax.”

Are we Doing Business right?Cyprus moves up 4 places in World Bank ranking, but is it enough?

Unemployment (s/a) falls for third time in 6 monthsPace of annual increase also slows

A small indication that the rise in unemploymentmight have peaked came last week with a data releaseshowing that the number of unemployed registered at theDistrict Labour Offices fell on a seasonally adjusted basisfor the third time in six months in November.

The number of (seasonally adjusted) unemployeddropped by 136 to 39,105, compared with 39,241 inOctober 2012.

In absolute terms, unemployment reached 39,522.This was 24.2% or 7,696 higher than recorded inNovember 2011.

Here, too, however, there is reason to hope, as theincrease of 24.2% was the slowest since August 2011.

The average pace of increase in January-October was29.4%. The main increase compared with the year earlierwas in retail and wholesale trade (1,625), construction(1,343), accommodation and food services (1,148), man-ufacturing (792) and public administration (626).

There were also 512 more newcomers in the labourmarket in November 2012 than November 2011.

According to Eurostat, which estimates unemploy-ment on the basis of a mixture of the monthly reportedregistered unemployed and the quarterly reported LabourForce Survey, the unemployment rate in Cyprus reached12.9% in October.www.sapientaeconomics.com

Faster property registration

Paying taxes, construction permits

Slaughter the chicken. Eat the eggs. Pretend it never happened

The title encompasses our view of Cyprus’ handling of thecurrent economic crisis.

The property sector served successive governments well as itformed a stable source of income and employment for a num-ber of years. The sector’s importance grew from 2002 - 2007 asincreased overseas demand was further fuelled by a general feel-ing of euphoria and by the parallel credit expansion of all localfinancial institutions. The decrease in transaction volume in2008 and the subsequent fall in prices since 2009 were both dis-missed by government, banks and other “experts”. The gamewas lost then and there, as instead of acknowledging that theisland had a problem, the “collective” chose to pretend that allwas well. The calls for reforming the Land Registry’s system ofissuing title deeds was dismissed as being “just some Englishguys complaining”, the lack of due diligence in granting loansand overdraft facilities as “in Cyprus we know our clients”, andthe need for increased transparency and accountability in rulesand regulations by “if it works (in our favour) don’t fix it”.

The spoils were consumed by all as property related compa-nies became prized clients of banks, financed football teams andprovided employment for an increased number of subcontrac-tors and overseas workers. Frankly, no one is to blame for tak-ing a piece of the action. In retrospect, we should have beenmore sceptical, prudent and ethical as to where and how “theaction” was taking us.

What’s worrying is the handling of the crisis since then.There has been no reform of the Land Registry’s system of issu-ing title deeds (out of 430,000 residential units, some 130,000still do not have one), the planning regulations have increasedeven more, and there continues to be a complete lack of enact-ing and enforcing regulations. There is a continuing dismissal,mainly by bankers, of calls to improve due diligence processes

and an ongoing questioning of the level of decrease in prices.How can anyone who works for an organisation whose shareprice has decreased by more than 95% in two years wonder whyreal estate prices decrease is truly beyond me.

The “extend and pretend” scenario has become the staple of

the current government, with a continuing discussion as towho is to blame for the crisis. Frankly, no one cares. If I amunemployed (12.2% unemployment rate and rising), in nega-tive equity (prices are down 30-40%), and the cost of living andtaxes are rising (and further tax hikes in the new year), I havemore immediate concerns than to ponder why I reached thatpoint. I need a vision, a plan and hope. Not moaning.

The recent “storming of parliament” by government work-ers is simply a result of politicians lacking the necessary leader-ship skills to explain to their constituents that because we hadsuch a great time from 2002-2008, now it’s time to pay the bill.

The easiest way to explain what that means is for you to thinkback to your life in 2000. That’s where we, society and business-es, need to adjust to in terms of income and spending.

The country needs to decide if it’s going to going to beanother Greece or Ireland (in handling the crisis). Both coun-tries are in a similar mess, but in Greece the birth rate is downas couples worry about affordability whilst in Ireland it’s up ascouples spend more time together. Same problems. Differentattitudes.

And note about the recent euphoria relating to the Chineseand others buying property in Cyprus. If you are hungry froChinese you can order take-away; but if you do it too often thenyou end up lacking nutrients. Unless the system is reformed thecountry cannot move forward. Already, the first signs of discon-tent have been heard with Chinese complaining that they arebeing sold overpriced properties. During a recent valuation, wereviewed transaction prices in a project in Peyia, Paphos.Transaction prices in 2007-2008 were at €180,000 and in 2010-2011 at €130,000. There were two entries for 2012, at€300,000 and €320,000 respectively (the minimum to applyfor a residence permit is €300,000). Another chicken is beingprimed.

www.leafresearch.com

December 12 - 18, 2012 FinancialMirror.com

6 | OPINION

The Troika has come and gone with the hope that theirrecommendations will be implemented and we will get themuch-needed financial bailout in exchange for reforms.

Pimco’s investigators, too, have come and gone anddespite the president’s efforts to pile all the blameexclusively on the banks and the former Central BankGovernor, the situation does not seem that bad, with thebanks’ needs to cover their losses mainly in Greece reviseddown to 7-9 bln euros, well within sustainable levels.

With Greece already on its way to recovery, albeitslowly but gradually picking up pace while having to dealwith growth and unemployment, Cyprus banks will alsostart to benefit as soon as we see a turnaround. Thesooner the bailout funds are released, the quicker lending

will resume and the economy will restart from where itleft off in 2008 when the communist government came topower and started spending in the wrong places like therewas no tomorrow.

We, the taxpayers, will continue to carry a burden torepay our debt to the international lenders, but our socialpartners, primarily the civil servants, will have to startsharing more of that burden.

Talk, in some cases nonsense, about trying to find waysto avoid the privatisation of profitable governmentservices, is futile, as some changes and reforms areinevitable. If there is a need to mortgage future earningsfrom our natural gas discoveries, this should not be up tothe politicians to decide, but rather to the so many ‘wisemen’ that Cyprus thankfully has, who have been ignoredby the current administration.

The immediate need is money supply. The market has

dried up and there is no cash going around. The banks arehesitant to give out any new facility, as credit worthy asthe applicant may be, while little is being down to enforcerepayment on some of the larger corporations that arepurposefully delaying payments to their suppliers,starting a chain that ends with the humble worker whomay find himself on the street any day now.

Businesses need fresh capital to operate, grow and tocompete in the marketplace, and the sooner Cyprus firmscan make a comeback, either in the home market orabroad, the quicker the economy will restart, newventures will open and employment will start to pick up aswell.

Politicians have made a mess of our country and aretrying to get their hands on the economy as well. Theyshould leave it to the experts and back off from mattersthey have absolutely no clue about.

EDITORIAL

Troika, Pimco and a lot of hot air (and gas)

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By Pavlos Loizou, MRICS

Lead Consultant - Leaf Research

LETTER TO THE EDITOR

Dear Sir,I would like to express my thanks and appreciation to the

organizers, participants and volunteers of the 3rd QuantumNicosia Marathon, which took place on Sunday December 9,2012 and which drew a record number of over 7.000 partici-pants.

I was privileged to take part in the 5km race together withmy son, which was an improvement on my experience at thefirst Nicosia marathon when I had only done the 1000 metrewalk.

The registration process was very simple and was done inless than a minute through the website. On Saturday I pickedup my kit (which included a high quality T-shirt and my reg-istration number colour printed) from the Famagusta Gate.

I could feel the buzz and excitement from Saturday but Iwas overwhelmed with pride and excitement for taking part

in this event when we went to the Famagusta Gate onSunday morning. The climax came when the 5km and 10kmraces started where we were joined with thousands of peopleof all ages running in the streets of the capital.

The sheer number of the participants in the 5km and10km runs as well as the UNICEF 1000m charity walk wasoverwhelming and beyond everybody’s imagination. And allthis was made possible thanks to the generosity of theAthanasios Ktorides Foundation, the fantastic organizationalskills of the organizing committee and the active participa-tion of the hundreds of volunteers, the police and civildefense.

A big thank you to all. God willing we shall all be therenext year on 1 December 2013.

Shavasb Bohdjalian, CEO, Eurivex

Nicosia Marathon

We live in the era of systemic uncertainty. Only two thingscan be predicted with total certainty about the future. The firstis that tomorrow will be very different than today. The second isthat tomorrow we will be asked to do more with less. Why is itso? And, are top executives in the public sector up to the task?

The two inexorable forces of globalisation and informationtechnology have already determined that there is only one gamein town, the competition in the global market, in which speedand value for money (low cost and high quality) are all thatcounts. In this world, competition is with the mega-countries ofChina, India and other emerging economies, which host almosthalf the world’s population and have incredibly low labour cost,access to the same markets, capital and technologies as Europedoes. As a result the centre of gravity of the global economy ismoving their way like water moves to lower ground.

There is only one way for economies in Europe (and NorthAmerica) to compete: to increase their speed of response, to cutcost, to differentiate their products and increase their qualityand to move up market in order to be capable to absorb theirhigher labour cost. To do this the private sector, which is fight-ing in the trenches of the frontline to remain competitive,requires faster and better public services at lower cost. Thismeans that the public sector will be increasingly asked to domore and better with less: fewer civil servants, less bureaucracyand reduced budgets.

At the same time, the public in Europe is asking for more andbetter social services, health and education as well as more pro-tection of the environment and the global climate. Hence thetrillion dollar —or should it be euro—

question: how can the public sector in Europe respond to thegrowing demand from both citizens and businesses for moreand better services with less money and fewer civil servants?

INNOVATION AND CHANGEThe answer is to be found, as always, in institutional and

technological innovation and change. On the institutional side,the right incentives must be created for raising public sectorproductivity, efficiency and speed (more with less). These incen-tives can be provided through results-based performance andresult-based management, i.e. by linking salary increases, pro-motion and bonuses with objectives and performance. This, inturn, requires that public sector productivity is measured at theorganisational level and performance is assessed at the individ-ual level.

The role of top executives and senior public managers here ispivotal in terms of both assessment and motivation. They are toset the strategic vision and the strategic priorities as well as themeasures of performance and cost effectiveness which are criti-cal for value creation and delivery of value for money tostakeholders. There is no shortcut or alternative to “managingby objectives, managing by results”.

Flexibility and interchangeability of public servants are criti-cal for cost effectiveness in a world of uncertainty and constantchange. Both of these qualities require acquisition of transfer-able skills, including change management and a “can do” atti-tude. Involving the stakeholders, be they citizens or businesses,is key to value creation since only they know what they wantand how much they value it.

Employment of IT to a degree that we have E-Governmentin practice, not just in name, across the board is a sine qua nonfor increasing speed, lowering cost, and delivering more and bet-ter public services with fewer civil servants, less bureaucracy andtighter budgets. Knowledge management and integrated opera-tion systems can have dramatic effects on raising cost effective-ness and improving problem-solving and decision makingthereby adding value while cutting costs. Where an integratedE-Government and knowledge management have been imple-mented, savings of the order of 30-50% have been attained ontop of those attained by linking rewards to productivity andmanaging by objectives.

LESS IS FEASIBLEAchieving more with less is imperative in a world of pervasive

uncertainty, resource scarcity, and constant change. It is alsoquite feasible; but, are the top executives and senior public man-agers up to the task of managing change of the scale and speedrequired? Potentially yes; pragmatically no, with certain excep-tions, of course, of both countries and individuals. Continuousexecutive development is key to preparing top executives andmanagers not only to implement changes but more important-ly to train, mentor and motivate, if not also inspire, lower-levelmanagers and employees to adopt a mindset of service andvalue creation, to embrace change and risk-taking, and torespond rapidly and flexibly.

Beyond structured training, top executives can learn fromeach other, through interaction and knowledge management,and from their colleagues in other EU countries, throughexchange of experiences and best practices.

Lifelong learning should be part and parcel of public execu-tives’ life and for that matter of all civil servants if they are todeliver value for money in a world where change is the only con-stant.

A leaner and more agile and efficient public sector is called forto meet the challenges ahead for Europe. The role of top execu-tives and senior public managers is pivotal in bringing it about.To succeed they must acquire new skills and new mindsetsthrough continuous professional development and exchange ofexperiences and best practices across the sector and across theUnion. It can be done. It must be done since survival dependson it. But survival, of course is not mandatory; it is optional.

Some countries in Southern Europe, notably, Cyprus,Greece, and Portugal, have ignored the winds of global compe-tition and failed to change, allowing a slow moving, high-costand low-productivity public sector to eat into their competitive-ness to an extent that they needed a bailout from Europeaninstitutions and the International Monetary Fund. For themdoing more with less is no longer an option; it is an absolutenecessity. Doing less with less would sink them deeper intorecession.

On a positive note, the current economic crisis has broughtto the surface a festering problem and created the pressures forgovernments around Europe to find the political will to bringabout changes that were unthinkable only a couple of years ago.It is hoped that the changes underway are not viewed as tempo-rary responses to the crisis but as permanent and systemictransformations that will put Europe on a more solid ground tocompete globally.

Top public sector executives have a crucial role to play in thisregard, for it is they who will ensure that fewer resources,human and financial, do not mean doing less but doing morewith less. Their tools are public sector innovations, such as E-Government and management by objectives and results, as wellas training and development of themselves and their people.

Management and public administration schools shouldcome to their assistance. Responding to this need, the CyprusInternational Institute of Management has turned its executiveleadership programme and its Master in Public SectorManagement into “doing more with less” training and develop-ment platforms.

This part of a keynote address delivered to the EU-CyprusPresidency Meeting of the Directors Generals of the EU-27Ministries and Departments with the theme “Top Executives Roleand Development in Times of Crisis”.

Prof. Theodore Panayotou is Director of the CIIM. He served asProfessor of Economics and the Environment at HarvardUniversity and consultant to the UN and to governments in the U.S., China, Russia, Brazil, Mexico and Cyprus. He has published and was recognised for his contribution to the Intergovernmental Committee on Climate Changethat won the Nobel Peace Prize in 2007.

FinancialMirror.com

COMMENT | 7

December 12 - 18, 2012

Public sector must do more with lessAre top executives up to the task?

Non-Russian business executives have decidedly mixed viewsof their Russian partners, according to a new study by theEconomist Intelligence Unit (EIU). The study is based on a sur-vey of 195 senior executives from outside Russia, focussing onthose who have past or current experience with Russian compa-nies as joint-venture partners, merger partners or parent com-panies, or plan to enter into such arrangements over the nextthree years.

On the plus side, nearly three-fourths (74%) of respondentswhose joint ventures or M&A deals with Russian partners tookplace within Russia say the arrangement met their expectationsreasonably or very well. For those with such dealings outside ofRussia, this figure rises to 84%. Moreover, 72% say they willprobably or definitely do business with Russian investors againin the medium term.

On the minus side, Russian partners are the least welcomeamong those from major emerging markets. Respondentsshowed a clear preference for being acquired by Indian, Chineseor Brazilian firms. On attributes such as reliability, innovative-ness and competitiveness, respondents ranked Russian compa-nies between 4.3 and 5.7 out of 10.

The report, “Nothing ventured, nothing gained: Changing

international perceptions of Russian business”, commissionedby UC RUSAL, the world’s largest aluminium producer, shedslight on how Russian companies are perceived by their non-Russian business partners. In addition to the survey, the EIUconducted extensive desk research and in-depth interviews with11 senior executives of non-Russian companies who have expe-rience of working with Russian partners.

Following are the key findings of the research:* Direct investment both into and out of Russia is recov-

ering, suggesting a continued upswing in international jointventures, mergers and acquisitions. According to EIU esti-mates, inward foreign investment will reach $50 bln in 2012, upfrom $49.5 bln in 2011.

* Not all of these financial flows represent corporateexpansion. These figures incorporate all outflows from thecountry including investment in real estate abroad and taxavoidance.

* Access to energy and financial resources, and technicalknow-how, are the big pluses. Respondents most often citeaccess to resources as advantages of working with Russian com-panies.

* Poor language skills, inefficient management and weak

governance are the big minuses. More worrying, respondentssee Russian companies as too often poorly managed, inefficient-ly structured, or both, leading to reduced flexibility. Respondentscite corruption as the third biggest obstacle to working withRussian global companies (28%), while 20% see poor corporategovernance as a barrier. On average, respondents give Russiancompanies a score of 4.3 out of 10 on transparency.

* Familiarity with Russian business partners reduces theperception of weaknesses. Survey respondents whose compa-nies have actual experience of working with Russian partners aremore likely than the sample average to expect to do further busi-ness with them in future.

* The way forward for Russian firms is to differentiatethemselves from the stereotypes. Russian businesses that dif-ferentiate themselves from the commonly held perception willfind it easier to form successful partnerships abroad. Thisincludes taking such measures as focusing on ethics, ensuringtheir financial results are transparent to all, avoiding “insider”practices and deals, ensuring fair employment practices,respecting contracts, improving their executives’ foreign-lan-guage skills, and focussing on long-term and sustainable busi-ness practices.

Despite mixed perceptions, many would do business with Russians again

Cyprus International Instituteof Management

By Dr. TheodorePanayotou

FinancialMirror.com December 12 - 18, 2012

8 COMMENT

After a hard-fought election campaign, costing well in ex-cess of $2 billion, it seems to many observers that not much has changed in American politics: Barack Obama is still Presi-dent, the Republicans still control the House of Representa-tives, and the Democrats still have a majority in the Senate. With America facing a “fiscal cliff ” – automatic tax increases and spending cuts at the start of 2013 that will most likely drive the economy into recession unless bipartisan agreement on an alternative fiscal path is reached – could there be any-thing worse than continued political gridlock?

In fact, the election had several salutary effects – beyond showing that unbridled corporate spending could not buy an election, and that demographic changes in the United States may doom Republican extremism. The Republicans’ explicit campaign of disenfranchisement in some states – like Penn-sylvania, where they tried to make it more difficult for Af-rican-Americans and Latinos to register to vote – backfired: those whose rights were threatened were motivated to turn out and exercise them. In Massachusetts, Elizabeth Warren, a Harvard law professor and tireless warrior for reforms to protect ordinary citizens from banks’ abusive practices, won a seat in the Senate.

Some of Mitt Romney’s advisers seemed taken aback by Obama’s victory: Wasn’t the election supposed to be about economics? They were confident that Americans would for-get how the Republicans’ deregulatory zeal had brought the economy to the brink of ruin, and that voters had not noticed how their intransigence in Congress had prevented more ef-fective policies from being pursued in the wake of the 2008 crisis. Voters, they assumed, would focus only on the current economic malaise.

The Republicans should not have been caught off-guard by Americans’ interest in issues like disenfranchisement and gender equality. While these issues strike at the core of a country’s values – of what we mean by democracy and limits on government intrusion into individuals’ lives – they are also economic issues. As I explain in my book The Price of Inequal-ity, much of the rise in US economic inequality is attributable

to a government in which the rich have disproportionate in-fluence – and use that influence to entrench themselves. Ob-viously, issues like reproductive rights and gay marriage have large economic consequences as well.

In terms of economic policy for the next four years, the main cause for post-election celebration is that the US has avoided measures that would have pushed it closer to reces-sion, increased inequality, imposed further hardship on the elderly, and impeded access to health care for millions of Americans.

Beyond that, here is what Americans should hope for: a strong “jobs” bill – based on investments in education, health care, technology, and infrastructure – that would stimulate the economy, restore growth, reduce unemployment, and gener-ate tax revenues far in excess of its costs, thus improving the country’s fiscal position. They might also hope for a housing program that finally addresses America’s foreclosure crisis.

A comprehensive program to increase economic oppor-tunity and reduce inequality is also needed – its goal being to remove, within the next decade, America’s distinction as the advanced country with the highest inequality and the least social mobility. This implies, among other things, a fair tax system that is more progressive and eliminates the dis-tortions and loopholes that allow speculators to pay taxes at a lower effective rate than those who work for a living, and that enable the rich to use the Cayman Islands to avoid pay-ing their fair share. America – and the world – would also benefit from a US energy policy that reduces reliance on im-ports not just by increasing domestic production, but also by

cutting consumption, and that recognizes the risks posed by global warming. Moreover, America’s science and technology policy must reflect an understanding that long-term increases in living standards depend upon productivity growth, which reflects technological progress that assumes a solid founda-tion of basic research.

Finally, the US needs a financial system that serves all of society, rather than operating as if it were an end in itself. That means that the system’s focus must shift from speculative and proprietary trading to lending and job creation, which implies reforms of financial-sector regulation, and of anti-trust and corporate-governance laws, together with adequate enforce-ment to ensure that markets do not become rigged casinos.

Globalization has made all countries more interdepen-dent, in turn requiring greater global cooperation. We might hope that America will show more leadership in reforming the global financial system by advocating for stronger inter-national regulation, a global reserve system, and better ways to restructure sovereign debt; in addressing global warming; in democratizing the international economic institutions; and in providing assistance to poorer countries.

Americans should hope for all of this, though I am not sanguine that they will get much of it. More likely, America will muddle through – here another little program for strug-gling students and homeowners, there the end of the Bush tax cuts for millionaires, but no wholesale tax reform, serious cut-backs in defense spending, or significant progress on global warming.

With the euro crisis likely to continue unabated, Ameri-ca’s continuing malaise does not bode well for global growth. Even worse, in the absence of strong American leadership, longstanding global problems – from climate change to ur-gently needed reforms of the international monetary system – will continue to fester. Nonetheless, we should be grateful: it is better to be standing still than it is to be heading in the wrong direction.

© Project Syndicate, 2012. www.project-syndicate.org

America’s Hope Against Hope

By Joseph E. StiglitzA Nobel laureate in economics, is University Professor at Columbia University. His most

recent book is The Price of Inequality: How Today’s Divided Society Endangers our Future.

SEOUL – East Asia could learn two valuable lessons from the eurozone crisis. First, do not rush the process of financial and monetary integration; and, second, develop adequate institutional frameworks before proceeding.

In fact, East Asian countries are unlikely to move toward a regional fixed exchange-rate system or a monetary union with a single currency in the immediate future, owing to the region’s great diversity in terms of economic and political conditions. Perhaps, in a few decades, the region’s countries will develop institutions to promote financial integration, such as a single bank supervisory agency of the type that the European Union is now creating.

Nevertheless, Asian policymakers should improve cooperation mechanisms designed to prevent and manage crises. Most promis-ing is the Chiang Mai Initiative Multilateralization (CMIM) of the ASEAN+3 – the 10 members of the Association of Southeast Asian Nations plus China, Japan, and South Korea. This $120 billion re-gional reserve pool was launched in 2010 to provide short-term liquidity to members in an emergency.

The ASEAN+3 is now strengthening the CMIM by doubling the total fund size to $240 billion. The group also agreed to en-hance the CMIM’s flexibility by reducing the minimum portion of crisis lending to be tied to the International Monetary Fund’s lending program from 80% to 70%.

The CMIM has yet to be tested in a crisis. In its infancy, it might not be able to provide adequate emergency support in a timely and flexible manner. The $240 billion fund is small, amounting to only about 1.5% of the region’s GDP. European experience suggests that large-scale systemic shocks call for greater financial support.

Unlike the IMF or the European Stability Mechanism, CMIM contributions are self-managed by the respective country’s authori-ties. And countries may choose not to contribute to a swap request. This suggests that the CMIM could be especially constrained amid a systemic shock or political disputes among member countries.

Moreover, an “IMF stigma” remains among those countries in the region that were discontented with the Fund’s role during the

1997-1998 Asian financial crisis. IMF conditionality for the acti-vation of the majority of their borrowing could make countries reluctant to turn to the CMIM for support.

Another challenge is the CMIM’s limited capacity for economic surveillance and monitoring. Last year, ASEAN+3 established a re-gional surveillance unit, the ASEAN+3 Macroeconomic Research Office (AMRO), to monitor regional economies, detect emerg-ing vulnerabilities, and support effective decision-making by the CMIM. But it is unclear whether AMRO has sufficient capacity and expertise to monitor 13 countries effectively.

Indeed, East Asian countries may find it difficult to conduct candid surveillance of one another’s policies and enforce firm pol-icy conditionality. The example of Greece before and during the eurozone crisis shows that it is often hard for countries to be tough on their neighbors.

The ASEAN+3 must continue to increase its resources, en-hance its independence and improve its operational procedures. A fully capable regional financial safety net could contain the con-tagion of financial shocks emanating from individual economies and prevent disruptions to the region’s key growth drivers – intra-regional trade and investment. The CMIM could help East Asian countries to reduce their reliance on accumulating, as a form of self-insurance, costly reserves that fuel global imbalances.

With greater resources and an improved governance structure, AMRO could play a more effective role in regional economic sur-

veillance and monitoring, without which moral-hazard risks as-sociated with financial safety nets would rise. Enhanced regional control would contribute to better information-sharing and de-cision-making as well, implying that the IMF-linked portion of CMIM crisis lending could be reduced in step with the strength-ening of AMRO’s capacity and performance.

The ASEAN+3 should aim to develop the CMIM into a full-capacity regional financial safety net supported by AMRO as a capable and credible secretariat – a de facto Asian Monetary Fund, possibly with broader membership. But, until the CMIM and AMRO are fully developed, their close cooperation with the IMF is desirable. Indeed, at the Cannes G-20 Summit in Novem-ber 2011, leaders agreed on principles for cooperation between the IMF and regional financing arrangements, including open information-sharing and joint missions. In particular, the IMF and ASEAN+3 financing arrangement should establish a regular channel of dialogue to facilitate information exchange and prepare concrete guidelines for cooperation and an appropriate division of tasks. Establishing constructive and effective guidelines could help to prevent the sort of conflicts and confusion over lending condi-tions during crises that we have seen among the IMF, EU, and the European Central Bank in the eurozone. Given the “IMF stigma” in Asia, a co-financing facility that provides precautionary credit lines without policy conditionality to qualified member countries would be useful.

Asian countries have learned from their region’s own crisis in the 1990’s, as well as from the eurozone’s ongoing crisis, that effec-tive management of cross-border capital flows requires well-con-structed national, regional, and global responses. To respond effec-tively to crises, East Asian countries must continue to improve the regional financial safety net and surveillance mechanism, while strengthening their cooperation with the IMF.© Project Syndicate, 2012. www.project-syndicate.org

Euro Lessons for East Asia

By Jong-Wha LeeA senior adviser to the president of

South Korea and Professor of Economics at Korea University, was Chief Economist and

Head of the Office of Regional Economic Integration at the Asian Development Bank.

8 COMMENT

Conservative former Prime Minister Shinzo Abe’s oppositionLiberal Democratic Party (LDP) and its smaller ally are heading fora resounding victory in Sunday’s election, winning more than 300seats in parliament’s 480-member lower house, media surveysshowed.

Abe, 58, who resigned abruptly as premier in 2007 after a trou-bled year in office, is pushing the Bank of Japan (BOJ) for morepowerful monetary stimulus and promises to boost public works torev up a stagnant economy.

Abe, the grandson of a wartime cabinet minister who becameprime minister after World War Two, also favours a tough stanceagainst China in a territorial row and loosening the limits ofJapan’s 65-year-old pacifist constitution on the military.

Prime Minister Yoshihiko Noda’s Democratic Party of Japan(DPJ), which surged to power in 2009 for the first time, could getfewer than 80 seats at the election, the papers said.

The conservative Sankei, whose poll was based on a smallersample, said an LDP-New Komeito party coalition could even winthe two-thirds majority needed to over-ride the upper house, whereno party has a majority and which can block legislation. That couldpotentially break the political deadlock that has plagued successivegovernments since 2007. But the paper warned that almost 40% ofthose surveyed had not decided how to vote.

DISILLUSIONED VOTERSMany voters have become disillusioned with the ruling

Democrats who promised to break the “iron triangle” of cosy tiesbetween big business, bureaucrats and lawmakers, nurtured dur-ing the LDP’s nearly unbroken half a century rule.

But while voters are returning to the long-dominant LDP, thereis little tangible enthusiasm for Japan’s main opposition.

“I feel betrayed by the DPJ which promised to change so much,but achieved so little. They came across as immature, disorganised

and ineffective,” said Junko Makita, 59, a housewife in Takatsuki, acity of 360,000 just outside western metropolis of Osaka. “Thatsaid, I’m not putting my hopes up too high for the LDP either, butat least they are more experienced,” she said.

Takatsuki is a microcosm of Japan’s fragmented politics, wherea DPJ incumbent is fighting a losing battle against a well knownlocal doctor on the LDP’s list and a young candidate from the right-leaning Japan Restoration Party.

The area is the power base for the Japan Restoration Party,founded by outspoken Osaka mayor Toru Hashimoto, and pollssuggest it could capture as many as 50 seats after it joined forceswith an octogenarian nationalist Shintaro Ishihara.

A solid LDP-New Komeito lower house majority would makeany formal coalition with the new Restoration party less likely, buta strong result could make it a force to contend with in future.

BANK OF JAPAN UNDER PRESSUREReviving Asia’s second largest economy, which is slipping into

its fourth recession since 2000, is a major election issue and hasseen hawkish Abe pressure the BOJ for “unlimited” easing toachieve a 2% inflation, double the bank’s target.

“I’m graduating next year, so I want politicians to boost oureconomy, particularly companies like Panasonic or Sharp whichare in a very bad shape,” said Takashi Nishida, 21, electronics stu-dent at Kyoto’s Ritsumeikan University.

Japan’s central bank will likely ease monetary policy next week,sources say, as looming risks such as the potential fallout from theU.S. fiscal cliff and weak Chinese growth cloud the outlook for aneconomy already seen as in recession.

The most likely option is for the central bank to expand itsasset-buying and lending programme, currently at 91 trln yen($1.1 trln), by another 5-10 trln yen, at the meeting on December19-20, sources familiar with its thinking have said.

For now, many in the central bank want to hold off on any newinitiatives unless the U.S. Federal Reserve, which holds its policy-setting meeting this week, surprises markets with a bigger-than-expected stimulus and triggers a sharp yen rise.

Abe has also tapped a nationalist sentiment in Japan to win vot-ers and has promised to get tougher with Beijing in a territorial rowand to loosen the pacifist constitution.

The Philippines said on Monday that a stronger Japan would actas a counterbalance to the military rise of China, something that isworrying smaller Asian nations as territorial disputes heat up in theregion.

Right-leaning parties’ tough talk resonates with many voters,after a simmering dispute with China over a chain of East ChinaSea islets flared up earlier this year, culminating in anti-Japaneseprotests and boycotts of Japanese products.“The most importantthing is to show that Japan has its voice, show to the world whatis our stance” said Isao Habe, 56, a manager at an electronicsmaker in Takatsuki, who plans to vote for the LDP candidate. “Iwant the government to be more assertive.”

Revising the pacifist constitution would require a two-thirdsmajority in both houses as well as a majority in a public referen-dum, but changes to how it is interpreted are easier to accomplish.

FinancialMirror.com

WORLD | 9

December 12 - 18, 2012

Japan’s LDP on track for election winl BOJ may ease monetary policy next week

FinancialMirror.com December 12 - 18, 2012

10 COMMENT CYPRUSGOURMET.COM

weekly recipeA selection of main dishes and desserts by our new contributor, Agathe VorkaFacebook: Kitchen Emergency Doctor | Facebook: Agie's Place | email: avorka@gmail.com

Ingredients

4 tablespoons butter

4 chicken breast fillets

2 tablespoons olive oil

4 spring onions, chopped

1 clove garlic, crushed

1 tablespoon seeded mustard

¼ cup sundried tomatoes, sliced

MethodHeat butter in pan, add chicken, cook on both sides

until lightly browned and remove from pan.

Heat olive oil in pan, add spring onions, garlic, mus-

tard and tomatoes and cook until onions are soft.

Return chicken to pan, cook covered for about 10

minutes or until the chicken is tender.

Serve with pasta or salad.

www.agiesplace.com

Chicken withSundried Tomatoes

The Caprice restaurant at the Londa in Limassol has always been a good restaurant and at times, very good. The theme from the beginning has been Italian, but for the last few years, the non-Italian chef, though a talented cook in his own right, had focused on Cypriot-style food or dishes that were fusions of various cuisines. There were cer-tainly Italian choices on the menu but when the chef decided to return to Sweden, there was a unanimous decision among the owners and administration of the Londa to seek out a native Italian chef. After all, imagine visit-ing a restaurant in New York or London that billed itself as Cypriot and then finding that the chef was from Guatemala and had never been outside the Americas. He may be a very good cook but you wouldn’t want to gamble the price of a meal on his ability to master the nuances of a disparate foreign cuisine.

On a trip to Athens, the Londa people spread the word that they were headhunting for an exceptional Italian chef. Somebody said there was a wonderful Italian restaurant, very popular, in Kolonaki. They went, they tasted, they conquered—and absconded with Giovanni Caracciolo, a native of Milan.

The first thing to know about Giovanni, besides the fact that he is a highly trained cu-linary professional and former chef at the La Scala Opera House in Milan, is that he is also a painter. He has a fine artist’s sensibilities and an appreciation for the effect that beauty has on our everyday lives.

When you dine at a gourmet restaurant, you are not there just because you are hungry. If you only wanted to fill your belly, you could go out for souvlaki or pizza. We visit an ele-gant restaurant such as Caprice to share with a loved one or friend an experience that pleases

on several fronts, among them a sophisticated, comfortable en-vironment, perhaps a beautiful view or decor that includes well-chosen art, intelligent music that allows for conversation, smooth service that is attentive but not obsequious, a well-assembled wine list, and food that is not only tasty and skillfully crafted but also beautiful to look at. Satisfying your hunger is almost secondary. Caprice now has all of the above and with Giovanni directing kitchen operations, it has evolved from a very good restaurant to a truly great restaurant.

Some popular dishes from the old kitchen have been retained, but 90% of the menu is new and as Italian as Casanova, Pavarotti or Sophia Loren. Recommended dishes are: Αubergine Soufflé with sautéed langoustine

(divine is the word); Shallow Fried Prawn with a luscious gorgonzola sauce; sushi-grade Tuna Carpaccio with a fennel and citrus salad; the addictive melon and prosciutto Risotto; sumptuous fillet of seabass; and for dessert, Rivisitazione del cannolo alla siciliana. The Jackson Pollock painting that

the chocolate canoli sits on is not part of the crockery design. It is hand-poured by a gifted artist and chef, Giovanni Caracciolo, and Cy-prus is indeed lucky to have him.

Caprice at the Londa Beach Hotel, Limas-sol 25 865 555 open 7 days, breakfast, lunch and dinner. Dinner for two with wine €50 and up.

Italian Art Comes to CapriceΑubergine Soufflé with sautéed langoustine Fillet of seabass Rivisitazione del cannolo alla siciliana

The Rotaract Club Nicosia Aspelia is taking part in the 6th annual Christmas Bazaar Stasikratous Street Party on Sunday, December 16. This year, the Rotaractors’ aim is to raise money in order to send food baskets with goods to needy families. On the day, they will be offering Christ-massy mulled wine; home-baked sweets and pastries; home-made sundried tomatoes; handmade Christmas decorations; face-painting; and instant photo/stickers with Santa and his beautiful antique car. The net proceeds will be distributed through The Cyprus Volunteer Coordinating Council http://www.volunteerism-cc.org.cy

Be a Santa,Give a Basket

Tackling the debate over the role of beer in sports sponsorships, The Brewers of Europe’s annual gala highlighted the responsible role that more than 3,500 brewers play in supporting grassroots and professional sports.

The ‘Beer Serves Europe’ event took place in Brussels as EU leaders across the city dis-cussed how to stimulate growth while slashing public finances. Meanwhile, preparations were underway for the EU’s ‘4th Open Forum on Alcohol and Health’ to discuss how to address alcohol related harm, educate young people and ensure responsible marketing.

In the panel discussion, the Head of the Euro-pean Commission’s Sport Unit, Michal Krejza, reiterated that sport is crucial to the well-being of European society, highlighting the essential role the private sector plays in funding sports, as described in the EU White Paper on Sport.

“Sports are a driver for the economy, jobs and social interaction from grassroots to the professional level, and sponsorships are an important source of revenue that play a major role in the development of sport,” Dr. Emanuel Macedo de Medeiros, CEO of the European Professional Football Leagues, said in his key-note address.

He said, “if the Eurozone crisis is to be re-solved and vital sectors, such as sport and brew-ing, are to remain competitive and economically viable, then we need to be able to operate in a sustainable business environment. Any move to further limit beer sponsorship is therefore a step in the wrong direction.”

Also on the panel, Pavlos Photiades, Man-aging Director of Photos Photiades Breweries noted how his brewery supports hundreds of community sports and cultural events in Cyprus, “We are deeply involved in sustaining grass-roots sports, supporting communities and bring-ing people together. Our support ensures adult teams have the vital equipment and facilities needed, encouraging participation and healthy lifestyles and upholding the Olympic Ideal.”

Europe’s brewers support 2 mln jobs, spend 1 bln euros annually on sponsorships and 62% of this amount goes to community-based events, covering operating costs of sports organisations at a time of government austerity. This com-pares with only 11.9% for major sports events.

Due to the Cyprus presidency of the EU Council, conference delegates were offered lo-cal Cypriot beers, KEO and Leon.

Brewers and sports sponsorshipin times of crisis

By Matthew Stowell

EB¢OMA¢IAIA OIKONOMIKH ¶√§π∆π∫∏ EºHMEPI¢A

www.financialmirror.comAÚ. 893 ∆∂∆∞ƒ∆∏, 12 ¢∂∫∂ªµƒπ√À, 2012

Άνω κάτω έγινε η Βïυλή τωνΑντιπρïσώπων ελέω της επιστïλής πïυδÞθηκε στïυς αρøηγïύς και εκπρïσώπïυςτων κïµµάτων απÞ τïν ∆ιïικητή τηςΚεντρικής Τράπεúας, Πανίκï ∆ηµητριάδη µετην ïπïία úητïύσε να µην ισøύσïυν ïι περι-κïπές για τïυς 302 υπαλλήλïυς τηςΚεντρικής Τράπεúας µέøρι να διαâïυλευθείη κυâέρνηση µε την Ευρωπαϊκή ΚεντρικήΤράπεúα. Ãυσιαστικά úητïύσε να µην ισøύ-σïυν τα νïµïσøέδια για τη µείωση των απï-λαâών, για την έκτακτη εισæïρά των αêιωµα-τïύøων, για τï πάγωµα της ΑΤΑ και απÞ τïνïµïσøέδιï για περί συντάêεων κρατικώναêιωµατïύøων πρïειδïπïιώντας για πρï-σæυγή ενώπιïν τïυ δικαστηρίïυ Ευρω-παϊκών Κïινïτήτων στï πλαίσιï της διαδικα-σίας λÞγω παραâάσεων.

Τï θέµα πρïκάλεσε την ïργίλη αντίδρα-ση Þλων των κïµµάτων ïι ïπïίïι κατηγÞρη-σαν τïν κύριï ∆ηµητριάδη Þτι πρïκαλεί τηνκïινή γνώµη µε αυτή την απαίτηση.

Σύµæωνα µε πληρïæïρίες της εæηµερί-δας µας τï Þλï θέµα πρïέκυψε µετά απÞγκάæα τïυ Υπïυργïύ Ãικïνïµικών ΒάσïυΣιαρλή ï ïπïίïς παρέλειψε να διαâïυλευθείµε τïν ΠρÞεδρï της Ευρωπαϊκής ΚεντρικήςΤράπεúας Μάριï Ντράγκι.

Συγκεκριµένα ήταν ένα θέµα καθαράδιαδικαστικÞ αæïύ είναι υπïøρεωµένη η ΚΤνα ενηµερώσει πρώτα την ΕΚΤ µε âάση τïυςσøετικïύς κανïνισµïύς της Ευρωúώνης. «ΓιααυτÞ úητήσαµε ένα øρïνικÞ περιθώριï έτσιώστε να ενηµερώσïυµε την ΕΚΤ για τïθέµα, Þπως µας τï επιâάλλïυν ïι σøετικïίκανïνισµïί της Ευρωúώνης. Εµείς δεν έøïυ-µε κανένα απïλύτως πρÞâληµα να δεøθïύ-µε τις µειώσεις στις απïλαâές και τα άλλα

ωæελήµατα µας. Αλλά αυτή η παράλειψη τηςκυâέρνησης ενδεøïµένως να ανïίêει τïδρÞµï στïυς εργαúÞµενïυς στην ΚΤ να τηνεæεσιâάλïυν διά της νïµικής ïδïύ».

Η εæηµερίδα µας απïκαλύπτει και σøετι-κή απïλïγητική επιστïλή τïυ πρώηνυπïυργïύ Ãικïνïµικών Κίκη Καúαµία πρïςτïν τέως ΠρÞεδρïς της ΕΚΤ Jean-ClaudeTrichet για την παράλειψη τïυ να διαâïυλευ-θεί µαúί τïυ για τα δύï νïµïσøέδια τα ïπïίααæïρïύσαν την έκτακτη εισæïρά ύψïυς 3%πρïς τη ∆ηµïκρατία µέρïυς των ακαθαρί-στων απïλαâών και των συντάêεων πïυκαταâάλλïνται σε αêιωµατïύøïυς, εργïδï-τïύµενïυς και συνταêιïύøïυς της κρατι-κής υπηρεσίας και τïυ ευρύτερïυ δηµÞσι-ïυ τïµέα. Στην εν λÞγω επιστïλή ï κ.Καúαµίας τÞνιúε πως αν και η ΚΤ δεν ανα-æέρεται ρητά στïυς πιï πάνω νÞµïυς,εµπίπτει ως νïµικÞ πρÞσωπï δηµïσίïυδικαίïυ, στï µε âάση τïυς νÞµïυς ïρισµÞτïυ Þρïυ ευρύτερïς δηµÞσιïς τïµέαςκάτι τï ïπïίï δεν αντιλήæθηκε έγκαιρα ηκυâέρνηση. Μάλιστα τÞνισε στï κ.TrichetÞτι στï µέλλïν θα æρïντίσει να απïæεύ-γïνται τέτïιες παραλείψεις.

Ùπως είναι αντιληπτÞ ï ΒάσïςΣιαρλή κάθε άλλï παρά ενηµέρωσε τïΜάριï Ντράγκι για αυτή την πρÞθεσητης κυâέρνησης µε απïτέλεσµα αυτή ηγκάæα να ανïίγει τï δρÞµï στï πρïσω-πικÞ της ΚΤ να διατηρήσει τις απïλα-âές τïυ εάν κινηθεί νïµικώς. Μέøριαυτή την ώρα ï κ. Σιαρλή δεν επικïι-νώνησε µε την ΕΚΤ για τï θέµα τωναπïκïπών τις ïπïίες ψήæισε ïµÞæω-να την πρïηγïύµενη Πέµπτη ηÃλïµέλειας της Βïυλής.

¶fiıÂÓ ¤Û¯Â˜ ÁÈ· ηÙfi¯Ô˘˜ ·ÍÈÔÁڿʈÓΤην ίδια ώρα πïυ ïι κάτïøïι αêιï-

γράæων έδωσαν ïδηγίες σε ïµάδαδικηγÞρων για διεκδίκηση ενώπιïνδικαστηρίïυ των δικαιωµάτων τïυςπεριλαµâανïµένων και ιδιωτικών πïι-νικών και αστικών αγωγών εναντίïνπαντÞς υπευθύνïυ, ï ïπïίïς, άµεσα ήέµµεσα, εθελïυσίως ή αθελήτως, συµ-µετείøε στην καταδïλίευση και ήπαραπλάνηση των καταθετών/µελώντïυς η κυâέρνηση πρïσανατïλίúεταινα âάλει εµπÞδια σε αυτή την πρïσπά-θεια.

Ùπως είµαστε σε θέση να γνωρί-úïυµε ïι κάτïøïι θα περάσïυν απÞ τïκÞσκινï τïυ ΤΕΠ ώστε να δικαιïλïγή-σïυν τïυ πïυ âρήκαν τα øρήµατα γιατις αγïρές αêιïγράæων. Ã έλεγøïς δενθα γίνει για Þσïυς επένδυσαν µικρï-πïσά αλλά θα αæïρά ένα σεâαστÞπïσÞ και άνω ενδεøïµένως άνω των200.000 ευρώ.Την ίδια ώρα µέσα στïυς Þρïυςεντïλής της ïµάδας των δικηγÞρων είναι καινα επιδιώêïυν αµέσως τη λήψη ασæαλιστικώνµέτρων και την έκδïση ενδιάµεσïυ διατάγ-µατïς (interim order), τï ïπïίï να απαγïρεύ-ει την άµεση η έµµεση στï παρÞντα øρÞνï ήστï µέλλïν µετατρïπή των αêιïγράæων σεµετïøές, Þπως η πρÞθεση των τραπεúών καιτης ΤρÞικας. Επίσης, να απαγïρεύει τηνανταλλαγή των αêιïγράæων της Λαϊκής µεκυâερνητικά ïµÞλïγα.

Η ΤρÞικα ως γνωστÞ έøει úητήσει τηνµετατρïπή των αêιïγραæών σε µετïøές µε

την Τράπεúας Κύπρïυ να αντιπρïτείνει τηνδηµιïυργία ταµείïυ απïúηµιώσεως επενδυ-τών ïι ïπïίïι απïδεδειγµένα έπεσαν θύµααπάτης.

Η πρÞταση πρïâλέπει µετατρïπή τωναêιïγράæων σε µετïøές ενώ ειδικÞ ΤαµείïΣτήριêης θα καταâάλει στïυς κατÞøïυς τï4% της αρøικής απÞδïσης τïυς. Τï πïσÞ θακαταâάλλεται µία æïρά τïν øρÞνï και ενδε-øïµένως ∆εκέµâρη ενώ ιδανικά τï πïσÞ θακαταâληθεί και τïν ∆εκέµâρη τïυ 2012. Ητράπεúα, θεωρïύσε πως η συγκεκριµένη πρÞ-ταση απïτελεί ïρÞσηµï έναρêης µίας νέας

περιÞδïυ για την τράπεúα, αæïύπιστεύει πως επιλύει ένα âασικÞ πρÞ-âληµα πïυ σøετίúεται µε τïυς πελάτεςκαι επενδυτές της.

ª∏¡ °π¡∂π™ª∏¡ °π¡∂π™∂°∫§∏ª∞∆π∞™∂°∫§∏ª∞∆π∞™ΕπεισÞδια σηµειώθηκαν øθες στη

Βïυλή, µε τïυς κατÞøïυς αêιïγράæωννα πετυøαίνïυν είσïδï στï κτίριï τηςΒïυλής. Αρøικά είøαν συγκεντρωθεί ,κρατώντας πλακάτ στα ïπïία αναγρά-æïνταν τï Þνïµα εκάστïυ âïυλευτήκαι δίπλα τï σύνθηµα «µην γίνειςεγκληµατίας» και µάúευαν υπïγραæέςπρïς τις τράπεúες Κύπρïυ και Λαϊκής,σηµειώνïντας Þτι σε 30 µέρες αν δεναρθεί η αδικία εις âάρïς τïυς, θα τερ-

µατίσïυν τïυς λïγαριασµïύς τïυς στις τρά-πεúες αυτές.

Ãι κάτïøïι αêιïγράæων συγκεντρώθηκανέêω απÞ τη Βïυλή την ώρα πïυ συνεδρίαúε ηΕπιτρïπή Θεσµών στην ïπïία συúητήθηκε τïθέµα.

Τα µέλη της Επιτρïπής κάλεσαν τηνΚεντρική Τράπεúα και τï υπïυργείïÃικïνïµικών να επαναæέρïυν την πρÞτασηγια ανταλλαγή των µη µετατρέψιµων αêιï-γράæων µε κυâερνητικά ïµÞλïγα τα ïπïίακατέøει ήδη στï øαρτïæυλάκιï της η Λαϊκή,αæïύ µε αυτÞ τïν τρÞπï, είπε η πρÞεδρïς

της Επιτρïπής Κεæαλαιαγïράς ∆ήµητραΚαλïγήρïυ, δεν θα αυêηθεί τï δηµïσιïνïµι-κÞ έλλειµµα.

Σύµæωνα µε την πρÞεδρï της ΕπιτρïπήςΚεæαλαιαγïράς, η αρøική πρÞταση απÞ τïυπïυργείï Ãικïνïµικών και την ΚεντρικήΤράπεúα ήταν η ανταλλαγή των αêιïγράæωνµε 10ετή κρατικά ïµÞλïγα και µε τÞκï 4,5%.

ΩστÞσï απïρρίæθηκε απÞ την τρÞικαγιατί θα αυêανÞταν τï δηµÞσιï øρέïς κατά1,2 δις ευρώ.

Στï πλαίσιï της συúήτησης ï πρÞεδρïςτης Επιτρïπής Θεσµών, ∆ηµήτρηςΣυλλïύρης, απηύθυνε αυστηρÞ µήνυµα στïδιïικητή της Κεντρικής Τράπεúας και στïυπïυργείï Ãικïνïµικών για να επαναæέρειτην πρÞταση για τα µη µετατρέψιµα αêιÞγρα-æα της Λαϊκής, πρïειδïπïιώντας Þτι σε περί-πτωση κατάθεσης νïµïσøεδίïυ για τï συγκε-κριµένï úήτηµα, τα πράµατα δεν θα είναιεύκïλα στη âïυλή.

Πάντως ενώπιïν της κïινïâïυλευτικήςΕπιτρïπής Θεσµών ï διευθύνων σύµâïυλïςτης Τράπεúας Κύπρïυ, Γιάννης Κυπρή, ανέæε-ρε Þτι υπήρêε πρÞταση για ανταλλαγή τωναêιïγράæων µε δάνεια και κυâερνητικά øρεÞ-γραæα.

Επισήµανε, ωστÞσï, Þτι τï θέµα πρïσέ-κρïυσε στις διαæωνίες της τρÞικας.

Εκ µέρïυς της Λαϊκής Τράπεúας, ï ΤάκηςΦειδίας, είπε Þτι απÞ τïν περασµένï Μάιï ητράπεúα âρίσκεται υπÞ κυâερνητική στήριêη,επισηµαίνïντας Þτι καταâάλλïνται πρïσπά-θειες για να εêερευθïύν λύσεις.

«°Î¿Ê·»«°Î¿Ê·» ™È·ÚÏ‹ ÎÔÛÙ›˙ÂÈ ÂηÙÔÌ̇ÚÈ·

Ãι τελικές απïæάσεις για τη øρηµατïδïτική στήριêη τηςΚύπρïυ θα ληæθïύν µετά την τελική έκθεση της Pimco για τιςανάγκες των τραπεúών, η ïπïία αναµένεται στα µέσαΙανïυαρίïυ. Την απάντηση αυτή έδωσε øθες στις Βρυêέλλες,ï εκπρÞσωπïς τïυ Αντιπρïέδρïυ για τï Ευρώ Ùλι Ρεν, ïïπïίïς υπïγράµµισε Þτι τα πρώτα στïιøεία της ενδιάµεσηςέκθεσης της Pimco εêετάúïνται, ενώ τα τελικά θα ανακïινω-θïύν στα µέσα Ιανïυαρίïυ.

Ερωτηθείς εάν ïι απïæάσεις τïυ Εurogroup για τη στήρι-êη της Κύπρïυ θα ληæθïύν µετά τη δηµïσιïπïίηση των τελι-κών στïιøείων για τις ανάγκες των κυπριακών τραπεúών, ïεκπρÞσωπïς απάντησε καταæατικά.

Εν τω µεταêύ øθες συνεøίστηκαν ïι διαâïυλεύσεις της

Συντïνιστικής Επιτρïπής, η ïπïία εêετάúει την πρïκαταρτικήέκθεση της Pimco για τï ύψïς των κεæαλαιακών αναγκών τïυøρηµατïπιστωτικïύ συστήµατïς. Η Επιτρïπή έλαâε τις απα-ντήσεις στα διευκρινιστικά ερωτήµατα πïυ η ίδια είøε θέσειεπί της µεθïδïλïγίας πïυ øρησιµïπïίησε η Pimco.

Πηγές αναæέρïυν Þτι ïι αριθµïί πïυ είδαν τï æως τηςδηµïσιÞτητας περί 13,2 δις ευρώ δεν ανταπïκρίνïνται στηνπραγµατικÞτητα.Τα ενδιάµεσα απïτελέσµατα είναι σε µεγάλïâαθµÞ, σύµæωνα µε τις εκτιµήσεις της ΤρÞικα, Þπως έøïυνκαταγραæεί στï µνηµÞνιï συναντίληψης, δηλαδή µεταêύ 9 µε10 δις, δήλωσαν ïι ίδιες πηγές.

Η ΤρÞικα περιέλαâε στï µνηµÞνιï πïσÞ 9 µε 10 δις ευρώγια τï ύψïς των κεæαλαιακών αναγκών τïυ øρηµατïπιστωτι-

κïύ συστήµατïς της Κύπρïυ. Υπενθυµίúεται Þτι τα τελικάαπïτελέσµατα τïυ διαγνωστικïύ ελέγøïυ της Pimco, πïυ θακαταδείêïυν τελεσίδικα τις κεæαλαιακές ανάγκες τïυ øρηµα-τïπιστωτικïύ συστήµατïς θα εκδïθïύν στις 15 Ιανïυαρίïυ.

Η Επιτρïπή απαρτίúεται απÞ εκπρïσώπïυς τïυΥπïυργείïυ Ãικïνïµικών, της Κεντρικής Τράπεúας, τηςΣυνεργατικής Κεντρικής Τράπεúας, της ΤρÞικας, τηςΕυρωπαϊκής Αρøής Τραπεúών και τïυ ΕυρωπαϊκïύΜηøανισµïύ Στήριêης EFSF/ESM.

ΑπÞ την πλευρά τïυ τï κυπριακÞ υπïυργείï ïικïνïµικώνανακïίνωσε Þτι τα πρïκαταρκτικά απïτελέσµατα της ενδιά-µεσης έκθεσης τïυ ïίκïυ PIMCO τυγøάνïυν στï παρών στά-διï ανάλυσης.

12 ∆ΕΚΕΜΒΡΙÃΥ, 2012 ÌΡΗΜΑ&ΑΓÃΡΑ

2/12 | ΕΙ∆ΗΣΕΙΣ

ºˆÓ¤˜ ‰È·Ì·ÚÙ˘Ú›·˜ ·fi ΢‚ÂÚÓËÙÈÎÔ‡˜ È·ÙÚÔ‡˜

Απαράδεκτη, αντιδεïντïλïγική και ανήθικη øαρακτήρι-σαν ïι δύï συντεøνίες των ιατρών τïυ δηµïσίïυ ΠΑΣΥΚΙ καικλάδïς ιατρών ΠΑΣΥ∆Υ την πρÞταση για κατάργηση τηςδωρεάν ιατρïæαρµακευτικής περίθαλψης στïυς λειτïυρ-γïύς υγείας και πïλύ περισσÞτερï στïυς ιατρïύς πïυ,Þπως αναæέρïυν, αγωνίúïνται καθηµερινά και στα δηµÞσιανïσηλευτήρια και τα Κέντρα Υγείας για να περισώσïυν ÞτιαπÞµεινε απÞ την øαµένη αêιïπρέπεια της κïινωνίας.

∆ηλώνïυµε κατηγïρηµατικά Þτι δεν θα δεøθïύµε καµιάτέτïια πρÞταση» αναæέρïυν σε ανακïίνωσή τïυς ïι δύïσυντεøνίες ïι ïπïίïι απαιτïύν µε «έντïνï τρÞπï την άµεσηεæαρµïγή τïυ ΓΕΣΥ για απάµâλυνση των πρïâληµάτωντων δηµÞσιων νïσηλευτηρίων καθώς και την εæαρµïγή τïυαπÞ την πρωτïâάθµια περίθαλψη µε αêιïπïίηση Þλων τωνιατρών πïυ εργάúïνται ήδη στην πρωτïâάθµια ιατρικήæρïντίδα».

Καλïύν την Κυâέρνηση, τα κÞµµατα και την κïινωνία«να σταθïύν συµπαραστάτες στα δίκαια αιτήµατά µαςïύτως ώστε να απïæευøθïύν δυσάρεστες καταστάσεις ïιïπïίες ενδεøïµένως θα επιâαρύνïυν τïυς ήδη ταλαιπωρη-µένïυς ασθενείς». Στις επÞµενες µέρες εάν δεν υπάρøειθετική κατάληêη στï θέµα ενδεøïµένως να παρθïύν απï-æάσεις για απεργιακές κινητïπïιήσεις µε Þλα τα συνεπακÞ-λïυθα για τη δηµÞσια υγεία.

™ÙÔ „¿ÍÈÌÔ ÁÈ· ¶Úfi‰ÚÔ Ù˘ ∞∏∫Παρά την εêαγγελθείσα απïøώρηση τïυ Ìάρη Θράσïυ

απÞ τïν πρïεδρικÞ θώκï της ΑΗΚ εδώ και ένα µήνα εντïύ-τïις µέøρι σήµερα απέâησαν άκαρπες ïι πρïσπάθειες τïυΠρïέδρïυ ÌριστÞæια για εêεύρεση τïυ αντικαταστάτη τïυ.

Συγκεκριµένα πρïσέγγισε Þπως είµαστε σε θέση ναγνωρίúïυµε γύρω στα 10 άτïµα για τη θέση λαµâάνïνταςαρνητική απάντηση. Τα τελευταία εικïσιτετράωρα δέøεταιασæυκτικÞ πρέσινγκ για να ανα-λάâει τη θέση ï πρώην ΥπïυργÞςΥγείας Ìάρης Ìαραλάµπïυς ïïπïίïς στï παρελθÞν διετέλεσεαντιπρÞεδρïς της ΑΗΚ. Η απά-ντηση τïυ κ. Ìαραλάµπïυς θαδïθεί εκτÞς απρïÞπτïυ την επÞ-µενη εâδïµάδα. ΚαλÞς γνώστηςτïυ θέµατïς τÞνισε πως ï νέïςΠρÞεδρïς Þπως και ï ÌάρηςΘράσïυ θα πρïέρøεται απÞ τïΑΚΕΛ.

¶ÚÒÙ· Ë ¤ÎıÂÛË Ù˘ Pimco Î·È ÌÂÙ¿ ÔÈÎÔÓÔÌÈ΋ ÛÙ‹ÚÈÍË

¢¿ÓÂÈ· €2 ‰È˜ ·fi √ÙΣτα 30 øρÞνια της παρïυσίας τïυ ï ÃργανισµÞς

Ìρηµατïδïτήσεως Στέγης (ÃÌΣ) παραøώρησε στεγαστικάδάνεια ύψïυς 2 δις ευρώ, δήλωσε ï ΠρÞεδρïς τïυ∆ιïικητικïύ Συµâïυλίïυ τïυ Ãργανισµïύ Ìριστάκης Λïϊúίδης.

à ÃργανισµÞς έøει âïηθήσει πάνω απÞ 30 øιλιάδες ïικï-γένειες, κυρίως øαµηλών και µεσαίων εισïδηµάτων, να απï-κτήσïυν την πρώτη τïυς κατïικία.

à ÃργανισµÞς διαøειρίúεται 1120 δάνεια τïυ νέïυ

Κυâερνητικïύ Στεγαστικïύ Σøεδίïυ ύψïυς 143 εκ. ευρώ, 22øιλιάδες δάνεια τïυ Φïρέα ΙσÞτιµης Κατανïµής Βαρών ύψïυς410 εκ. ευρώ και 4 øιλιάδες δάνεια τïυ Ενιαίïυ ΣτεγαστικïύΣøεδίïυ ύψïυς 122 εκ. ευρώ.

ΑναæερÞµενïς στην ïικïνïµική κρίση, ï κ. Λïϊúίδης επε-σήµανε πως αυτή επηρέασε ιδιαίτερα τις κατασκευές και τηναγïρά øρηµατïδÞτησης στέγης, τïµείς πïυ σøετίúïνταιάµεσα µε τις δραστηριÞτητες τïυ Ãργανισµïύ.

T· ΢Úȷο ÓÔÈÎÔ΢ÚÈ¿ ¯ÚˆÛÙÔ‡Ó €23,5 ‰È˜Τα νïικïκυριά øρωστïύν 23,5 δις και ïι επιøειρήσεις άλλα

28,3 δις σε πïσïστÞ δηλαδή συνïλικά 292% τïυ ΑΕΠ, σύµæω-να µε στïιøεία της Κεντρικής Τράπεúας.

Στα στïιøεία αυτά αναæέρθηκε øθες ï ΕκπρÞσωπïς τïυυπïψηæίïυ Πρïέδρïυ Νίκïυ Αναστασιάδη, ΤάσïςΜητσÞπïυλïς, παρïυσιάúïντας την πρÞταση τïυ υπïψηæίïυτïυ Ν. Αναστασιάδη για επιµήκυνση της περιÞδïυ απïπληρω-µής των δανείων µε στÞøï την ανακïύæιση των νïικïκυριώνκαι των επιøειρήσεων. ΣτÞøïς, Þπως ανέæερε, είναι τÞσï η

ελάæρυνση των πïλιτών Þσï και ï τερµατισµÞς της περαιτέ-ρω αύêησης των µη εêυπηρετïύµενων δανείων κάτι πïυ θαστηρίêει και τη âιωσιµÞτητα των τραπεúών. à κ. ΜητσÞπïυλïςείπε Þτι µε âάση τη πρÞταση Αναστασιάδη, ïι τράπεúες ωςπρώτï µέτρï θα επιµηκύνïυν µε νÞµιµï και συµâατÞ τρÞπïτην περίïδï απïπληρωµής µε την πλήρη έγκριση των επïπτι-κών αρøών και η επιµήκυνση αυτή θα αæïρά δάνεια πïυ καλύ-πτïνται απÞ εµπράγµατες εêασæαλίσεις και δεν δηµιïυργïύνπιστïδïτικïύς κινδύνïυς.

∂·ÓÂΉ›Î·ÛË Ù˘ «∏ÏÈÔ˜»

Την επανεκδίκαση της πïλύκρïτης υπÞθεσης της µïιραί-ας πτώσης τïυ αερïσκάæïυς της «Ηλιïς» απïæάσισε κατάπλειïψηæία η Ãλïµέλεια τïυ Ανωτάτïυ ∆ικαστηρίïυ υιïθετώ-ντας έτσι την έæεση πïυ άσκησε ï ΓενικÞς Εισαγγελέας της∆ηµïκρατίας κατά της απÞæασης τïυ ΚακïυργιïδικείïυΛευκωσίας. Με πλειïψηæία 6 ∆ικαστών τï Ανώτατï απïæάν-θηκε Þτι η δίκη θα πρέπει να εκδικαστεί µε ΚακïυργιïδικείïυπÞ διαæïρετική σύνθεση. Κατά της έγκρισης της έæεσηςτάøθηκαν δύï δικαστές, ενώ ένας ∆ικαστής εêέδωσε êεøωρι-στή άπïψη. Στην απÞæασή τïυ στις 21 ∆εκεµâρίïυ 2011, τïΚακïυργιïδικείï Λευκωσίας είøε απïæανθεί Þτι δεν υπάρøειµαρτυρία πïυ να συσøετίúει τïυς πέντε κατηγïρïύµενïυς (ηεταιρεία ως νïµικÞ πρÞσωπï, ï ΕκτελεστικÞς ΠρÞεδρïςΑνδρέας ∆ράκïς, ï ∆ιευθύνïντας Σύµâïυλïς της εταιρείας∆ηµήτρης Πανταúής, ï ∆ιευθυντής Πτητικών ΕπιøειρήσεωνΑνδρέας Κικκίκης και ï ΑρøιπιλÞτïς της εταιρείας ΙάνκïΣτïϊµένïæ) µε τï πλήρωµα τïυ θαλάµïυ διακυâέρνησης τïυµïιραίïυ αερïσκάæïυς τï ïπïίï κατέπεσε στï λÞæï τïυΓραµµατικïύ στις 14 Αυγïύστïυ τïυ 2005.

÷ÌËÏfi˜ ÂÓ·ÚÌÔÓÈṲ̂ÓÔ˜ÏËıˆÚÈÛÌfi˜ 3ÂÙ›·˜

à øαµηλÞτερïς εναρµïνισµένïς πληθωρισµÞς κατά τηντελευταία τριετία σηµειώθηκε τï Νïέµâριï τïυ 2012, παρïυ-σιάúïντας µεγάλη πτώση στï 1,4%, σε σύγκριση µε 4% τïΝïέµâριï τïυ 2011, σύµæωνα µε τα στïιøεία πïυ δηµïσιïπïί-ησε η Στατιστική Υπηρεσία. ΑυτÞ είναι τï øαµηλÞτερï επίπε-δï εναρµïνισµένïυ πληθωρισµïύ απÞ τï Νïέµâριï τïυ 2009,Þταν είøε διαµïρæωθεί στï 1%, σε 12µηνη âάση - Ìρïνιάκατά την ïπïία είøε καταγραæεί απïπληθωρισµÞς για τέσσε-ρις στη σειρά µήνες (Ιïύλιï, Αύγïυστï, Σεπτέµâριï καιÃκτώâριï). Η σηµαντική επιâράδυνση τïυ εναρµïνισµένïυπληθωρισµïύ τï Νïέµâριï τïυ 2012 ïæείλεται στη µείωσηκατά 2,4% των τιµών πρïϊÞντων ή υπηρεσιών πïυ περιλαµâά-νïνται στις κατηγïρίες “Ένδυσης και υπÞδησης”, “Επίπλωση,ïικιακÞς εêïπλισµÞς και πρïϊÞντα καθαρισµïύ”, “ΤρÞæιµα καιµη αλκïïλïύøα πïτά” και “Άλλα αγαθά και υπηρεσίες”.

Αντίθετα, σηµαντική αύêηση σηµείωσαν ïι τιµές πïυ αæï-ρïύν, κυρίως τις κατηγïρίες “Στέγαση, ύδρευση, ηλεκτρι-σµÞς και υγραέριï”, “Μεταæïρές” και “Αλκïïλïύøα πïτά καικαπνÞς”.

∂˘Úˆ·˚ο Û˘Á¯·ÚËÙ‹ÚÈ· ÁÈ· ÙÔ ‰›ÏˆÌ· ¢ÚÂÛÈÙ¯ӛ·˜

Ãι εæευρέτες και ïι επιστήµïνες θα είναι κυρίως εκείνïιπïυ θα είναι ευγνώµïνες στην Κυπριακή Πρïεδρία της ΕΕ,τÞνισε øθες ï ΑντιπρÞεδρïς της ΚïµισιÞν αρµÞδιïς για∆ιïργανικές σøέσεις και διïίκηση Μάρïς Σέæτσïâιτς.

Στï τελευταίï Συµâïύλιï Γενικών Υπïθέσεων επίΚυπριακής Πρïεδρίας, ï κ. Σέæτσïâιτς ανέæερε Þτι ηΠρïεδρία έøει πïλλές επιτυøίες, δίδïντας έµæαση στην συµ-æωνία πïυ εêασæάλισε η Πρïεδρία για τη δηµιïυργία τïυΕνιαίïυ Πακέτïυ για τα ∆ιπλώµατα Ευρεσιτεøνίας, πïυ απïτε-λïύσε αντικείµενï συúητήσεων στην ΕΕ επί 30 και πλέïν øρÞ-νια. Η ïλïκλήρωση των διαπραγµατεύσεων επί τïυ πακέτïυτïυ ενιαίïυ διπλώµατïς ευρεσιτεøνίας, τï ïπïίï είναι ένας ιδι-αίτερα πïλύπλïκïς æάκελïς, µε µακρά και αντιæατική ιστïρία,απïτελïύσε κύρια πρïτεραιÞτητα της Κυπριακής Πρïεδρίας.

Τï ενιαίï δίπλωµα ευρεσιτεøνίας είναι απïτέλεσµα στενήςσυνεργασίας µεταêύ 25 κρατών µελών (Ιταλία και η Ισπανίαέøïυν εêαιρεθεί απÞ τη συµµετïøή τïυς σε αυτÞ). Τï πακέτïαπïτελείται απÞ τïν ΚανïνισµÞ της Ενιαίας πρïστασίας τωνευρεσιτεøνιών, τïυς Κανïνισµïύς µεταæράσεων και τη συµ-

æωνία τïυ δικαστηρίïυ για την ενιαίαευρεσιτεøνία.

Με την υιïθέτηση τïυ ενιαίïυδιπλώµατïς ευρεσιτεøνίας, τï κÞστïς τηςαπÞκτησης πρïστασίας των διπλωµάτων ευρεσιτεøνίας σεïλÞκληρη την ΕΕ αναµένεται να συρρικνωθεί τïυλάøιστïνκατά 80%, επιτρέπïντας έτσι στα ευρωπαϊκά διπλώµατα ευρε-σιτεøνίας να είναι διαθέσιµα σε ανταγωνιστικές τιµές και ναδιατίθενται πιï πρïσιτά στις µικρές και µεσαίες επιøειρήσεις.

Πιστεύεται Þτι τï σύστηµα ενιαίïυ διπλώµατïς ευρεσιτε-øνίας θα απïτελέσει τïν ακρïγωνιαίï λίθï για τις συνεøείςπρïσπάθειες της ΕΕ για τÞνωση της ïικïνïµικής ανάπτυêηςκαι θα âïηθήσει την Ευρώπη να âγει απÞ την τρέøïυσα ïικï-νïµική κρίση.

Ενας νÞµïς για τα διπλώµατα ευρεσιτεøνίας, µε ενιαίαεæαρµïγή, θα σταµατήσει την εµæάνιση πïλλαπλών δικαστι-κών υπïθέσεων και θα απïτρέψει την ύπαρêη αντιæατικώνδικαστικών απïæάσεων πïυ αæïρïύν τï ίδιï δίπλωµα ευρεσι-τεøνίας σε διαæïρετικά κράτη µέλη.

12 ∆ΕΚΕΜΒΡΙÃΥ, 2012

ΕΙ∆ΗΣΕΙΣ | 3/13

ÌΡΗΜΑ&ΑΓÃΡΑ

Στην δήλωση της ΤρÞικας µάθαµε Þτι υπάρøει κάπïια πρÞ-ταση για αύêηση των τιµών πïυ καθιερώθηκαν την 1.1.80 µεένα πïλλαπλάσιï 3.3 και την επιâïλή τïυ æÞρïυ επί τïυπïσïύ µε µειωµένες Þµως κλίµακες. Αντί Þµως αυτïύ ïι κλί-µακες έøïυν αυêηθεί.

Τï µεν αæïρïλÞγητï είναι τώρα µέøρι 120.000 ευρώ αλλάαυêάνεται σε 150.000 ευρώ αæïύ Þµως τριπλασιαστεί η αêία.Άρα στην ïυσία τï ελάøιστï µειώνεται.Τï πιï τραγικÞ είναι Þτιστις πιï ψηλές κλίµακες αυêάνεται απÞ τï αρøικÞ 4δ σε 6δ καιτï µέγιστï απÞ 8δ σε 10δ και πάλι αæïύ τριπλασιαστïύν ïιαêίες – δηλαδή δύï æïρές αύêηση.

Είµεθα υπέρ τïυ Κράτïυς να αυêήσει τα έσïδα τïυ απÞ ταακίνητα, αλλά, τώρα, στην ύæεση των ακινήτων να æïρïλïγή-σει τα ακίνητα; Πïιïς θα µπïρέσει να πληρώσει την αυêηµένηαυτή æïρïλïγία; Άρα ναι µεν θα επιâληθεί αλλά θα είναι ανεί-σπρακτη τÞσï απÞ τïυς ιδιïκτήτες Þσï και απÞ τïυς επιøειρη-µατίες ανάπτυêης πïυ διανύïυν ένα Γïλγïθά, Ως εκ τïύτïυκαι έøïντας υπÞψη και την ανÞητη πρακτική απÞ Þλες ïιµïνάδες σε ένα συγκρÞτηµα θα πρέπει να είναι εêïæληµένεςαπÞ τïν æÞρï ακίνητης ιδιïκτησίας και έστω και εάν ένας δενπληρώσει, ïι µεταâιâάσεις στïυς ταλαίπωρïυς αγïραστέςδεν θα µπïρïύν να επιτευøθïύν (σε κανένα).

Η δική µας άπïψη για την æïρïλïγία των ακινήτων είναι ηαυτïæïρïλÞγηση. Τï µεν ΚτηµατïλÞγιï δεν έøει την δυνατÞ-τητα επανεκτίµησης/εêακρίâωσης εάν σε ένα ïικÞπεδï/øωρά-æι έøει ανεγερθεί κτίριï/α, ενώ τï øρïνικÞ πλαίσιï πïυ µε τηνµείωση των Κυâερνητικών υπαλλήλων θα øρειαστεί γύρω στα5 øρÞνια µε πρÞσθετï κÞστïς και αυτÞ πρÞσθετα µε τις νέεςαναπτύêεις.

Κατά την άπïψη µας η εæαρµïγή αυτïύ τïυ µέτρïυ είναιµια απλή λύση/πρïσέγγιση στï θέµα øωρίς να κïστίσει στï

Κράτïς «ένα σεντ», ενώ ταυτÞøρïνα θα υπάρøει και τïαίσθηµα δικαιïσύνης απÞ τïν æïρïλïγïύµενï πïλίτη.

Τï ΚτηµατïλÞγιï να θέσει σε γενικές γραµµές τιςαêίες των ακινήτων, ανά ευρείς περιïøές και ανά τïπï-θεσία/ανά είδïς. Αυτές ïι αêίες (Valuation Bands) σεαυτήν την µïρæή, έøïυν ήδη υιïθετηθεί (δική µας εισή-γηση) ως θέµα αρøής απÞ την Κυâέρνηση στην νïµïθε-σια της Ãικïδïµικής Αµνηστίας για τïν πρïσδιïρισµÞτης αγïράς τïυ συντελεστή δÞµησης.

- ∆ιαδικασίες: à κάθε ιδιïκτήτης ïæείλει να υπïâάλειειδικÞ έντυπï µε τα øαρακτηριστικά τïυ κτήµατïς (τïπïθε-σία, úώνη, τ.µ. κτιρίïυ κλπ κλπ) και âάσει της γενικής ένδει-êης έøει µÞνï να πïλλαπλασιάσει τï εµâαδÞν µε την αêία.΄Ισως τï έντυπï αυτÞ να υπïâάλλεται απÞ ένα εκτιµητή ïïπïίïς και θα æέρει και την ευθύνη της ïρθÞτητας τïυ (ασæα-λώς και θα πρέπει να υπάρøει δειγµατïληπτικÞς έλεγøïς απÞτην Κυâέρνηση µε πρÞστιµï στïν εκτιµητή (ή ιδιïκτήτη) σεπερίπτωση εσκεµµένïυ λάθïυς). Τï κÞστïς υπïâïλής δεναναµένεται να είναι πέραν των 150-200 ευρώ ανά τεµάøιï(øρειάúεται η επίσκεψη επί τÞπïυ εκεί πïυ δεν έøει ï εκτι-µητής πλήρεις πληρïæïρίες και θα πρέπει να κάνει αυτï-ψία). Επίσης ï εκτιµητής θα απïæασίσει εάν π.ø. τα κτίριαέøïυν αêία ή Þøι και τις διάæïρες αναπρïσαρµïγές πïυøρειάúïνται.

- Κίνητρα και Αντικίνητρα: à ιδιïκτήτης θα πρέπει ναυπïâάλει την αίτηση τïυ µαúί µε την επιταγή εντÞς περιÞ-δïυ 6 µηνών απÞ την εæαρµïγή τïυ µέτρïυ. Σε τέτïια περί-πτωση και σε περίπτωση πïυ εντÞς τïυ κτήµατïς πρïϋπήρ-øαν κτίρια για τα ïπïία Þµως ïυδέπïτε δηλώθηκαν (πø.ïικÞπεδï στï ïπïίï ανεγέρθηκε κατïικία µετά την 1.1.80τώρα æïρïλïγείται ως ïικÞπεδï), ï ιδιïκτήτης να απαλλάσ-σεται της æïρïλïγίας των πρïηγïύµενων øρÞνων.

Τï κίνητρï αυτÞ θα απïæέρει µεν στïν ιδιïκτήτη αρκε-τές εκατïντάδες/øιλιάδες ευρώ, αλλά ταυτÞøρïνα θα τïνενθαρρύνει να δηλώσει ïρθά τα κτίρια ως είøαν και διÞτιδεν θα τïυ êαναδïθεί η ευκαιρία και πάλι. Πø σε περίπτωσηελέγøïυ τï Κράτïς θα µπïρεί να τïν æïρïλïγεί απÞ την1.1.80 και µετά, πλέïν τÞκïυς, πρÞστιµï κλπ για κτίρια κλππïυ δεν δήλωσε πριν.

- Ιδιώτες: ∆ειγµατïληπτικÞς έλεγøïς θα µπïρïύσε να

γίνεται εκ µέρïυς τïυ Κράτïυς και απÞ ιδιώτες εκτιµητές ïιïπïίïι Þµως να µην µπïρïύν να αναλάâïυν εργασίες ιδιω-τών. Τα πρÞστιµα θα καλύπτïυν τï κÞστïς τωνΚυâερνητικών/ιδιωτικών εκτιµητών.

- Κλπ κλπΓια µας τï θέµα είναι απλÞ και είναι και η µÞνη λύση για

άµεση εκτέλεση τïυ έργïυ – øωρίς ιδιαίτερï κÞστïς στïΚράτïς, µε επίλυση τïυ πρïâλήµατïς, άµεση, αæïύ τώρα θαείναι και η είσπραêη (άλλï θέµα εάν τώρα ïι ιδιïκτήτεςέøïυν την ευøέρεια πληρωµής). ΤαυτÞøρïνα µια πïυ ïιτιµές θα είναι καθïρισµένες, θα υπάρøει η διαæάνεια, ελά-øιστες ενστάσεις κλπ.

Νέα Κτίρια – Εάν δεν δηλώνïνται νέα κτίρια, τÞτε Þπωςαναæερθήκαµε πιï πάνω σε περίπτωση ελέγøïυ θα æïρïλï-γηθεί ï ιδιïκτήτης για τïν øρÞνï της µη δήλωσης +10%πρÞστιµï +9% τÞκï απÞ την ηµερïµηνία πïυ υπάρøïυν τακτίρια. Κάπïτε θα ανακαλυæθεί η παράληψη τïυ πïλίτη καιτÞτε τï κÞστïς τïυ θα είναι πïλύ ψηλÞ. Πιστεύïυµε Þτι θαείναι δύσκïλη η εσκεµµένη απïæυγή απÞ ιδιïκτήτες.

Ãι αêίες να αναθεωρïύνται ανά 3 øρÞνια ïύτως ώστε ναυπάρøει και ï ανάλïγïς εκσυγøρïνισµÞς µε δηµïσίευσηνέων «τιµών πρακέττïυ» κλπ.

Τρïæή για σκέψη λïιπÞν απÞ τïυς υπïυργïύς των εσω-τερικών και ïικïνïµικών;

ºÔÚÔÏÔÁ›· ∞ÎÈÓ‹ÙˆÓ - ∞˘ÙÔÊÔÚÔÏÔÁ›·

O τïµέας των επαγγελµατικών υπηρεσιών, ειδικά µέσαστην κρίση, είναι η κινητήρια δύναµη ïικïνïµικής ανάπτυ-êης και δηµιïυργίας θέσεων εργασίας για την Κύπρï, σύµ-æωνα µε τα ευρήµατα της έρευνας «ΕπαγγελµατικέςΥπηρεσίες: Η κινητήρια δύναµη απασøÞλησης και ïικïνïµι-κής ανάπτυêης για την Κύπρï», πïυ στÞøï έøει να απïτελέ-σει âάση συúήτησης για έναν επïικïδïµητικÞ διάλïγï γιατην ανάκαµψη και την ανάπτυêη της κυπριακής ïικïνïµίαςκαι την ïπïία υπïστηρίúει η PwC Κύπρïυ.

Η έρευνα διεêήøθη απÞ τις κ.κ. Fiona Mullen,∆ιευθύντρια της Sapienta Economics Ltd και ΜαρίναΘεïδÞτïυ, Ιδρύτρια και ∆ιευθύνïυσα Σύµâïυλï τηςCurveball Ltd, ενώ την επιµέλεια της έκδïσης ανάλαâε ï κ.Σταύρïς ·ένιïς, Καθηγητής ∆ιïικητικής Επιστήµης καιÌρηµατïïικïνïµικών τïυ Πανεπιστηµίïυ Κύπρïυ.

Η µελέτη παρïυσιάστηκε κατά την διάρκεια εκδήλωσηςπïυ διïργάνωσε η PwC

και στην ïπïία παρευρέθηκαν επαγγελµατίες τïυ κλά-δïυ, επιøειρηµατίες και εκπρÞσωπïι τïυ πïλιτικïύ κÞσµïυ.

Ìαρακτηριστικά, η έρευνα αναæέρει Þτι τα τελευταίαπέντε øρÞνια, ïι διεθνείς υπηρεσίες (επαγγελµατικές καιδιεθνείς ïικïνïµικές υπηρεσίες) αναπτύøθηκαν 40 æïρέςταøύτερα απÞ Þτι ï τïυρισµÞς και δηµιïύργησαν περισσÞ-τερες θέσεις εργασίας ανά µïνάδα σε σύγκριση µε ïπïιïν-δήπïτε άλλï τïµέα της ïικïνïµίας, Αêίúει δε να αναæερθείÞτι ïι επαγγελµατικές υπηρεσίες δεν ανταγωνίúïνταιάλλïυς τïµείς της ïικïνïµίας αλλά αντίθετα δηµιïυργïύνσυνέργειες µαúί τïυς και υπïστηρίúïυν την ανάπτυêή τïυς.

Η έρευνα συγκρίνει την Κύπρï µε άλλες ïµÞλïγεςøώρες Þπως η Ιρλανδία, η Μάλτα και τï Λïυêεµâïύργï αλλάκαι ηγετικές øώρες στïν τïµέα πρïσæïράς των διεθνώνεπιøειρηµατικών υπηρεσιών Þπως η Σιγκαπïύρη. Τï απïτέ-λεσµα της σύγκρισης είναι Þτι η Κύπρïς υστερεί στην και-νïτïµία και στην πïλυπλïκÞτητα σε σøέση µε τις ανταγωνί-στριες øώρες.

Η έρευνα καταλήγει σε δέκα εισηγήσεις στρατηγικïύεπιπέδïυ για τïυς διαµïρæωτές øάραêης πïλιτικής, τïντïµέα τïν ίδιï αλλά και τïυς αντιπρïσώπïυς τïυ, πïυ θα

µπïρïύσαν να συνεισæέρïυν στην ïικïνïµική ανάπτυêητης Κύπρïυ τïυς επÞµενïυς 12 µε 24 µήνες. Ãι εισηγήσειςπρïς την κυâέρνηση περιλαµâάνïυν την διαâïύλευση µε τïτïµέα των επαγγελµατικών υπηρεσιών σε τακτική και δïµη-µένη âάση, µε στÞøï τη âελτίωση στην παγκÞσµια κατάτα-êη, αæïύ αυτÞ ενδιαæέρει τïυς êένïυς επενδυτές.

Ùσïν αæïρά τις απειλές πïυ εντïπίστηκαν απÞ τις συγ-γραæείς, ï ιδιωτικÞς τïµέας καλείται να είναι ενεργÞς ώστενα συνεισæέρει στην ανάπτυêη νέων τïµέων, στην πρïώθη-ση της καινïτïµίας και της τεøνïλïγίας και στην ενδυνάµω-ση της νεïλαίας. Ãι âασικές εισηγήσεις για τïυς εκπρïσώ-πïυς τïυ κλάδïυ περιλαµâάνïυν στενÞτερη συνεργασία καισυντïνισµÞ µεταêύ των διαæÞρων æïρέων έτσι ώστε ναισøυρïπïιηθïύν, να µπïρέσïυν να αναδιïργανώσïυν τιςιστïσελίδες και να αêιïπïιήσïυν την τεøνïλïγία και ταsocial media. Επιπλέïν, η έκθεση περιλαµâάνει συγκεκρι-µένες πρïτάσεις.

Για παράδειγµα, η κυâέρνηση µπïρεί να επωæεληθείαπÞ τη πρÞταση της τρÞικας και να øρησιµïπïιήσει τï πρï-σωπικÞ της για να δηµιïυργήσει µια ειδική ïµάδα πïυ θαασøïλείται µε τις συµæωνίες διπλής æïρïλïγία, ενώ ï ιδιω-τικÞς τïµέας µπïρεί να âïηθήσει την επιøειρηµατικÞτηταµε τις ιδιωτικές επενδύσεις.

Σύµæωνα µε τις συγγραæείς της έρευνας, η υιïθέτησητων συγκεκριµένων εισηγήσεων µπïρεί να δηµιïυργήσει9,700 νέες θέσεις εργασίας µέσα σε πέντε øρÞνια και έσïδαύψïυς ?13 εκατïµµυρίων ετησίως για τα κυâερνητικάταµεία µέσα απÞ την είσπραêη æÞρων και την καταâïλήεισæïρών κïινωνικής ασæάλισης.

Είναι γεγïνÞς Þτι µία κρίση æέρνει και ευκαιρίες. Ηέρευνα πρïσδιïρίúει µε σαæήνεια τις ευκαιρίες πïυ έøειµπρïστά της η κυπριακή ïικïνïµία και ειδικά ï τïµέαςεπαγγελµατικών υπηρεσιών.à κ. Ευγένιïς Ευγενίïυ∆ιευθύνων Σύµâïυλïς της PwC Κύπρïυ, ï ïπïίïς øαιρέτισετην εκδήλωση, τÞνισε τη σηµασία της έρευνας αυτής κατάτην συγκεκριµένη περίïδï, Þπïυ η Κύπρïς καλείται ναπάρει καθïριστικές απïæάσεις για τï µέλλïν τηςΗ έκθεση είναι διαθέσιµη στην ιστïσελίδα www.pwc.com.cy

∞ÓÙÒÓ˘ §Ô˚˙Ô˘∞ÓÙÒÓ˘ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿Ù˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘Í˘

∂¶∞°°∂§ª∞∆π∫∂™ À¶∏ƒ∂™π∂™

∏ ÎÈÓËÙ‹ÚÈ· ‰‡Ó·ÌË ··Û¯fiÏËÛ˘ Î·È ÔÈÎÔÓÔÌÈ΋˜ ·Ó¿Ù˘Í˘ Ù˘ ∫‡ÚÔ˘

∆Ú. ∫‡ÚÔ˘: BÚ¿‚¢ÛË ·fi ÙÔ Global Finance

Καλύτερη τράπεúα παρïøής υπηρεσιών συναλλάγ-µατïς της Κύπρïυ αναδείøθηκε για έκτη συνεøή øρïνιάαπÞ τï διεθνïύς æήµης έγκυρï περιïδικÞ GlobalFinance η Τράπεúα Κύπρïυ. ΠρÞκειται για άλλη µίασηµαντική διεθνή διάκριση τïυ Συγκρïτήµατïς τηςΤράπεúας Κύπρïυ, συγκαταλέγïντας τï ανάµεσα στïυςκαλύτερïυς øρηµατïïικïνïµικïύς ïργανισµïύς παρï-øής υπηρεσιών συναλλάγµατïς σε σύνïλï 97 øωρών.

Τα κριτήρια για την επιλïγή της καλύτερης τράπε-úας υπηρεσιών συναλλάγµατïς σε κάθε øώρα περιλαµ-âάνïυν τïν Þγκï συναλλαγών σε συνάλλαγµα, τï µερί-διï αγïράς, τï εύρïς των παρεøÞµενων υπηρεσιών διε-θνώς, την πïιÞτητα εêυπηρέτησης, τï âαθµÞ ανταγωνι-στικÞτητας των øρεώσεων και την αêιïπïίηση καινïτÞ-µων τεøνïλïγιών.

Για την απÞæαση επιλïγής και âράâευσης των τρα-πεúικών ιδρυµάτων παγκïσµίως, η συντακτική ïµάδατïυ περιïδικïύ λαµâάνει υπÞψη της τις απÞψεις διε-θνών αναλυτών τïυ τραπεúικïύ κλάδïυ, ανώτατωνεταιρικών στελεøών και ειδικών σε θέµατα εæαρµïσµέ-νης τεøνïλïγίας.

∂ÔÚÙ·ÛÙÈο ·Î¤Ù· Û ΢Úȷο ÍÂÓԉԯ›·

Ανïικτά θα παραµείνïυν τα êενïδïøεία µέλη τïυΠΑΣΥ¥Ε κατά τη διάρκεια τïυ øειµώνα έøïντας ήδηæïρέσει τα γιïρτινά τïυς.

Σε σøετική ανακïίνωση ï Παγκύπριïς Σύνδεσµïς¥ενïδÞøων πρïτρέπει Þσïυς επιθυµïύν να περάσïυντις γιïρτές των Ìριστïυγέννων και της Πρωτïøρïνιάςαπïλαµâάνïντας εïρταστικά πακέτα σε κυπριακά êενï-δïøεία να επισκεæθïύν την ιστïσελίδα τïυ συνδέσµïυwww.cyprushotelassociation.org.

Εκεί µπïρïύν να ενηµερωθïύν ανάλïγα για τις πρï-σæïρές πïυ υπάρøïυν και να κάνïυν κρατήσεις απευ-θείας στις êενïδïøειακές µïνάδες πïυ θα επιλέêïυν.

12 ∆ΕΚΕΜΒΡΙÃΥ, 2012 ÌΡΗΜΑ&ΑΓÃΡΑ

4/14 | ΕΙ∆ΗΣΕΙΣ

Στην Λευκωσία, η άλλïτε δηµïæιλήςλεωæÞρïς Μακαρίïυ, η άλλïτε must περιï-øή για ατελείωτες ώρες ψωνίσµατïς, ερή-µωσε. Καθηµερινές και Σαââατïκύριακαµïιάúει σαν «εγκαταλελειµµένη» Þσï έµïια-úε άλλïτε µÞνï την περίïδï τïυ∆εκαπενταύγïυστïυ.

Γνωστές καæετέριες έκλεισαν, γνωστέςαλυσίδες καταστηµάτων τï παλεύïυν, ενώïι µικρïµεσαίες επιøειρήσεις âάúïυν λïυκέ-τï η µια µετά την άλλη.

Αναταραøή πρïκάλεσαν ανάµεσα στïυςεναπïµείναντες καταστηµατάρøες ïι æήµεςπερί απïøώρησης γνωστïύ καæεστιατïρίïυαπÞ την Μακαρίïυ, αλλά και τï κλείσιµï τïυκαταστήµατïς Debenhams τïυ õίλïυΣιάκïλα.

Στην Στασικράτïυς µε τα øλιδάτα κατα-στήµατα για λίγïυς και εκλεκτïύς έµεινε

µÞνη της µε την øλιδή να της κάνει συντρï-æιά. Σε Þλες τις πÞλεις Þµως κάθε τέσσερακαταστήµατα τï ένα ενïικιάúεται ή πωλεί-ται, µε τις επιγραæές «πωλείται øωρίς αέρα»να µïιάúει µε αστείï.

Πλέïν τï λιανικÞ εµπÞριï æυτïúωεί.Έøει εδώ και µήνες µπει στïν αναπνευστή-ρα και Þλïι ελπίúïυν σε ένα θαύµα. Ùλïιαναµένïυν τα Ìριστïύγεννα, µπας και κινη-θεί λίγï περισσÞτερï η αγïρά, øωρίς Þµως13 µισθÞ πως είναι εæικτÞ;

ΑργÞτερα ïι ελπίδες θα στραæïύν στηνπερίïδï των εκπτώσεων, αν και κακά ταψέµατα ïι πρïσæïρές και ïι ευκαιρίεςέøïυν êεκινήσει πρï πïλλïύ. Πριν ακÞµα καιαπÞ την εïρταστική περίïδï.

Πïλλïί æïâïύνται Þτι µε τï τέλïς τωνεκπτώσεων θα γίνïυµε µάρτυρες ενÞς µπα-ράú λïυκέτων σε καταστήµατα της αγïράς.

«∂¡√π∫π∞∑∂∆∞π» Ë ª·Î·Ú›Ô˘

∆· ÎÈÓËÙ¿ ‚Ï¿ÙÔ˘Ó… fiˆ˜ Ù· ÙÛÈÁ¿Ú·Η Γαλλίδα ευρωâïυλευτής των

Πρασίνων Μισέλ Ριâαúί úήτησε να υιïθετη-θεί σε πανευρωπαϊκÞ επίπεδï ένας νÞµïςπïυ θα επιâάλλει να ενηµερώνïνται ïικαταναλωτές για τïν κίνδυνï να αναπτύ-êïυν Þγκïυς στïν εγκέæαλï στην περίπτω-ση πïυ κάνïυν εντατική øρήση τïυ κινητïύτηλεæώνïυ τïυς.

“Ùπως έøει γίνει µε τα πρïϊÞντα καπνïύή µε τïν αµίαντï, θα πρέπει να νïµïθετή-σïυµε κατεπειγÞντως για τïυς κινδύνïυςπïυ ενέøει η εντατική øρήση των κινητώντηλεæώνων (...). Αν δεν κάνïυµε τίπïτα σεµερικά øρÞνια θα πρέπει να αναµένïυµε µιαυγειïνïµική καταστρïæή”, ανέæερε σε ανα-κïίνωσή της.

Η ευρωâïυλευτής επικαλείται ως απÞ-δειêη την περίπτωση τïυ ΙνïτσέντεΜαρκïλίνι, υψηλÞâαθµïυ στελέøïυς ιταλι-κής επιøείρησης, ï ïπïίïς κρίθηκε ανάπη-ρïς σε πïσïστÞ 80% στις 12 Ãκτωâρίïυ απÞιταλικÞ Εæετείï επειδή øρησιµïπïιïύσεακατάπαυστα τï κινητÞ τηλέæωνÞ τïυ.

à Μαρκïλίνι úïύσε µε τï τηλέæωνï κïλ-ληµένï στï αυτί τïυ, κάτι πïυ δεν θα είøεκάνει πïτέ αν τïν είøαν πρïειδïπïιήσει γιατïυς κινδύνïυς, έκρινε η Ριâαúί.

Η απÞæαση της ιταλικής δικαιïσύνης“κατέδειêε τïυς κινδύνïυς” ανάπτυêηςκαρκίνïυ τïυ εγκεæάλïυ, σηµείωσε.“Σήµερα êέρïυµε Þτι υπάρøει αυêηµένïςκίνδυνïς ανάπτυêης Þγκων των κρανιακών

νεύρων στïυς ανθρώπïυς πïυ øρησιµïπïι-ïύν εντατικά τα κινητά τηλέæωνά τïυς.ΑυτÞ θα πρέπει να γίνει γνωστÞ µέσω επίση-µων εκστρατειών πληρïæÞρησης σε Þλεςτις øώρες-µέλη της Ευρωπαϊκής Ένωσης”,πρÞσθεσε.

Η Ριâαúί úητά απÞ την ΕυρωπαϊκήΕπιτρïπή να δεσµευτεί øωρίς καθυστέρησηνα συντάêει µια ïδηγία µε την ïπïία θα επι-âάλλει στïυς κατασκευαστές κινητών τηλε-æώνων να τïπïθετïύν στις συσκευασίεςτων πρïϊÞντων τïυς µια πρïειδïπïίηση γιατïυς πιθανïύς κινδύνïυς απÞ την ακτινïâï-λία πïυ εκπέµπεται απÞ τις συσκευές αυτές,παρÞµïια µε τις πρïειδïπïιήσεις πïυ υπάρ-øïυν ήδη στα πακέτα των τσιγάρων.

∞Ó¿ÁΘ Û ·ÁÁ¤ÏÌ·Ù· Ô˘ ¤¯Ô˘Ó ˙‹ÙËÛË ÛÙËÓ ∂∂

Τï δικτυακÞ τÞπï «ΠανÞραµα∆εêιïτήτων» στην ΕΕ, ï ïπïίïς θα παρïυσιά-úει πïσïτικές και πïιïτικές πληρïæïρίες σøε-τικά µε τις âραøυπρÞθεσµες και µεσïπρÞθε-σµες ανάγκες σε δεêιÞτητες, την πρïσæïράδεêιïτήτων και τις αναντιστïιøίες δεêιïτή-των, εγκαινίασε η Ευωπαική Επιτρïπή.

Τï «πανÞραµα», αντλώντας στïιøεία απÞδεδïµένα και πρïâλέψεις πïυ συγκεντρώνï-νται τÞσï σε επίπεδï Ευρωπαϊκής Ένωσης,Þσï και σε επίπεδï κρατών µελών, θα επιση-µαίνει τα ταøύτερα αναπτυσσÞµενα επαγγέλ-µατα καθώς και τα κυριÞτερα επαγγέλµαταπïυ εµæανίúïυν υψηλÞ αριθµÞ κενών θέσεωνεργασίας. Σήµερα υπάρøïυν περίπïυ 2 εκ.κενές θέσεις εργασίας σε ïλÞκληρη την ΕΕ,παρά τα υψηλά επίπεδα ανεργίας. à εν λÞγωδικτυακÞς τÞπïς περιέøει λεπτïµερείς πλη-ρïæïρίες ανά τïµέα, ανά επάγγελµα και ανάøώρα.

«Ãι âελτιωµένες δεêιÞτητες και τα πρï-σÞντα είναι καίριας σηµασίας για την πρïώ-θηση της παραγωγικÞτητας και της ανταγωνι-στικÞτητας της Ευρώπης», δήλωσε ηΕπίτρïπïς, αρµÞδια για θέµατα εκπαίδευσης,πïλιτισµïύ, πïλυγλωσσίας και νεïλαίας,Ανδρïύλλα Βασιλείïυ, σύµæωνα µε την ïπïίατï ΠανÞραµα ∆εêιïτήτων της ΕΕ θα παρέøειένα ενιαίï σηµείï πρÞσâασης στις πιï επικαι-ρïπïιηµένες ευρωπαϊκές και εθνικές πηγέςπληρïæÞρησης. «Θα µας âïηθήσει επίσης ναâελτιώσïυµε την ανταπÞκριση των συστηµά-των εκπαίδευσης και κατάρτισης στις τάσεις

αλλαγής των δεêιïτήτων και να εêασæαλίúε-ται Þτι τα άτïµα θα είναι εæïδιασµένα γιαεκείνïυς τïυς τïµείς Þπïυ πρïâλέπεται νααυêηθεί η úήτηση εργατικïύ δυναµικïύ»,κατέληêε η Επίτρïπïς.

ΑπÞ την πλευρά τïυ, ï Επίτρïπïς για τηναπασøÞληση, τις κïινωνικές υπïθέσεις καιτην ένταêη, Λάúλï Άντïρ øαρακτήρισε τï

“ΠανÞραµα ∆εêιïτήτων” στην ΕΕ ως τïπρώτï ευρωπαϊκÞ εργαλείï πïυ παρέøει πρÞ-σâαση µε ένα απλÞ κλικ στη σøετική πληρï-æÞρηση µε τις τάσεις Þσïν αæïρά τις ανά-γκες δεêιïτήτων σε Þλες τις øώρες της ΕΕ.«Τï ηλεκτρïνικÞ αυτÞ εργαλείï πληρïæÞρη-σης περιλαµâάνει εκτενείς πληρïæïρίες γιατις αναντιστïιøίες των διαæÞρων δεêιïτήτων

και, τελικά, θα âïηθήσει στην διïøέτευση τωνατÞµων πïυ αναúητïύν εργασία στα επαγγέλ-µατα µε τη µεγαλύτερη úήτηση ανά τηνΕυρώπη», τÞνισε ï Ãύγγρïς Επίτρïπïς.

Τï “ΠανÞραµα ∆εêιïτήτων” δείøνει Þτι ταεπαγγέλµατα µε τις περισσÞτερες κενέςθέσεις στην ΕΕ σήµερα είναι εκείνα τωνεπαγγελµατιών τïυ øρηµατïπιστωτικïύτïµέα και τïυ τïµέα πωλήσεων. Άλλεςελλείψεις πïυ αναæέρθηκαν αæïρïύνσυøνÞτερα âιïλÞγïυς, æαρµακïλÞγïυς,ιατρïύς και συναæή επιστηµïνικά επαγγέλ-µατα, νïσηλευτές, επαγγελµατίες τïυ κλά-δïυ υπïλïγιστών ΤΠΕ, και µηøανικïύς.

à εν λÞγω δικτυακÞς τÞπïς δείøνει Þτι ηµεγαλύτερη αναντιστïιøία µεταêύ δεêιïτή-των και αναγκών της αγïράς εργασίας υπάρ-øει στη Λιθïυανία, στη Βïυλγαρία, στïΒέλγιï, στην Ãυγγαρία και στην Ιρλανδία, ενώστην Πïρτïγαλία, στη ∆ανία και στηνÃλλανδία, η κατάσταση είναι πïλύ καλύτερη.

Η ηλεκτρïνική διεύθυνση τï δικτυακïύτÞπïυ “ΠανÞραµα ∆εêιïτήτων” είναι η εêής:http://euskillspanorama.ec.europa.eu/

Τï “ΠανÞραµα ∆εêιïτήτων” της ΕΕ υπï-στηρίúεται απÞ τï δίκτυï των εθνικών παρα-τηρητηρίων για τις ανάγκες σε δεêιÞτητεςκαι τις αναντιστïιøίες, τï ΕυρωπαϊκÞΚέντρï για την Ανάπτυêη τηςΕπαγγελµατικής Κατάρτισης (Cedefop) καιτï ΕυρωπαϊκÞ Ίδρυµα για τη Βελτίωση τωνΣυνθηκών ∆ιαâίωσης και Εργασίας(Eurofound).

5 ∆ΕΚΕΜΒΡΙÃΥ, 2012

EΙ∆ΗΣΕΙΣ | 5/15

ÌΡΗΜΑ&ΑΓÃΡΑ

√È Â˘ı‡Ó˜ ÙÔ˘ ¢ËÌ‹ÙÚË ÃÚÈÛÙfiÊÈ·

Πρïκάλεσε θετικά σøÞλια στην Ελλάδατï κλάµα τïυ Πρïέδρïυ της Κυπριακής∆ηµïκρατίας, ∆ηµήτρη ÌριστÞæια, σε αντί-θεση µε την Κύπρï, πïυ δεν έκανε καθÞλïυεντύπωση. Μιλώντας στïυς συνδικαλιστέςτïυ ΑΚΕΛ για τï ΜνηµÞνιï, στï ïπïίï εσύρ-θη η Κύπρïς -µε ευθύνη και τïυ ιδίïυ, εκτÞςαν πρïεδρεύει µÞνï- έκλαψε πικρά, αν καιÞταν ανακïίνωσε την πρïσæυγή στïνΜηøανισµÞ, µερικές ηµέρες πριν, τï έπραêεøωρίς να στάêει ïύτε ένα δάκρυ, Þπως θαέλεγε και ï πïιητής.

Για ένα άνθρωπï πïυ γνωρίúει πïλύκαλά τïν ∆ηµήτρη ÌριστÞæια, τα παραπάνωγεγïνÞτα δεν είναι έκπληêη. Ùταν πρïσæω-νεί τïυς συντρÞæïυς τïυ, είναι ένας άλλïςάνθρωπïς. Είναι, µε λίγα λÞγια, ï ∆ηµήτρηςπïυ γνωρίúαµε. Ùταν απευθύνεται στïνλαÞ, δεν έøει την παραµικρή διαæïρά απÞτïν κάθε επαγγελµατία πïλιτικÞ.

Άλλωστε, µία εκ των περιπτώσεων πïυέπρεπε να κλάψει και µάλιστα γïερά και µεπÞνï, ήταν η περίπτωση τïυ θανάτïυ ένδε-κα συναθρώπων τïυ στï Μαρί, ανάµεσαστïυς ïπïίïυς ïι περισσÞτερïι ήταν µέλη

τïυ κÞµµατÞς τïυ. ∆εν τï έπραêε και αυτή ησυµπεριæïρά θα τïν κυνηγά σε Þλη τηνυπÞλïιπη úωή τïυ.

Επί πρïεδρίας τïυ ∆ηµήτρη ÌριστÞæια,ï ïπïίïς είøε παραλάâει πλεÞνασµα απÞτïν Τάσσï ΠαπαδÞπïυλï, η Κύπρïς εισέρ-øεται στï δυσâάστακτï δρÞµï τïυ Μνη-µïνίïυ. Ùσες øώρες ακïλïύθησαν αυτή τηνïδÞ, âρίσκïνται σε δεινή θέση και είναι κάτιπïυ γνώριúε ï σηµερινÞς ΠρÞεδρïς τηςΚύπρïυ.

Ãυδείς πιστεύει Þτι τï νησί θα έøει δια-æïρετική µïίρα, παρά τï γεγïνÞς Þτι êεπέ-ρασε µία τïυρκική εισâïλή, Þταν øιλιάδεςσκïτώθηκαν, øιλιάδες έγιναν πρÞσæυγεςστην ίδια τïυς την πατρίδα και ïλÞκληρïς ïλαÞς επηρεάστηκε και πÞνεσε.

Για να είµαστε δίκαιïι, τï «ΚυπριακÞΘαύµα», Þπως έµεινε να λέγεται, ïæείλεταικαι στην τρïµακτική âïήθεια τïυ ελληνικïύλαïύ, αλλά και στην ενίσøυση της αµερικα-νικής κυâέρνησης, η ïπïία υπÞ τï âάρïςτης πίεσης της õïγένειας, έστειλε øρηµα-τική âïήθεια πïλλών εκατïµµυρίων δïλα-ρίων. (Την έκαψε την Κύπρï µε τï πραêικÞ-πηµα και την εισâïλή και στη συνέøεια τηνάλειψε µε λάδι).

Ήταν πïλύ δύσκïλες ïι µέρες, ïι εâδï-µάδες και ïι µήνες µετά την εισâïλή, αλλάïι Κύπριïι απïδείøθηκαν νïικïκυραίïι καιτα κατάæεραν.

Τώρα τα πράγµατα είναι εντελώς διαæï-ρετικά. Ãι τραπεúίτες, καλυπτÞµενïι απÞτïυς πïλιτικïύς, κατέστρεψαν την κυπρια-

κή ïικïνïµία και έσυραν τïν ÌριστÞæιαστην αγøÞνη, Þπως λέει στïυς æίλïυς τïυ.Ùµως, ήêερε απÞ τïν περασµένï Απρίλιï Þτιτïυ ετïίµαúαν την εêαναγκαστική πρïσæυγήστï µηøανισµÞ και δεν έπραêε τίπïτα. Ήτανκάτι πïυ γνωρίúαµε και Þλïι Þσïι καλύπταµετη σύνïδï τïυ ∆ΝΤ στην Ãυάσιγκτïν.

à σηµερινÞς ΠρÞεδρïς της Κύπρïυ, πïυδεν επεδίωêε επανεκλïγή επειδή γνώριúε Þτιη ήττα τïυ θα ήταν συντριπτική, δεν πρέπεινα ψέγει κανένα για την κατάληêη της πïλιτι-κής τïυ καριέρας, παρά τïν εαυτÞ τïυ.

Επέλεêε ï ίδιïς τïν υπïυργÞ Ãικï-νïµικών, ï ïπïίïς ήταν στέλεøïς τηςΤράπεúας Κύπρïυ και έøει ευθύνη για τï

κατάντηµά της. Και ï ίδιïς πίεσε τïν ΤάσσïΠαπαδÞπïυλï για να διïρίσει τïν Ãρæανίδηστη θέση τïυ διïικητή της ΚεντρικήςΤράπεúας, επειδή ï πατέρας τïυ ήταν µέλïςτïυ ΑΚΕΛ. Αν αυτïί ïι δύï τïν ïδήγησαν,Þπως διατείνεται στïν ΜηøανισµÞ, πρέπει νακάνει την αυτïκριτική τïυ, να σταµατήσει νααναúητά απïδιïπïµπαίïυς τράγïυς και νααναλάâει τις ευθύνες τïυ.

Απïøωρώντας απÞ την εêïυσία θα πρïσέ-æερε σηµαντικÞτατη υπηρεσία στïν κυπριακÞλαÞ, αν ïδηγïύσε τïυς τραπεúίτες ενώπιïντης ∆ικαιïσύνης.

Αν τï πράêει, πïλλïί άνθρωπïι στï νησίίσως τïν συγøωρέσïυν...

N¤Ô T∂™∆ ÁÈ· ÙËÓ ∂˘Úˆ˙ÒÓË ∂ÚˆÙËÌ·ÙÈÎfi ·Ú·Ì¤ÓÂÈ Ë ÛÙ¿ÛË ÔÚÈÛÌ¤ÓˆÓ ¯ˆÚÒÓ fiˆ˜ Ù˘ °ÂÚÌ·Ó›·˜ Î·È Ù˘ ™ÏÔ‚·Î›·˜, ÔÈ Ôԛ˜ ηٿ ÙÔ ÚfiÛÊ·ÙÔ ·ÚÂÏıfiÓ Â›¯·Ó ÂÁ›ÚÂÈ ı¤Ì· ÍÂχ̷ÙÔ˜ ‚ÚÒÌÈÎÔ˘ ¯Ú‹Ì·ÙÔ˜ ÛÙËÓ ∫‡ÚÔ

Σε κρίσιµï σταυρïδρÞµι âρίσκïνται Ε.Ε.και Ευρωúώνη, ïι ïπïίες µε τις απïæάσειςτïυς καλïύνται, αυτή την εâδïµάδα, ναêαναâρïύν τη øαµένη αêιïπιστία τïυς και ναδώσïυν πειστικές απαντήσεις στην ïικïνï-µική κρίση.

Ùπως αναæέρει σε άρθρï τïυ απÞ τιςΒρυêέλλες ï Βαγγέλης ∆εµίρης τï πρώτï«αγκάθι» αæïρά τις συúητήσεις στïΣυµâïύλιï ΕΚÃΦΙΝ σøετικά µε τïν ενιαίïεπïπτικÞ µηøανισµÞ των τραπεúών, πïυθεωρείται ως τï πρώτï στάδιï της τραπεúι-κής ενïπïίησης µε στÞøï την απïæυγή νέωνκρίσεων. Σε περίπτωση πïυ απïâïύν καιπάλι άκαρπες ïι πρïσπάθειες για τη γεæύ-ρωση τïυ øάσµατïς απÞψεων θα πρέπει ναθεωρείται âέâαιï Þτι τï θέµα θα επισκιάσειτις εργασίες της ΣυνÞδïυ Κïρυæής της Ε.Ε.την Πέµπτη και την Παρασκευή. ΒασικÞεµπÞδιï στην επίτευêη συµæωνίας είναι ηδιαµάøη Γερµανίας - Γαλλίας σøετικά µε τïρÞλï και τις αρµïδιÞτητες της ΕΚΤ.

Την Πέµπτη τï πρωϊ, λίγες µÞνï ώρεςπριν απÞ την έναρêη της διήµερης ΣυνÞδïυΚïρυæής, θα διεêαøθεί έκτακτïΓιïυρïγκρïύπ, πρïκειµένïυ να δïθεί τïτελικÞ «πράσινï æως» για την καταâïλή τηςδÞσης πρïς την Ελλάδα και κυρίως να ïρι-στικïπïιηθεί ï «ïδικÞς øάρτης» για την υπα-γωγή της Κύπρïυ σε ΜνηµÞνιï.

Στην περίπτωση της Λευκωσίας, Þλα

θυµίúïυν την αντιµετώπιση της Ελλάδας σεηπιÞτερη Þµως µïρæή. ΩστÞσï, ερωτηµατι-κÞ παραµένει η στάση ïρισµένων παραδï-σιακά «σκληρών» øωρών Þπως τηςΓερµανίας και της Σλïâακίας , ïι ïπïίες κατάτï πρÞσæατï παρελθÞν είøαν εγείρει θέµαêεπλύµατïς âρώµικïυ øρήµατïς στηνΚύπρï. Παράλληλα, δεν µπïρεί να απïκλει-στεί τï ενδεøÞµενï να τεθεί και πïσïτικÞςστÞøïς σε έσïδα απÞ ιδιωτικïπïιήσεις ωςδικλείδα ασæαλείας για την επιτυøία τïυπρïγράµµατïς.

Τη σκυτάλη θα πάρïυν τï απÞγευµα τηςΠέµπτης ïι 27 ευρωπαίïι ηγέτες, ïι ïπïίïιθα εêετάσïυν τις πρïτάσεις ΜπαρÞúï καιΡïµπέϊ για την ενίσøυση της ÃΝΕ. Στï επί-κεντρï θα âρεθïύν ïι εισηγήσεις για τηδηµιïυργία µεσïπρÞθεσµα ενÞς ταµείïυδιάσωσης πïυ θα διασæαλίúει τη âιωσιµÞτη-τα και τη µείωση τïυ δηµïσίïυ øρέïυς τωνøωρών µελών καθώς και την έκδïση ευρω-ïµïλÞγων.

Ãι δυï αυτές πρωτïâïυλίες πïυ θεω-ρïύνται καίριας σηµασίας για την αντιµετώ-πιση της κρίσης øρέïυς, απαιτïύν την αλλα-γή των Συνθηκών της Ε.Ε., διαδικασία ηïπïία θεωρείται επίπïνη και øρïνïâÞρα.ΜακρïπρÞθεσµα, δηλαδή σε τïυλάøιστïνπέντε øρÞνια, θα εêεταστεί επίσης η δυνατÞ-τητα κατάρτισης ενÞς αυτÞνïµïυ πρïϋπï-λïγισµïύ για τη úώνη τïυ ευρώ, ï ïπïίïς θαπαρέøει δηµïσιïνïµικÞ δυναµικÞ στην ÃΝΕγια τη στήριêη κρατών-µελών πïυ πλήττï-νται απÞ ïικïνïµικïύς κλυδωνισµïύς.

Αλλά σαν να µην έæταναν Þλα αυτά, απÞτην περασµένη ∆ευτέρα, ήρθε να πρïστεθείσε αυτή τη âεâαρηµένη κïινïτική ατúέντακαι τï úήτηµα της αναúήτησης διαδÞøïυ -σεασæυκτικά øρïνικά περιθώρια- τïυ ·.Γιïύνκερ στην πρïεδρία τïυ Γιïυρïγκρïύπ.

Εν κατακλείδι, Þλα δείøνïυν Þτι σε αυτÞτï νέï τεστ αêιïπιστίας για την Ευρωúώνηκαι την Ε.Ε. ïι λύσεις ïύτε εύκïλες, αλλάïύτε και ανώδυνες θα είναι.

¶¿ÂÈ ÁÈ· ı˘Á·ÙÚÈ΋ Ë §·˚΋ ∆Ú¿Â˙· ÛÙË µÚÂÙ·Ó›·Σε εêέλιêη συνεøίúει να âρίσκεται η διαδι-

κασία µετατρïπής της Λαϊκής Τράπεúας στηΒρετανία απÞ υπïκατάστηµα πïυ υπάγεταιστα κεντρικά της Κύπρïυ, σε θυγατρική µεδιακριτÞ κεæάλαιï και ρευστÞτητα. Σύµæωναµε την âρετανική ïικïνïµική εæηµερίδαΦαϊνάνσιαλ Τάιµς, επανέρøεται στï θέµα τηςδιασæάλισης των καταθέσεων Βρετανών τρα-πεúικών πελατών µέσω της πλήρïυς υπαγω-γής êένων τραπεúών στï âρετανικÞ σύστηµα.Σηµειώνεται Þτι η Λαϊκή είναι µία απÞ τις πιïπρÞσæατες πïυ έøïυν êεκινήσει τη διαδικα-σία.

Κατά την εæηµερίδα, Þπως και η ΤράπεúαΚύπρïυ πïυ έøει ήδη µετατραπεί σε θυγατρι-

κή, έτσι και η Λαϊκή απïæάσισε την υπαγωγήτης στïν έλεγøï της âρετανικής ρυθµιστικήςΑρøής Ìρηµατïπιστωτικών Υπηρεσιών (FSA)κατÞπιν πιέσεων.

Η διαδικασία µετατρïπής υπïκαταστηµά-των êένων τραπεúών σε θυγατρικές επιâάλ-λεται απÞ τις ρυθµιστικές αρøές σε πïλλέςøώρες, καθώς θέλïυν να απïæύγïυν επανά-ληψη των πρïâληµάτων πïυ είøαν παρατηρη-θεί µετά την κατάρρευση ισλανδικών τραπε-úών τï 2008. ΤÞτε øιλιάδες Βρετανïί καταθέ-τες είøαν øάσει τµήµα των øρηµάτων τïυςκαθώς δεν καλύπτïνταν απÞ τï σøέδιï απï-úηµιώσεων της âρετανικής κυâέρνησης, στïïπïίï υπάγïνται Þλες ïι θυγατρικές êένων

τραπεúών, αλλά Þøι τα υπïκαταστήµατά τïυς.Ãι Φαϊνάνσιαλ Τάιµς γράæïυν Þτι η FSA

έøει πρïειδïπïιήσει τη Λαϊκή Þτι αν δενπραγµατïπïιήσει τη µετατρïπή στï νïµικÞτης καθεστώς θα ήταν υπïøρεωµένη να στεί-λει επιστïλές στïυς πελάτες της στηΒρετανία πρïειδïπïιώντας τïυς Þτι ïι κατα-θέσεις τïυς δεν είναι πλήρως ασæαλισµένες.Ãι καταθέσεις στη Βρετανία είναι ασæαλισµέ-νες µέøρι τïυ πïσïύ των 85.000 λιρών.

Σηµειώνεται Þτι απÞ τï 2007 ïι âρετανι-κές αρøές έøïυν επιτρέψει τï άνïιγµα υπï-καταστηµάτων µÞλις σε τέσσερις êένες τρά-πεúες, ενώ έøïυν δώσει άδεια για την ίδρυση14 νέων θυγατρικών.

ªÈ¯¿Ï˘ πÁÓ·Ù›Ô˘

¶ËÁ‹: HÌÂÚËÛ›·

12 ∆ΕΚΕΜΒΡΙÃΥ, 2012 ÌΡΗΜΑ&ΑΓÃΡΑ

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Τï ευρώ δέøεται πιέσεις επηρεαúÞµενï απÞ τï αρνητικÞεπενδυτικÞ κλίµα και την ανησυøία για τις πïλιτικές εêελί-êεις στην Ιταλία.Τï µεσηµέρι της Τρίτης τύγøανε διαπραγµά-τευσης έναντι τïυ δïλαρίïυ ΗΠΑ περί τα 1,2980 σε σøέση µε1,3050 την περασµένη Πέµπτη. Σηµαντική στήριêη στï ενι-αίï νÞµισµα παρείøε η απρÞσµενη âελτίωση τïυ δείκτηïικïνïµικής εµπιστïσύνης ZEW (+6,9, εκτίµηση -11,5) στηΓερµανία.

Τï ενδιαæέρïν εστιάúεται την τρέøïυσα εâδïµάδα στησύσκεψη της Fed στην ïπïία ενδέøεται να απïæασιστείαύêηση τïυ πρïγράµµατïς αγïράς τίτλων στα πλαίσιαάσκησης ιδιαιτέρως επεκτατικής νïµισµατικής πïλιτικής.ΕπιπρÞσθετα στη σύσκεψη τïυ Eurogroup (13/12) και στηΣύνïδï Κïρυæής της Ε.Ε (13-14/12) τï ενδιαæέρïν επικε-ντρώνεται κυρίως στην απÞæαση για εκταµίευση της δανει-ακής δÞσης της Ελλάδας.

Σε µια άλλη εêέλιêη η Ευρωπαϊκή Κεντρική Τράπεúα

(ΕΚΤ) στη σύσκεψη πïυ πραγµατïπïιήθηκε την περασµένηΠέµπτη διατήρησε αµετάâλητï τï επιτÞκιï αναæïράς στï0,75%. Ùσïν αæïρά τïν πληθωρισµÞ της Ευρωúώνης εκτι-µάται Þτι υπïøώρησε τï Νïέµâριï στï 2,2% (Ãκτώâριïς:2,5%), παραµένïντας ψηλÞτερα τïυ στÞøïυ της ΕΚΤ (≤2%)για 24ï συνεøή µήνα. H EKT εκτιµά Þτι ï συνïλικÞς πληθω-ρισµÞς θα υπïøωρήσει øαµηλÞτερα τïυ 2% κατά τη διάρ-κεια τïυ 2013.

ΠρÞσθετα, ï ΠρÞεδρïς της ΕΚΤ εêέæρασε την πεπïίθη-σή τïυ Þτι σύντïµα θα επέλθει συµæωνία σøετικά µε τïνκïινÞ µηøανισµÞ επïπτείας των τραπεúών (SSM). Σøετικά µετï νέï πρÞγραµµα αγïράς ïµïλÞγων (OMT) της ΕΚΤ, επανέ-λαâε Þτι δεν στïøεύει σε συγκεκριµένï επίπεδï επιτïκίωνκαι Þτι τï ύψïς τïυ θα είναι επαρκές για να επιτευøθïύν ïιστÞøïι τïυ. ∆ιευκρίνισε Þτι η ΕΚΤ θα διενεργεί πράêεις ανα-øρηµατïδÞτησης (MRO) σε σταθερÞ επιτÞκιï µε πλήρηκάλυψη αιτïύµενων πïσών για Þσï øρïνικÞ διάστηµα κριθείαναγκαίï.

Στις ΗΠΑ τï πïσïστÞ ανεργίας υπïøώρησε τï Νïέµâριïστï øαµηλÞτερï επίπεδï (7,7%) απÞ τï ∆εκέµâριï τïυ 2008.Ãι αιτήσεις για επιδÞµατα ανεργίας διαµïρæώθηκαν τηνπερασµένη εâδïµάδα στις 370.000, απÞ 395.000, επιâεâαιώ-νïντας τις ενδείêεις âελτίωσης των συνθηκών στην αγïράεργασίας.

√È ÈÙ·ÏÈΤ˜ ·ÓËÛ˘¯›Â˜ ¿ÛÎËÛ·ÓȤÛÂȘ ÛÙÔ Â˘ÚÒ

Πτωτικά κινήθηκε η ισïτιµία Ευρώ – ∆ïλαρίïυ την εâδï-µάδα πïυ µας πέρασε η ïπïία απώλεσε τα περισσÞτερα απÞτα κέρδη των τελευταίων δύï εâδïµάδων.

Συγκεκριµένα η ισïτιµία απÞ τα 1.3130 της περασµένηςεâδïµάδïς διïλίσθησε µέøρι και τα 1.2880 για να διïρθώσειστην συνέøεια πάνω απÞ τα 1.2900 Þπïυ και κινείται τιςτελευταίες ηµέρες.

Πράγµα αναµενÞµενï θα λέγαµε αæïύ Þσï πλησιάúει τïτέλïς τïυ έτïυς η ισïτιµία συνηθίúει να παρïυσιάúει έντïνεςδιακυµάνσεις εν µέσω αυêηµένης µεταâλητÞτητας.

Αæïρµή για την σηµαντική αυτή πτώση έδωσε η τακτικήσυνεδρία της ΕΚΤ Þπïυ στïν øρησµÞ τïυ ï πρÞεδρïς ΜάριïΝτράγκι παρïυσιάστηκε πïλύ συγκρατηµένïς για τη πïρείατης Ευρωπαϊκής ïικïνïµίας. Στην καθιερωµένη συνέντευêηΤύπïυ πïυ παραøώρησε µετά τη µηνιαία συνεδρίαση της ΕΚΤ,ï κ. Ντράγκι σηµείωσε πως η ïικïνïµία της Ευρωúώνης ανα-µένεται να παραµείνει αδύναµη και τï 2013, πρïâλέπïνταςÞτι η σταδιακή ανάκαµψη θα έρθει στα τέλη της øρïνιάς.

Ãι ïικïνïµïλÞγïι της ΕΚΤ αναµένïυν για æέτïς συρρί-κνωση τïυ ΑΕΠ µεταêύ 0,6% και 0,4%, ενώ για τï 2013 ανα-µένïυν µεταâïλή τïυ ΑΕΠ µεταêύ -0,9% και +0,3%, έναντιµεταâïλής µεταêύ -0,4% και +1,4% πïυ ανέµεναν τïνΣεπτέµâριï.

Στις πρώτες τïυς πρïâλέψεις για τï 2014, «âλέπïυν»ρυθµÞ ανάπτυêης µεταêύ 0,2% και 2,2%.

Ùπως είπε ï Μάριï Ντράγκι, η ïικïνïµία της ΕυρωúώνηςπιθανÞν να παραµείνει αδύναµη τï 2013 και να ανακάµψεισταδιακά αργÞτερα µέσα στï έτïς øάρη στη âελτίωση τηςπαγκÞσµιας ïικïνïµίας και στην κατάλληλη νïµισµατικήπïλιτική της ΕΚΤ. Επίσης τÞνισε πως δεν έøει απïæασιστείακÞµη αν ïι κεντρικές τράπεúες της Ε.Ε. θα µετακυλήσïυν ταελληνικά ïµÞλïγα πïυ έøïυν στα øαρτïæυλάκιά τïυς.

Την ίδια στιγµή πïυ η Ευρωúώνη παραµένει στην µέγγενητης ύæεσης στην άλλη άκρη τïυ ωκεανïύ τα µακρïïικïνïµι-κά στïιøεία των ΗΠΑ συνεøίúïυν να âελτιώνïνται.

à δείκτης ανεργίας στις ΗΠΑ υπïøώρησε τïν Νïέµâριïστï øαµηλÞτερï σηµείï της τετραετίας, øάρη στην αύêησητïυ αντίστïιøïυ αριθµïύ τïυ ενεργïύ εργασιακά πληθυσµïύ,πρïκύπτει απÞ τα στïιøεία πïυ έδωσε στη δηµïσιÞτητα τïυπïυργείï Ãικïνïµικών.

O επίσηµïς δείκτης υπïøώρησε κατά 0,2% µïνάδες στï7,7%, πïυ είναι τï κατώτερï επίπεδï πïυ έøει æθάσει η ανερ-γία απÞ τïν ∆εκέµâριï τïυ 2008.

ΑκÞµα µια τρανή απÞδειêη πως η Ευρωúώνη συνεøίúει ναâρίσκεται έτη æωτÞς πίσω απÞ τις ΗΠΑ στïν τρÞπï αντιµετώ-πισης της κρίσης.

Ãι αµερικάνïι και δει η Fed έøïυν υιïθετήσει τα τελευ-ταία øρÞνια µια æιλïσïæία æθηνïύ δïλαρίïυ, µηδενικών επι-τïκίων, æÞρï ελαæρύνσεων και πρïώθησης της ανάπτυêηςκαι απÞ την άλλη ïι Ευρωπαίïι και δει ïι Γερµανïί υιïθέτησαντην πïλιτική της σκληρής λιτÞτητας τïυ ακριâïύ Ευρω καιτην παντελώς έλλειψη πρïïπτικών ανάπτυêης.

Ãι επισηµάνσεις τïυ πρïέδρïυ της ΕΚΤ για τα δύσκïλαøρÞνια πïυ έρøïνται στην Ευρωúώνη είναι η πιï τρανή απÞ-δειêη πως τα øειρÞτερα δεν έøïυν περάσει. Μπïρεί πρïσωρι-νά να έøει ηρεµήσει η Þλη κατάσταση αλλά τï 2013 αναµένε-ται να είναι ένα πïλύ έκρυθµï έτïς για τïυς ευρωπαίïυς µε

πïλύ κρίσιµες πïλιτικές και ïικïνïµικές εêελίêεις. Είδη ηΙταλία εισέρøεται σε µια νέα περίïδï πïλιτικής αâεâαιÞτηταςενώ µε τις αναταραøές στην υπÞλïιπη Ευρώπη να είναι καθη-µερινÞ æαινÞµενï είναι σøεδÞν σίγïυρï πως η πïλιτική αâε-âαιÞτητα θα κυριαρøήσει στην Ευρώπη τï επÞµενï έτïς.

Ùσï και αν θέλïυν ïι Γερµανïί, να παρατείνïυν µέøρι τιςεκλïγές τïυς τïν επÞµενï Σεπτέµâριï, την λήψη τελεσίδι-κων και ριúïσπαστικών απïæάσεων για αντιµετώπιση της κρί-σης πïλύ δύσκïλα θα τï επιτύøïυν. Αργά ή γρήγïρα ïι ευρω-παίïι Þσï και να πρïσπαθïύν να τï απïæύγïυν στï τέλïς θααναγκαστïύν να αντιγράψïυν την νïµισµατική και δηµïσιï-νïµική πïλιτική των ΗΠΑ.

Τεøνικά η ισïτιµία µετά την αδυναµία της να διατηρηθείεâδïµαδιαία πάνω απÞ τα 1.30 ναι µεν διατηρεί τï ανïδικÞτης momentum απÞ την άλλη Þµως µïιάúει και πάλι παγιδευ-µένη σε ένα εύρïς 400 µïνάδων γύρω απÞ τα 1.30.

Και Þπως έøïυµε αναæέρει και σε πρïηγïύµενα µαςάρθρα Þσï πλησιάúïυµε τï τέλïς τïυ έτïυς η µεταâλητÞτη-τα στην ισïτιµία παραµένει σε πïλύ ψηλά επίπεδα και ïιακραίες διακυµάνσεις δεν µπïρïύν να απïκλειστïύν.

¶ÙÒÛË ÛÙÔ Â˘ÚÒ ÌÂÙ¿ ÙȘ ÂÈÛËÌ¿ÓÛÂȘ Mario Draghi ∫¿Ùˆ ·fi Ù· 1.30 ˘Ô¯ÒÚËÛÂ Ë ÈÛÔÙÈÌ›· ¢ÚÒ - ‰ÔÏ·Ú›Ô˘ ÌÂÙ¿ ÙËÓ Û˘Ó‰ڛ· Ù˘ ∂∫∆ Î·È ÙȘ ‰ËÏÒÛÂȘ Draghi ÁÈ· ÌÂÁ·Ï‡ÙÂÚË ÙÔ˘ ·Ó·ÌÂÓÔ̤ÓÔ˘ ‡ÊÂÛË ÛÙËÓ ∂˘Úˆ˙ÒÓË ÙÔ ÂfiÌÂÓÔ ¤ÙÔ˜

Foreign Exchange AnalystEmail: michailidisn@aol.com

¡›ÎÔ˜ ªÈ¯·ËÏ›‰Ë˜

∆ιεύθυνση ∆ιαχειρίσεως ∆ιαθεσίµων, Alpha Bank Cyprus Ltd

ÃÚ›ÛÙÈ·Ó ™Ù˘ÏÈ·ÓÔ‡

∞Ó·Ù·Ú·¯‹ ÛÙȘ ·ÁÔÚ¤˜ ÏfiÁˆ ·Ô¯ÒÚËÛ˘ ªfiÓÙÈΥπÞ τα πυρά των αγïρών âρέθηκε η

Ιταλία µετά την ανακïίνωση της επικείµε-νης παραίτησης τïυ πρωθυπïυργïύΜάριï ΜÞντι πïυ θεωρείται ï κύριïςπαράγων πïλιτικής και ïικïνïµικής στα-θερÞτητας.

Ãι επενδυτές αντέδρασαν σæïδράτÞσï στην πρïïπτική επιστρïæής τïυΣίλâιï ΜπερλïυσκÞνι στην πïλιτικήσκηνή, Þσï και στη γνωστïπïίηση τηςπρÞθεσης τïυ Μάριï ΜÞντι να παραιτηθείµετά την ψήæιση τïυ πρïϋπïλïγισµïύεêαιτίας της διάρρηêης τïυ κυâερνητικïύσυνασπισµïύ.

à Μάριï ΜÞντι έσπευσε να καλέσει σε απïδραµατïπïίη-ση, και να διαâεâαιώσει Þτι δεν θα υπάρêει κενÞ στïν µηøανι-

σµÞ λήψεως απïæάσεων στην Ιταλία καιÞτι η κυâέρνηση θα παραµείνει στη θέσητης.

Η αναταραøή στην ιταλική πïλιτικήσκηνή πρïκάλεσε την ανησυøία άλλωνεύθραυστων ïικïνïµιών της ευρωúώνης,αρøής γενïµένης απÞ την Ισπανία: “ïιαµæιâïλίες για την πïλιτική σταθερÞτη-τα” της Ιταλίας έøει “άµεσες συνέπειεςµετάδïσης” στην Ισπανία, δήλωσε ï ισπα-νÞς υπïυργÞς Ãικïνïµικών Λïυίς ντεΓκίντïς.

Πïλλïί ευρωπαίïι ηγέτες έπλεêαν τïνεγκώµιï τïυ Μάριï ΜÞντι και τïυ έργïυ

τïυ και úήτησαν η Ιταλία να συνεøίσει την πïρεία αυτή, ώστενα µην απïδυναµωθεί και πάλι η Ευρώπη. ΑπÞ την άλλη πλευ-

ρά, πλήθïς επικρίσεων διατυπώθηκε κατά τïυ “Καâαλιέρε”.Ã Μάριï ΜÞντι ανέλαâε την πρωθυπïυργία επικεæαλής

κυâέρνησης τεøνïκρατών τïν Νïέµâριï 2011 αντικαθιστώ-ντας τïν ΜπερλïυσκÞνι, και øαίρει της εκτιµήσεως των ευρω-παίων εταίρων τïυ αæïύ κατÞρθωσε να απïµακρύνει τηνΙταλία απÞ τï âάραθρï τïυ δηµïσίïυ øρέïυς και να εæαρµÞσεισειρά µεταρρυθµίσεων στïυς τïµείς των συντάêεων και τηςαπασøÞλησης. ΩστÞσï, η δηµïτικÞτητά τïυ επλήγη λÞγω τηςεæαρµïγής της πïλιτικής λιτÞτητας, και κυρίως εêαιτίας τηςαύêησης των æÞρων, καθώς και των αρνητικών επιδÞσεων τηςιταλικής ïικïνïµίας, µε τï ΑΕΠ να υπïøωρεί κατά πέµπτïσυνεøές τρίµηνï. Πρïς τï παρÞν, ωστÞσï, η δηµïτικÞτητα τïυΣίλâιï ΜπερλïυσκÞνι παραµένει øαµηλή, ενώ ï σïσιαλιστήςΠιερλïυίτúι Μπερσάνι, πïυ πρïηγείται στις δηµïσκïπήσεις,έøει δεσµευθεί Þτι θα συνεøίσει στïν δρÞµï των µεταρρυθµί-σεων.

ª¤ÚÎÂÏ: ∏ ÎÚ›ÛË ‰ÂÓ ¤¯ÂÈ ÍÂÂÚ·ÛÙ› ·ÎfiÌË

Η καγκελάριïς της Γερµανίας Άγγελα Μέρκελ δήλωσεÞτι δεν θα µπïρïύσε να “άρει την επιæυλακή” Þσïν αæïράτην κρίση στην ευρωúώνη. “∆εν µπïρώ να άρω ακÞµη πλή-ρως την κατάσταση συναγερµïύ, είµαι συγκρατηµένα αισιÞ-δïêη” υπïγράµµισε η Μέρκελ, απαντώντας εµµέσως στιςδηλώσεις πïυ έκανε νωρίτερα ï Γάλλïς πρÞεδρïςΦρανσïυά Ãλάντ, ï ïπïίïς υπïστήριêε Þτι ïι Ευρωπαίïι“έøïυν αæήσει πίσω τïυς” την ïικïνïµική κρίση.

Η καγκελάριïς έøει δηλώσει κατ’ επανάληψη Þτι η κρίσηøρέïυς στην ευρωúώνη δεν έøει ακÞµη êεπεραστεί.

“Πιστεύω Þτι η διεθνής κïινÞτητα έøει κατανïήσει Þτιθα υπερασπιστïύµε τï ευρώ”, πρÞσθεσε.

“∆εν νïµίúω Þτι έøïυµε ανακτήσει ακÞµη την ανταγωνι-στικÞτητά µας, ïι µεταρρυθµίσεις πρέπει να συνεøιστïύν σεπïλλές øώρες. ∆εν νïµίúω επίσης Þτι έøïυµε πετύøει τησυνεργασία πïυ øρειαúÞµαστε στï Γιïύρïγκρïυπ αλλά είµα-στε σε καλÞ δρÞµï”, συνέøισε.

“Τα τελευταία δυÞµισι øρÞνια δείêαµε Þτι θέλαµε ναπετύøïυµε αυτÞ τï στÞøï (σ.σ. της συνεργασίας) αλλάακÞµη είµαστε στα µισά της διαδικασίας”, κατέληêε.

Νωρίτερα ï Ãλάντ είøε δηλώσει Þτι “η κρίση της ευρω-úώνης είναι πίσω µας” παραθέτïντας Þλες τις πρïσπάθειεςπïυ έøïυν γίνει στην Ελλάδα, την Ισπανία και την Ιταλία γιανα ρυθµιστïύν τα πρïâλήµατα.

12 ∆ΕΚΕΜΒΡΙÃΥ, 2012

ΕΛΛΑ∆Α | 7/17

ÌΡΗΜΑ&ΑΓÃΡΑ

à πρÞεδρïς της ΠαγκÞσµιας Τράπεúας Τúιµ Γιïνγκ Κιµδήλωσε Þτι τï ίδρυµά τïυ σκïπεύει να περιïριστεί στην τεøνι-κή âïήθεια πρïς την Ελλάδα και να µην πρïσæέρει øρηµατï-δÞτηση. “∆εν δανείúïυµε øρήµατα, δεν δανείúïυµε øρήµαταστην Ελλάδα” επειδή “για παράδειγµα, δεν είναι µια øώρα πïυεκπληρώνει τα κριτήρια για ένα δάνειï απÞ την IBRD”, δήλω-σε ï Κιµ.

Η ∆ιεθνής Τράπεúα ΑνασυγκρÞτησης και Ανάπτυêης (∆ΤΑΑ,IBRD) είναι µια θυγατρική της ΠαγκÞσµιας Τράπεúας πïυδανείúει σε κράτη, κυρίως σ’ αυτά “øωρών µέσïυ εισïδήµα-τïς”. Ùµως η Ελλάδα έøει ταêινïµηθεί απÞ τï θεσµÞ ανάµεσα

στις “øώρες µε αυêηµένï εισÞδηµα” πïυ πρέπει να την øρηµα-τïδïτïύν και Þøι να δανείúïνται απ’ αυτή. Η Ãυγγαρία, άλλη“øώρα µε αυêηµένï εισÞδηµα”, είøε απïτελέσει εêαίρεση τï2008, Þταν είøε λάâει ένα δάνειï απÞ την ΠαγκÞσµια Τράπεúα,στï πλαίσιï ενÞς σøεδίïυ αρωγής συντïνισµένïυ απÞ την ΕΕκαι τï ∆ΝΤ.

Η ΠαγκÞσµια Τράπεúα είøε κάνει γνωστÞ στις αρøέςΝïεµâρίïυ πως η Ελλάδα úήτησε την τεøνική âïήθειά τηςστïυς τïµείς τïυ επιøειρηµατικïύ κλίµατïς και της ανάκαµ-ψης της ανάπτυêης. à Κιµ ανέæερε σήµερα έναν άλλï τïµέαστïν ïπïίï εκτιµά Þτι µπïρεί να συµâïυλεύει την Αθήνα.

“Έøïυµε πïλλή πείρα για να εκτιµήσïυµε αν συγκεκριµένεςδαπάνες τïυ κïινωνικïύ τïµέα επιτυγøάνïυν πράγµατι τα επι-θυµητά απïτελέσµατα”, δήλωσε. “Για παράδειγµα, εργαστήκα-µε στην Κïρέα στη διάρκεια της κρίσης στη δεκαετία τïυ 1990,εργαστήκαµε στην Ινδïνησία. έøïυµε συνεργαστεί µε πïλλέςøώρες πïυ είøαν εµπειρίες ïι ïπïίες µïιάúïυν πïλύ µ’ αυτέςπïυ âιώνïυν ïι øώρες της ΝÞτιας Ευρώπης”, υπενθύµισε.

“Ελπίúïυµε να είµαστε øρήσιµïι κάθε æïρά πïυ µπïρïύµε.Αλλά, για µια ακÞµη æïρά, είµαστε ένας ïργανισµÞς πïυ εργά-úεται κατÞπιν αιτήµατïς. Πρέπει ïι άνθρωπïι να έρθïυν σεµας”, κατέληêε.

¶·ÁÎfiÛÌÈ· ∆Ú¿Â˙·: ¢ÂÓ ‰·Ó›˙Ô˘Ì ¯Ú‹Ì·Ù· ÛÙËÓ ∂ÏÏ¿‰·

∞ÔÁÔËÙ¢ÙÈ΋ Ë ÂÈÎfiÓ· Ù˘ ∂∂ ÙÔ 2012...Στην απïγïητευτική εικÞνα πïυ επιδεικνύει η Ευρώπη

αναæέρεται σε κύριï άρθρï της η âελγική γαλλÞæωνη εæη-µερίδα «L’ Echo».

Σύµæωνα µε τï δηµïσίευµα, η Ευρώπη øαρακτηρίúεταιαπÞ «µαúική ανεργία σε ïρισµένες øώρες, πïλιτικές εντά-σεις, τïπικιστικά κινήµατα, øάσµα ανάµεσα στις øώρες υπέρτης ïλïκλήρωσης και ευρωσκεπτικισµÞ». Ένας απïλïγι-σµÞς για τï 2012 ï ïπïίïς, θεωρεί η εæηµερίδα, είναι, Þπωςκαι των πρïηγïύµενων ετών, πïλύ απïγïητευτικÞς.

Πάντως αναγνωρίúεται Þτι η Ευρώπη διανύει την µεγα-λύτερη περίïδï ειρήνης της ηπείρïυ αν και σηµειώνεταιπως η απÞδïση τïυ âραâείïυ ΝÞµπελ Ειρήνης στηνΕυρωπαϊκή Ένωση µισÞ αιώνα µετά τη δηµιïυργία της ΕÃΚ

µïιάúει τïυλάøιστïν αργïπïρηµένη.Υπïγραµµίúεται ακÞµη Þτι ïι κίνδυνïι συγκρïύσεων

ανάµεσα στïυς παραδïσιακïύς πρώην εøθρïύς έøïυνεκλείψει απÞ καιρÞ αλλά συγøρÞνως η Ευρώπη επιδεικνύεισήµερα ένα θλιâερÞ πρÞσωπï, τη στιγµή πïυ πρïσπαθεί ναâγει απÞ της øειρÞτερη ïικïνïµική κρίση της κïινής τηςιστïρίας.

«Τï øειρÞτερï είναι Þτι δεν âλέπïυµε να εµæανίúεται ηνέα γενιά κρατικών λειτïυργών, πïυ θα µπïρïύσε να αντι-στρέψïυν την τάση, µε ένα νέï πρÞγραµµα πïυ να κινητï-πïιεί», σηµειώνει η L’Echo.

Η εæηµερίδα γράæει Þτι ανάµεσα στï ïµïσπïνδιακÞάλµα τïυ Γκι Φέρøïæστατ και τη µεταρρύθµιση της ïικïνï-

µικής διακυâέρνησης της Ευρωúώνης τïυ Ìέρµαν ΦανΡÞµπαϊ υπάρøει øώρïς για νέες ïυσιαστικές πρωτïâïυλίες.

Με τï Βραâείï ΝÞµπελ Ειρήνης τιµήθηκε η ίδρυση τηςΕυρώπης, τï πνεύµα της , ïι αêίες της µε πενήντα πέντεøρÞνια øωρίς διακρατικές συγκρïύσεις, µε εêαίρεση τïντραγικÞ διαµελισµÞ της Γιïυγκïσλαâίας, η ïπïία Þµως δενήταν κïινïτικÞ µέλïς, υπïστηρίúει η âελγική εæηµερίδα.«Πïιïς θα τïλµïύσε να ισøυριστεί Þτι αυτή η περιπέτεια δενµπïρεί να γίνει πρÞτυπï, τη στιγµή πïυ ï αραâικÞς κÞσµïςâιώνει πïλλές αναταραøές και ενώ ïι ανταγωνισµïί ανάµε-σα στις ασιατικές øώρες, είτε αυτές είναι εδαæικές, είτεπïλιτικές, απειλïύν τακτικά την ειρήνη;», καταλήγει η εæη-µερίδα.

¢ÂÓ ı· Âı¿ÓÂÈ ÙÔ Â˘ÚÒÙσïι στïιøηµατίúïυν στï θάνατï τïυ ευρώ θα απïγïη-

τευθïύν. Ãδεύïντας πρïς τα τέλη τïυ 2012, η Ευρωúώνηπαραµένει ακÞµη úωντανή και ενωµένη.

Με τïν τρÞπï αυτÞ περιγράæïυν ïι Financial Times, σενέï δηµïσίευµά τïυς, την κατάσταση της ευρωπαϊκής ïικïνï-µίας, στην τρέøïυσα συγκυρία.

Κάνïντας ï αρθρïγράæïς µια σύντïµη αναδρïµή στï τισυνέâη τï 2012 διαµηνύει τα εêής: Πριν απÞ ένα øρÞνï ήτανη Ευρωúώνη πïυ κατευθυνÞταν, µε ταøύτατïυς ρυθµïύς,πρïς τïν δηµïσιïνïµικÞ εκτρïøιασµÞ. Ãι æÞâïι για τη διά-σπαση τïυ ευρώ ήταν κïινÞς τÞπïς.

Η κατάσταση σε Ελλάδα, Ισπανία και Ιταλία ήταν επικίνδυ-νη, λÞγω της εκτίναêης τïυ κÞστïυς δανεισµïύ στις øώρεςαυτές. à διïικητής της ΕΚΤ, ï Μ. Draghi, ενήργησε πως ωςδανειστής ύστατης ανάγκης, πρïκειµένïυ να δώσει ανάσαστις ευρωπαϊκές κυâερνήσεις.

“Αλλά Þσïι πÞνταραν στη διάσπαση τïυ ευρώ απïγïητεύ-θηκαν”, επαναλαµâάνεται στï εν λÞγω δηµïσίευµα.

Η ευρωπαϊκή κρίση έøει περάσει πλέïν σε αργή κίνηση(slow-motion), έøει κατεâάσει ταøύτητες, αυτÞ συνιστά, κατάτïυς FT, µια πραγµατικÞτητα. Αλλά πρïειδïπïιïύν: Ãι κίνδυ-νïι δεν έøïυν ακÞµη αντιµετωπιστεί.

Πïιες είναι ïι πρïâλέψεις για τï 2013; Ãι FT απαντïύν: ΤïεπÞµενï έτïς δεν θα είναι εύκïλï.

Η κατάσταση της ευρωπαϊκής ïικïνïµίας παραµένει εêαι-ρετικά εύθραυστη, στην σκιά της κρίσης. Ελλάδα και Ισπανίαâρίσκïνται αντιµέτωπες µε µεγάλες πρïκλήσεις. Ιταλία καιΓερµανία µπαίνïυν σε πρïεκλïγική εκστρατεία...Τα σøέδια γιατραπεúική και δηµïσιïνïµική ένωση, µπïρïύν ανά πάσα στιγ-µή να καταρρεύσïυν.. “Αλλά ένα πλέïν µïιάúει σίγïυρï: ΤïυςεπÞµενïυς 12 µήνες η Ευρωúώνη θα έøει 17 µέλη, συµπερι-λαµâανïµένης και της Ελλάδας”, καταλήγïυν ïι FT.

™Ù· €31 ‰È˜ Ë Â·Ó·ÁÔÚ¿ÂÏÏËÓÈÎÒÓ ÔÌÔÏfiÁˆÓ

Πάνω απÞ 31 δις ευρώ συγκέντρωσε η επαναγïράτων ïµïλÞγων στην ïπïία πρïøώρησε η Ελλάδα σύµæω-να µε τα Þσα είδαν τï æως της δηµïσιÞτητας øθες.

Σύµæωνα µε τïπρÞγραµµα επανα-γïράς ïµïλÞγων,η Ελλάδα úητïύσενα επαναγïράσειøρέïς αêίας 30 διςευρώ, µε δάνειï 10δις ευρώ απÞ τïΕυρωπαϊκÞ ΤαµείïÌρηµατïπιστω-τικής ΣταθερÞ-τητας (EFSF). Με âάση τη διαδικασία αυτή, η καθαρή µεί-ωση τïυ ελληνικïύ øρέïυς είναι 20 δις ευρώ.

Τα απïτελέσµατα της επαναγïράς ïµïλÞγων απÞτï ελληνικÞ ∆ηµÞσιï εκτίµησαν ψες σε έκτακτη τηλε-διάσκεψη τïυς ïι υπïυργïί Ãικïνïµικών τηςΕυρωúώνης ώστε στη συνεδρίαση τïυ Eurogroup αύριïΠέµπτη να πάρïυν την τελική απÞæαση για την εκταµί-ευση της δÞσης.

√È ¯ÂÈÚfiÙÂÚÔÈ ÌÈÛıÔ› Û ∂ÏÏ¿‰· Î·È πÚÏ·Ó‰›·

Ãι εργαúÞµενïι στην Ελλάδα και την Ιρλανδία θα υπï-æέρïυν περισσÞτερï απÞ τη στασιµÞτητα των µισθών τïεπÞµενï έτïς, καθώς ïι επιøειρήσεις µειώνïυν τï κÞστïςγια να επιâιώσïυν, σύµæωνα µε τï Bloomberg.

Η ανεργία στην Ευρώπη âρίσκεται σøεδÞν στï 12%, µετην Ελλάδα να καταλαµâάνει τη δεύτερη θέση µετά τηνΙσπανία, µε πïσïστÞ 26%.Τα κράτη της ευρωúώνης κάνïυνâαθιές περικïπές στις δαπάνες και αυêάνïυν τη æïρïλï-γία στïøεύïντας στη µείωση των δηµïσιïνïµικών ελλειµ-µάτων τïυ, πιέúïντας ακÞµα περισσÞτερï τις επιøειρήσειςνα µειώσïυν τï κÞστïς και να περιïρίσïυν την αύêησητων µισθών.

Η έρευνα πïυ πραγµατïπïίησε η αµερικανική συµâïυ-λευτική εταιρεία Hay Groups δείøνει Þτι ïι µισθïλïγικέςαυêήσεις τï 2013 στις øώρες της ευρωúώνης θα æτάσïυντï 3,3%, τη στιγµή πïυ ïι εργαúÞµενïι σε øώρες Þπως ηΤïυρκία, η Ρïυµανία και η Ãυκρανία µπïρïύν να περιµέ-νïυν αύêηση έως και 10%.

Στïν υπÞλïιπï κÞσµï, η Λατινική Αµερική θα έøει τηµεγαλύτερη αύêηση απïδïøών τï 2013 µε 8,9% ακïλïυ-θïύµενη απÞ την Ασία µε 7,5%.

Τï øαµηλÞτερï πïσïστÞ θα έøει η ΒÞρεια Αµερική µε2,9%, ενώ ï µέσïς Þρïς των µισθών στη Μέση Ανατïλή καιτην Αæρική θα æτάσει τï 6%.

31,5 ‰È˜ ÔÈ ÂÏÏËÓÈΤ˜Î·Ù·ı¤ÛÂȘ ÛÙËÓ ∂Ï‚ÂÙ›·

Σε 31,5 δις ευρώ ανέρøïνται ïι καταθέσεις των Ελλήνωνστην Ελâετία σύµæωνα µε τις εκτιµήσεις τïυ κ. ΣαντάλΜπïυρκïυέν, εκπρïσώπïυ Τύπïυ της Ενωσης ΙδιωτικώνΤραπεúών (Private Banks Association) της Ελâετίας, κατά τηνπαρïυσίαση της εικÞνας των ελâετικών τραπεúών στηΓενεύη.

Ãπως ανέæερε ï κ. Μπïυρκïυέν απÞ τα περίπïυ 3,5 τριςευρώ καταθέσεων πïυ διατηρïύν ïι Ευρωπαίïι έêω απÞ τηøώρα καταγωγής τïυς, τï 1,05 τρις ευρώ âρίσκεται στις τρά-πεúες της Ελâετίας, 1,325 τριςσε τράπεúες τïυΛïυêεµâïύργïυ, 722 διςευρώ σε τράπεúες της Αγγλίας σταChannel Islands και τï ∆ïυâλίνï, 144 δισ. ευρώ στïν Παναµάκαι τις άλλες øώρες της Καραϊâικής, 119 δις ευρώ στις ΗΠΑκαι 99 δις ευρώ στη Σιγκαπïύρη.

Πριν λίγες µέρες ανακïινώθηκαν, και Þµως ήδη έæτασανστην Κύπρï τα πιï πρÞσæατα tablets της αγïράς.

Ãι ναυαρøίδες των τριών µεγάλων κατασκευαστών, τï νέïiPad Mini, τï Microsoft Surface και τï Google Nexus, έæτασανπρώτα στα Public και περιµένïυν τïυς æίλïυς της τεøνïλïγίαςνα τα γνωρίσïυν απÞ κïντά.

Ãι πιï απαιτητικïί µπïρïύν να δïυν και να επεêεργαστïύνπρώτïι τï µικρÞ και ταøύτατï iPad Mini της Apple, να ανακαλύ-ψïυν τï εντυπωσιακÞ ενσωµατωµένï στï κάλυµµα πληκτρïλÞ-γιï τïυ Surface µε τα Windows 8 και να απïλαύσïυν την καινï-τïµική ιδέα της Google, τï πρακτικÞ και πρïσιτÞ Nexus, µÞνïστα Public.

Στα Public, στï The Mall Of Cyprus στη Λευκωσία και τïMyMall στη ΛεµεσÞ, Þλïι µπïρïύν να âρïυν τις τελευταίεςτεøνïλïγικές πρïτάσεις και τη µεγαλύτερη γκάµα επιλïγών.

Σεµινάριï µε τίτλï «O γύρïς τïυ twitter σε 90 λεπτά» πραγµα-τïπïιήθηκε στï Αµæιθέατρï των Κεντρικών Γραæείων της Cyta στηΛευκωσία. Τï σεµινάριï, τï ïπïίï συνδιïργανώθηκε απÞ τïΣύνδεσµï ∆ιαæηµιúïµένων και τη Cyta, είøαν την ευκαιρία ναπαρακïλïυθήσïυν µέλη τïυ Συνδέσµïυ ∆ιαæηµιúïµένων, επιøει-ρηµατικïί πελάτες τïυ Ãργανισµïύ, αλλά και æίλïι τïυ twitter.ΣκïπÞς τïυς σεµιναρίïυ ήταν να γνωρίσει ï επιøειρηµατικÞςκÞσµïς τις δυνατÞτητες και τα øαρακτηριστικά τïυ twitter, ωςεργαλείïυ κïινωνικής δικτύωσης. Παρïυσιάστηκαν παραδείγµατααêιïπïίησής τïυ απÞ εταιρείες τïυ εêωτερικïύ και έγινε µια απï-γραæή στï πώς παρïυσιάúïνται ïι κυπριακές µάρκες (brands) στακïινωνικά δίκτυα σήµερα.

Η ∆ιευθύντρια Επικïινωνίας και ∆ηµïσίων Σøέσεων της Cyta,κ. Ρίτα Καρατúιά, τÞνισε πως η Cyta, αναγνωρίúïντας τη δύναµηπïυ έøει τï twitter, δεδïµένïυ Þτι σήµερα τï 90% τïυ κÞσµïυεµπιστεύεται τα κïινωνικά δίκτυα, δεν θα µπïρïύσε να µείνειεκτÞς τïυ παιγνιδιïύ.

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O Á‡ÚÔ˜ ÙÔ˘ twitter Û 90 ÏÂÙ¿ ∂ÈÛÊÔÚ¿ Ù˘ ExxonMobil/Esso ÛÙËÓ ∞ÓÂÌÒÓË

Εισæïρά πρïς υï κέντρï διηµερïύσας æρïντί-δας σπαστικών και ανάπηρων παιδιών Ανεµώνηέκανε η Exxon Mobil/Esso Κύπρïυ.

Η εισæïρά εµπίπτει στα πλαίσια τïυ ΒραâείïυΑσæαλείας Πρατηριïύøων και Συνεργατών πïυέøει καθιερώσει η ExxonMobil/Esso Κύπρïυ τατελευταία 10 øρÞνια. Κατά τïν θεσµÞ αυτÞΠρατηριïύøïι καιΣυνεργάτες πρï-τείνïυν æιλαν-θρωπικά ιδρύµα-τα τα ïπïία επω-æελïύνται τωνπïσών πïυ εισæέ-ρει η ΕταιρείαεæÞσïν ïι ίδιïιεργάúïνται µέσα σε πλαίσια ασæάλειας. Στην«Ανεµώνη» æιλïêενïύνται παιδιά πïυ υπïæέρïυναπÞ εγκεæαλική παράλυση και πïλύ-αναπηρία ηλι-κίας 2,5 µέøρι 14 øρÞνων.

Στη æωτïγραæία ï ∆ιευθυντής AssetManagement της ExxonMobil/Esso Κύπρïυ κïς.Ìρήστïς Παντελίδης (κέντρï) ενώ παραδίδει τηνεν λÞγω επιταγή στïν ΠρÞεδρï τïυ Κέντρïυ κïν.Ιάκωâï Ιακωâίδη παρïυσία κïυ. Γιώργïυ Κïυúάρητης εταιρείας Μ. Michael Engineering (συνεργάτητης εταιρείας) ï ïπïίïς πρÞτεινε τï ίδρυµα.

∂ÎÛÙÚ·Ù›· ¢·ÈÛıËÙÔÔ›ËÛ˘·fi ∫∂∞¡π∆∞ Î·È Green Dot

Σαν ïλïκλήρωση της συνεργασίας ΚΕΑΝΙΤΑκαι Green Dot Κύπρïυ πïυ διάρκεσε ένα øρÞνï καιπïυ είøε στÞøï την ευαισθητïπïίηση των παιδιώντων ∆ηµïτικών σøïλείωνσε θέµατα ανακύκλωσηςκαι πρïστασίας τïυπεριâάλλïντïς,εκτυπώθηκαν σεïικïλïγικές τσα-ντïύλες τα σøέ-δια των παιδιώνπïυ κέρδισανστïν διαγωνισµÞ «Τρία Αλλά Γιατί».

ΤαυτÞøρïνα, δηµιïυργήθηκε ένα συλλεκτικÞøάρτινï κïυτί, µια πρωτÞτυπη κατασκευαστικήπρÞκληση, για Þσïυς την τïλµήσïυν, για να αγκα-λιάσει 2 τσάντες, µαúί µε ένα ïικïλïγικÞ δίπλωµασαν µια θύµηση Þτι Þσïι τï απïκτήσïυν, έøïυνσυνεισæέρει σε ανάπηρα και σπαστικά παιδιά. «Τïκïυτί τιµάται 50 Ευρώ. Αγïράúïντας ένα απÞ τα120 κïυτιά, είναι για µας ένας µικρÞς θησαυρÞςτïν ïπïίï æρïντίúïυµε να αêιïπïιïύµε πάντα,σωστά, µε υπευθυνÞτητα και σεâασµÞ.» δήλωσε ηΚα. Μαρία Ãδυσσέως Brand Manager KEANITA.

∆Ô Johnnie WalkerÛÙÔ Û›ÙÈ Û·˜

∆ιïργανώστε µια διαæïρετική âρα-διά, απïκλειστικά για εσάς και τηνπαρέα σας, Þπïυ θα έøετε µια απίθανηεµπειρία δïκιµής ïυίσκι απÞ τïυςειδικïύς τïυ Johnnie Walker Μετï πρÞγραµµα ‘Home Mentoring’τï διάσηµï Σκωτσέúικï ïυίσκι σαςπρïσæέρει τη µïναδική ευκαιρίανα ανακαλύψετε τα µυστικά και τηµαγεία τïυ Johnnie Walker, øωρίςκανένα δικÞ σας κÞστïς. Τï µÞνïπïυ έøετε να κάνετε είναι να καλέσετε στï σπίτισας 6 µέøρι 12 æίλïυς, σας ïπïιαδήπïτε µέρα καιώρα εσείς θέλετε. ΤÞτε, ï ambassador τïυ JohnnieWalker θα σας επισκεæτεί για µία ώρα, πïυ είναι ηδιάρκεια τïυ πρïγράµµατïς, και θα σας µάθει Þλατα µυστικά παραγωγής τïυ Σκωτσέúικïυ ïυίσκι, τηνκαταπληκτική τïυ ιστïρία âïηθώντας σας να ανα-καλύψετε τις γεύσεις και τα αρώµατά τïυ, µε έναµïναδικÞ τρÞπï. Μπïρείτε να καταøωρήσετε τηναίτησή σας µέσω facebook στïhttp://www.facebook.com/#!/johnniewalkercyprus?sk=app_221460014534454 ή να καλέσετε στï96400805 για περισσÞτερες πληρïæïρίες.

Η πίτσα πïυ κέρδισε τïν διαγωνισµÞ των εστιατïρίων PizzaExpress

Η Στέæανη Γιάγκïυ ήταν η µεγάλη νικήτρια τïυ διαγωνισµïύ“Be a Hero”, πïυ διïργάνωσαν τα εστιατÞρια Pizza Express, γιατην καλύτερη συνταγή πίτσας. Με την ïνïµασία «CipolleCaramelate» η συνταγή της Στέæανης Γιάγκïυ συγκέντρωσε ταπερισσÞτερα “likes” στï facebook, ενώ στη δεύτερη θέση κατα-τάγηκε η Ìρυσάνθη Παπαδïπïύλïυ.

Τα âραâεία παρέδωσαν, η διεύθυνση της Faloremo TradingLtd, υπεύθυνη εταιρία των εστιατïρίων Pizza Express στηνΚύπρï. Τï µεγάλï δώρï τïυ νικητή ήταν ένα αερïπïρικÞ εισιτή-ριï για τï Λïνδίνï, ενώ για τη δεύτερη θέση, µια ψηæιακή æωτï-γραæική µηøανή.

Η πίτσα «Cipolle Caramelate» θα æιλïêενηθεί στï µενïύ τωνεστιατïρίων Pizza Express Λεµεσïύ και Πάæïυ, για Þλï τï µήναΙανïυάριï 2013.

™Ù· Public iPad Mini, Microsoft Surface Î·È Google Nexus

∏ «Cipolle Caramelate» Ë ÓÈ΋ÙÚÈ· ›ÙÛ·

Τα πïλυκαταστήµατα Debenhams σε Þλες τις πÞλεις καλω-σïρίúïυν µικρïύς και µεγάλïυς στï µαγικÞ κÞσµï τωνÌριστïυγέννων! Φέτïς τα Debenhams γίνïνται ï αγαπηµένïςπρïïρισµÞς για τα øριστïυγεννιάτικα ψώνια Þλων και ταυτÞøρï-να κερνάνε τις πιï απïλαυστικές øριστïυγεννιάτικες εµπειρίες.

ΑπÞ τις 15 µέøρι τις 23 ∆εκεµâρίïυ, ελάτε να παίêïυµε, ναδιασκεδάσïυµε σε µια άκρως Ìριστïυγεννιάτικη ατµÞσæαιρα µεπïλλές εκπλήêεις πïυ θα ενθïυσιάσïυν µικρïύς και µεγάλïυς.Τα πïλυκαταστήµατα Debenhams υπÞσøïνται 9 µέρες γεµάτεςτραγïύδια, παιøνίδι, διασκέδαση, δηµιïυργία, εκπλήêεις και øρι-στïυγεννιάτικη διάθεση.

Κάθε µέρα σε κάπïιï απÞ τα πïλυκαταστήµατα Debenhamsπεριµένει µια έκπληêη τïυς µικρïύς µας æίλïυς. Κάπïιεςµέρες θα æιλïêενïύµε τïν Άγιï Βασίλη ï ïπïίïς έρøεταιαπευθείας απÞ τï ΒÞριï ΠÞλï για να γνωρίσει τα παιδάκια καινα æωτïγραæηθεί µαúί τïυς, άλλες µέρες στα Debenhams θαείναι ï Ρïύντïλæ για να øïρέψει και παίêει µαúί µε µικρïύς καιµεγάλïυς.

H ª·Á›· ÙˆÓ ÃÚÈÛÙÔ˘Á¤ÓÓˆÓ ÛÙ· Debenhams

12 ∆ΕΚΕΜΒΡΙÃΥ, 2012

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ÌΡΗΜΑ&ΑΓÃΡΑ

EÓ¤ÚÁÂÈ· ·fi ·fi‚ÏËÙ·: ∆Ô ÌÔÓÙ¤ÏÔ Ù˘ ¢·Ó›·˜

Με την τιµή τïυ ηλεκτρικïύ ρεύµατïςστην Κύπρï να αυêάνεται σε πρωτÞγνωραεπίπεδα είναι καιρÞς να σκεæτïύµε σïâαράεναλλακτικές λύσεις για την παραγωγή ενέρ-γειας. Την ίδια στιγµή περιâαλλïντικές πρï-κλήσεις έøïυν µαúευτεί στï κατώæλι µας. Ηδιαøείριση των απïâλήτων έøει γίνει πïλύακριâή υπÞθεση για την Κύπρï πïυ αντιµετω-πίúει νïµικές διαδικασίες απÞ την ΕυρωπαϊκήΈνωση αναæïρικά µε την øρήση øωµατερών.

Μία øώρα η ïπïία έøει επιλύσει αυτά ταπρïâλήµατα εδώ και πïλύ καιρÞ είναι η∆ανία. Τï Þραµα για âιώσιµη διαøείριση απï-âλήτων êεκινά µε την ιδέα Þτι τα απÞâληταµπïρïύν να øρησιµïπïιηθïύν ως πηγή νέωνκύκλων παραγωγής ενέργειας. Στη ∆ανία ηδιαøείριση των απïâλήτων δεν απïτελείπεριâαλλïντικÞ πρÞâληµα καθώς Þτι δενµπïρεί να ανακυκλωθεί απïτεæρώνεταιπαράγïντας ηλεκτρικÞ ρεύµα και θέρµανση.

Ãι τïπικές κïινÞτητες είναι υπεύθυνεςγια την συλλïγή σκïυπιδιών καθώς επίσηςκαι για την λειτïυργία των απïτεæρωτήρωνκαι κέντρων ανακύκλωσης. ΤαυτÞøρïνα

νÞµïι και ïικïνïµικά κίνητρα απïτρέπïυντην απïτέæρωση των ανακυκλώσιµων υλι-κών. Ãι εγκαταστάσεις απïτέæρωσης είναιγια την ακρίâεια υψηλής τεøνïλïγίας εργï-στάσια παραγωγής ενέργειας. Στη ∆ανίασήµερα λειτïυργïύν 29 τέτïια εργïστάσια ταïπïία εêυπηρετïύν 98 δήµïυς σε µία øώρα5,5 εκατïµµυρίων κατïίκων. ∆έκα ακÞµηεργïστάσια είναι υπÞ κατασκευή.

Τï µεγαλύτερï εργïστάσιï παραγωγήςενέργειας απÞ απÞâλητα στη ∆ανία παράγει270 MWh ρεύµατïς και 1.162 MWh θέρµαν-σης. Ãι αριθµïί αυτïί αντιστïιøïύν στηνκατανάλωση ρεύµατïς σε 80.000 ïικίες καιτην κατανάλωση θέρµανσης σε 75.000 ïικίες.Συνïλικά η παραγωγή ενέργειας απÞ απÞâλη-τα καλύπτει τï 20% της παρïøής θέρµανσηςκαι τï 5% της παρïøής ηλεκτρικïύ ρεύµατïς

στην øώρα.Μια σειρά απÞ νïµïθετικά µέτρα διασæα-

λίúïυν έêυπνες λύσεις στην διαøείριση απï-âλήτων. Είναι γνωστÞ Þτι η ταæή των καύσι-µων απïâλήτων έøει απαγïρευτεί απÞ τï1997. Επίσης η ∆ανέúικη νïµïθεσία πρïνïείτην æïρïλÞγηση των απïâλήτων πïυ πρïïρί-úïνται για øωµατερές µε 62,56 ευρώ ανάτÞνï, ενώ η æïρïλÞγηση των απïâλήτων πïυπρïïρίúïνται για απïτέæρωση ανέρøεται στα6,69 ευρώ ανά τÞνï. Έτσι η ταæή των απïâλή-των στïιøίúει ακριâά, η απïτέæρωση πιïæθηνά, ενώ η ανακύκλωση είναι δωρεάν!

Φυσικά κïστίúει øρήµατα η απïτέæρωση.Με την πώληση Þµως τïυ ηλεκτρικïύ ρεύµα-τïς και της θέρµανσης µειώνεται τï κÞστïς.Συγκεκριµένα τα κέρδη απÞ την πώληση θέρ-µανσης καλύπτïυν σøεδÞν τï 70% των συνï-

λικών εêÞδων ενÞς εργïστασίïυ. Για αυτÞ τïνλÞγï τα ∆ανέúικα εργïστάσια απïτέæρωσηςαπïâλήτων διατηρïύν τις πιï øαµηλές τιµέςστην Ευρώπη.

Πïλλές æïρές παραâλέπεται τï γεγïνÞςÞτι στην ∆ανία η απïτέæρωση απïτελεί τηνπιï σηµαντική πηγή ενέργειας ïυδέτερης σεδιïêείδιï τïυ άνθρακα êεπερνώντας ακÞµηκαι την αιïλική ενέργεια. Τα απÞâλητα πïυαπïτεæρώνïνται απïτελïύν συνήθως âιïµά-úα πïυ έøει øαµηλή περιεκτικÞτητα άνθρακαâïηθώντας έτσι στην µείωση των εκπïµπώναερίων τïυ θερµïκηπίïυ.

Ãι περιâαλλïντικές πïλιτικές της ∆ανίαςαναπτύøθηκαν στα πλαίσια στενïύ διαλÞγïυµε ιδιωτικές εταιρείες. Σήµερα στη ∆ανίαυπάρøïυν περισσÞτερες απÞ 700 εταιρείεςπράσινης τεøνïλïγίας σε τïµείς Þπως ïι ανα-νεώσιµες πηγές ενέργειας, η ενεργειακήαπïδïτικÞτητα, η ατµïσæαιρική ρύπανση, ηδιαøείριση λυµάτων, η διαøείριση απïâλήτωνκαι η πρïστασία τïυ εδάæïυς και της âιïπïι-κιλÞτητας. Ãι εταιρείες πράσινης τεøνïλï-γίας της ∆ανίας έøïυν συνδυασµένï κύκλïεργασιών 43 δις ευρώ και ïι εêαγωγές στïντïµέα αυτÞ έøïυν æτάσει τα 17 δις ευρώ.

à στÞøïς της ενεργειακής πïλιτικής της∆ανίας είναι êεκάθαρïς: µέøρι τï 2050 ïλÞ-κληρη η παραγωγή ενέργειας για ηλεκτρικÞρεύµα, θέρµανση, âιïµηøανία και µεταæï-ρές θα καλύπτεται απÞ ανανεώσιµες πηγέςενέργειας.

∫∞∆∞¡∞§ø™∏ ∫∞π ∫√™∆√™ Ã∏™∏™ √π∫π∞∫ø¡ ™À™∫∂Àø¡∫∞∆∞¡∞§ø™∏ ∫∞π ∫√™∆√™ Ã∏™∏™ √π∫π∞∫ø¡ ™À™∫∂Àø¡

ΠΗΓΗ:ΠΗΓΗ: ΑρΑρøή Ηλεκτρισµïύ Κύπρïυ øή Ηλεκτρισµïύ Κύπρïυ

Η Hellas Energy, πïυ ειδικεύεται στηνπαρïøή λύσεων εêïικïνÞµησης ενέργειας,πρïøώρησε σε συµæωνία µε την εταιρείαÃcean Basket, η ïπïία πρïνïïύσε αρøικά τηνεγκατάσταση συστήµατïς εêïικïνÞµησηςενέργειας στï εστιατÞριï της δεύτερης στηνΛεµεσÞ. Μετά τα επιτυøή απïτελέσµατα καιπïσïστÞ εêïικïνÞµησης ενέργειας πïυ ανήλ-θε στï 14% στï κατάστηµα της Λεµεσïύ, ηÃcean Basket απïæάσισε να πρïøωρήσειστην εγκατάσταση συστηµάτων εêïικïνÞµη-σης ενέργειας της Hellas Energy και στα υπÞ-λïιπα εστιατÞρια της.

Η συµæωνία πρïνïεί την εγκατάστασησυστηµάτων εêïικïνÞµησης ενέργειας σταέêι εστιατÞρια Ocean Basket ανά τï παγκύ-πριï, αλλά και στις απïθήκες της εταιρείας.

Η Ãcean Basket πïυ αριθµεί 130 καταστή-µατα σε Þλï τïν κÞσµï και 6 στην Κύπρï , σταπλαίσια της περιâαλλïντικής της πïλιτικής,

εµπιστεύτηκε την Hellas Energy για την εγκα-τάσταση, λειτïυργία και διαøείριση συστηµά-των, µε στÞøï τïν έλεγøï των ενεργειακώνκαταναλώσεων, την εêïικïνÞµηση ενέργειας,αλλά και την µείωση τïυ λειτïυργικïύ τηςκÞστïυς.

«Στην Hellas Energy, είµαστε αæïσιωµέ-νïι στην παρïøή λύσεων εêïικïνÞµησηςενέργειας και σε αυτά τα πλαίσια, αναúητάµεσυνεøώς µέσα απÞ την έρευνα και την εκπαί-δευση να æέρïυµε στην κυπριακή και τηνελληνική αγïρά την τεøνïγνωσία πïυ øρησι-µïπïιείται στï εêωτερικÞ στïν τïµέα αυτÞ»,σøïλίασε ï πρÞεδρïς της Hellas Energy,∆ηµήτρης Μυτιλινέλης,

Τï πελατïλÞγιï της Ηellas Energy αριθµείπέραν των 1500 εταιρειών σε Ελλάδα καιΚύπρï, ενώ την ίδια ώρα η εταιρεία έøει πρï-øωρήσει σε επέκταση των δραστηριïτήτωντης στην Ρωσία.

Τï ρεύµα, τï νερÞ και τï τηλέæωνï µαςæαίνïνται τÞσï απαραίτητα και συνηθισµέ-να πïυ δεν σκεæτÞµαστε και πïλύ πρινανïίêïυµε τη âρύση ή τï διακÞπτη. Ùµως ïιλïγαριασµïί αυτïί είναι ένα µεγάλï κïµµά-τι των εêÞδων διαâίωσής µας. Ãι ïικιακέςσυσκευές συγκεκριµένα καταναλώνïυνπερίπïυ τï 20-30% τïυ συνïλικïύ ρεύµα-τïς τïυ νïικïκυριïύ µας. ∆ίπλα µπïρείτε ναδείτε ενδεικτικά την κατανάλωση καικÞστïς øρήσης των ïικιακών συσκευών πïυεêέδωσε η Αρøή Ηλεκτρισµïύ Κύπρïυ.

Πιï κάτω ακïλïυθïύν µερικά παραδείγ-µατα εêïικïνÞµησης ενέργειας.- Μην αæήνετε τα æώτα αναµµένα αν δεν ταøρειάúεστε. Αντικαταστήστε τις κλασσικέςλάµπες µε λάµπες øαµηλής κατανάλωσης.- Η πιï ïικïνïµική øρήση τïυ ψυγείïυ είναιµε θερµïκρασία 7ïC στη συντήρηση και -18ïC στïν καταψύκτη.- Ìρησιµïπïιείτε τï σύντïµï πρÞγραµµα

για ρïύøα πïυ δεν είναι πïλύ λερωµένα καιτï ïικïνïµικÞ πρÞγραµµα για τις µικρέςπλύσεις- à θερµïσίæωνας είναι µια απÞ τις ενεργï-âÞρες συσκευές. Η κατανάλωσή τïυ τιςηλιÞλïυστες ηµέρες είναι 0 και έøετε άæθï-νï úεστÞ νερÞ για κάθε øρήση. Και ïι ηλιÞ-λïυστες µέρες στην Κύπρï είναι πïλύπερισσÞτερες απÞ τις συννεæιασµένες.- Τα ηλεκτρικά καλïριæέρ έøïυν µεγαλύτε-ρη κατανάλωση απÞ τα κλιµατιστικά.Πρïτιµήστε τα κλιµατιστικά και γιατί η απÞ-δïσή τïυς είναι καλύτερη και τï θερµαί-νïυν τï øώρï πïλύ γρηγïρÞτερα.- Κλείνετε τις συσκευές απÞ τï διακÞπτη καιÞøι απÞ τï τηλεκïντρÞλ γιατί ακÞµα και στηθέση αναµïνής καίνε ρεύµα.

Ãι «διαρρïές» αυτές ηλεκτρικής ενέρ-γειας εκτιµïύνται περίπïυ στï 2 µε 5% τηςσυνïλικής ενέργειας πïυ καταναλώνει ένανïικïκυριÞ.

ÌÃΡΗΓÃΣ ΣΕΛΙ∆ΑΣwww.hellas-energy.com

∂ÍÔÈÎÔÓfiÌËÛË 14% ÛÙ· √cean Basket

ªÂÈÒÛÙ ÙÔ ÏÔÁ·ÚÈ·ÛÌfi Ù˘ ∞∏∫

Kristen Geelan¶Ú¤Û‚ÂÈÚ· Ù˘ ¢·Ó›·˜ ÛÙËÓ ∫‡ÚÔ

December 12 - 18, 2012 FinancialMirror.com

“The one thing I know is that I know nothing.” Socrates couldhave been anticipating the response of Greek and European lead-ers to the modern day debt crisis. What went so catastrophicallywrong in Greece? As the country undergoes a major debt recon-struction, impacting on the wider Eurozone economy, let’s figureout what lessons the continent can learn for the future.

First, step back and consider the root of the problem. Like anyperson or country in debt, Greece is guilty of spending more thanit could afford. After joining the single euro currency, the tradi-tionally strong public sector saw wages rise to unsustainable lev-

els. They increased by 50% between 1999 and 2007, a problemwhich was compounded by the low retirement age and high ben-efits. The cost of the 2004 Olympic Games in Athens certainly didthe country no favors. Combine as well a huge level of tax evasionby citizens and businesses, and it is hardly surprising that theeconomy struggled.

When its money ran out, the government turned to Europeanbanks for loans and was soon borrowing billions. Greece’s budgetdeficit was out of control. Successive governments concealed theextent of its borrowing as they sought to meet the 3% GDP caprequired by euro member states. The country disguised its debtsas commodities, sold them off around the continent, and becameindebted to banks in France and Germany in particular. Whendebt levels reached the point that Greece could not repay its loans,it could no longer hide.

Cut to the present. The country’s economy and social infra-structures are in ruins. In late November, a plan was agreed by thekey creditors to cut Greek debt to 124% of the national output by2020. On Saturday, Greece’s debt-management agency, chargedwith conducting a deal to buy back debt, revealed that the total bidfrom both domestic and foreign holders of Greek bonds was closeto the targeted €30 bln. The weekend’s news is as promising as itgets for now, yet the overall situation is far from hopeful.

Why should the world care? Can we not simply let Greece sinkunder its own weight? In sharing a currency, Eurozone countriescommitted themselves to the long haul, for better or for worse.The idea was that a strong Europe could support a suffering statein its time of need. In reality, following the global financial melt-down, Europe is too weak to do this. Yet the economies remainintertwined. A default would shatter otherwise monetarily strongcountries like Germany.

Crucially, if Greece fails to repay its creditors, a dangerousprecedent will have been set. Investors would become wary ofother highly-indebted nations, such as Italy, or those with weakeconomies, such as Spain. Should investors stop buying bondsissued by governments, they would not be able to repay their cred-itors, creating a lethal vicious cycle. If banks in the weakerEurozone countries are forced to write off even more loans, theywill become weaker and unable to borrow and lend, risking a sec-ond credit crunch. The situation would be immeasurably worse ifGreece were to leave the euro and reintroduce the drachma, whichwould devalue dramatically, making it even harder for the countryto repay its debts. Europe cannot afford to let Greece off the hook,although the cost of supporting it is huge.

So what can we conclude from all this to prevent other coun-tries following suit? Firstly, Eurozone countries need to imposestricter limits on themselves. It is not enough to recommendmanageable levels of debt and borrowing without actively moni-toring and enforcing them. We can certainly expect the introduc-tion of more policies to this effect, but the true test will be whether

countries follow words with actions.Secondly, Greece probably would not have fallen so badly if it

had been transparent from the beginning. Ever lied about yourincome to impress someone or brought one too many pairs ofshoes for your budget? As we’ve discussed, Greece did both on amuch bigger and more detrimental scale. Sharing a currency,much like sharing a bank account, requires honesty and commu-nication. Countries must realize that they cannot lie to them-selves, much less to others, about their fiscal affairs.

Thirdly, the Greek crisis is a reflection on the poor leadershipin the Eurozone and the failure of stronger countries to recognizeboth the severity of the problem and the extent of its repercus-sions. If the Eurozone model is to have any chance of working inthe future, political and economic leaders need to recognize thatthe success or failures of one member is the success or failure ofthe whole. That is not to say that countries cannot have their ownstrengths, economies and policies, but simply that it is in theinterests of all member states to help a friend out.

For the sake of European and global economies, let’s hope thatthis crisis is resolved before other coun-tries fail and reach the point of no return.Until then, keep your eyes on the Euro.

www.bbinary.com

The euro hovered above two-week lows onTuesday as nerves calmed over Italy’s latestpolitical turmoil for now and as prospects ofmore stimulus from the Federal Reserve pinneddown the dollar.

Expectations that the Fed will announcefresh easing steps on Wednesday also liftedhigh-yielding currencies against the dollar,boosting the Canadian dollar to a two-monthhigh and the New Zealand dollar to a nine-month high.

The common currency stood at $1.2957, up0.15% from late U.S. levels and above a low ofaround $1.2880 plumbed on Monday.Immediate resistance is seen at $1.2973, a levelrepresenting the 38.2% retracement of itsDecember 5-7 fall.

The euro found some support after ItalianPrime Minister Mario Monti played down

market fears over his decision to resign, sayingthere was no danger of a vacuum ahead of anelection in the spring. Monti’s move came afterformer prime minister Silvio Berlusconiabruptly withdrew support for Monti’stechnocrat government, accusing Monti’sreform and austerity steps of dragging Italy “to

the brink of a precipice.”Although Italian bond and shares were hit by

the news, that did not lead to rise-aversesentiment in broader financial markets, partlyon the view that debt buying programme by theECB could curb selling in Italian debt, shouldtheir yields keep rising.

Another factor keeping the euro off its lowswas a reluctance by investors to aggressivelybuy the dollar, given expectations the Fed willreplace its expiring ‘Operation Twist’programme with another Treasury bond-buying plan at its two-day policy meetingstarting later in the day.

Many economists believe the U.S. centralbank will announce monthly bond purchases of$45 bln, although some think it could surprisewith a bigger amount to press borrowing costslower. Such an outcome could see thegreenback come under further pressure.

The dollar was buying 82.37 yen, still not far

from an eight-month peak of 82.84 set lastmonth, though the currency pair has beenstuck in a narrow trading band for the pastcouple of weeks after a sharp gain in mid-November.

The yen has been under pressure fromexpectations that opposition leader Shinzo Abe,

a front-runner to become prime ministerafter an election on Sunday, will push thecentral bank to take more aggressive easingsteps. The Canadian dollar edged up slightly

to a two-month high of C$0.9862 to the U.S.dollar while the New Zealand dollar rose to anine-month high of $0.8358.

The Aussie briefly dipped following asurprise plunge in Australia’s businessconfidence but pared most losses to stand at$1.0482, not far from an 11-week high of$1.0515 set last week.

Euro hovers above 2-week low

Disclaimer: The commentary appearing on this page is for indication purposes only and Eurivex does not take any responsibility for investment action taken. Nothing in this report should be considered to constitute investment advice. It is not intended, and should not be considered, as an offer, invitation, solicitation or recommendation to buy or sell any of the financial instruments described herein. Trading on leverage is very risky and may lead to losses.

Lessons to learn from Greece

FOREX COMMENTARY & TECHNICAL ANALYSIS

By Oren LaurentPresident, Banc De Binary

20 | WORLD MARKETS

A new threat to US recovery

December 12 - 18, 2012FinancialMirror.com

MARKETS | 21

LIBOR rates

CCY CCY/Period 1mth 2mth 3mth 6mth 1yr 2yr 3yr 4yr 5yr 7yr 10yr

USD USD 0.21 0.26 0.31 0.52 0.85 0.33 0.43 0.54 0.74 1.14 1.67GBP GBP 0.49 0.51 0.52 0.67 1.01 0.64 0.70 0.80 0.95 1.30 1.83EUR EUR 0.05 0.10 0.12 0.22 0.44 0.30 0.40 0.55 0.74 1.11 1.56JPY JPY 0.13 0.15 0.18 0.29 0.50 0.19 0.18 0.19 0.23 0.36 0.66CHF CHF -0.01 0.00 0.01 0.07 0.26 -0.05 -0.01 0.07 0.18 0.43 0.77

CCY1\CCY2 1 USD 1 EUR 1 GBP 1 CHF100JPY

CCY\Date 13.11 20.11 27.11 04.12 11.12 Today Last Week %Change

USD 1.2950 1.6077 1.0718 1.2139 USD 1.2646 1.2764 1.2951 1.3019 1.2920 1.6077 1.6103EUR 0.7722 1.2415 0.8277 0.9374 GBP 0.7971 0.8018 0.8075 0.8089 0.8032 1.2950 1.3067GBP 0.6220 0.8055 0.6667 0.7550 JPY 100.13 103.60 106.41 106.78 106.25 82.38 82.08CHF 0.9330 1.2082 1.5000 1.1326 CHF 1.1999 1.1997 1.1997 1.2044 1.2034 0.9330 0.9254JPY 82.38 106.68 132.44 88.30

JPY +0.37CHF +0.82

CCY

GBP +0.16EUR +0.90

0-0,25% CHF

Exchange Rates

Major Cross Rates Opening Rates Weekly movement of USD

0.75% EUR0-0,1% JPY

CCY/Period

0-0,25% USD0.50% GBP

The Financial MarketsInterest Rates

Base Rates Swap Rates

Weekly Economic CalendarDate Country Detail Forecast PreviousDEC 12 ALL OPEC meetings - -DEC 12 EUR ECOFIN meeting - -DEC 12 GBP Unemployment Rate due 11.30am 7.90% 7.80%DEC 12 GBP Claimant Count Change due 11.30am 5.1k 10.1kDEC 12 EUR Industrial Production M/M due 1pm 0.30% -2.50%DEC 12 US FOMC Economic Projections due 9.00pm - -DEC 12 US Federal Budget Balance due 9.00pm - -$120B

DEC 12 US FOMC press conference starts 9.15pm - -DEC 13 CHF SNB Libor Rate and SNB Monetary Policy Assessment <0.25% <0.25%DEC 13 CHF SNB press conference due 10.30am - -DEC 13 EUR EU Economic Summit and Eurogroup meetings - -DEC 13 US Retail Sales M/M due 3.30pm 0.40% -0.30%DEC 13 US Core Retail Sales ex autos M/M due 3.30pm -0.10% 0.00%DEC 13 US Core PPI due 3.30pm 0.20% -0.20%

DEC 13 US Unemployment Claims due 3.30pm 370k 370kDEC 14 CNY HSBC China Flash Manufacturing PMI due 3.45am - 50.5DEC 14 EUR Flash Manufacturing PMI due 12.00pm 44.9 44.5DEC 14 EUR Flash Services PMI due 12.00pm 47.0 46.7DEC 14 US Core CPI M/M due 3.30pm 0.20% 0.20%DEC 14 US Flash Manufacturing PMI due 4.00pm 52.6 52.8DEC 14 US Capacity Utilisation Rate due 4.15pm 77.90% 77.80%

DEC 14 US Industrial Production M/M due 4.15pm 0.30% 0.40%

Indicated times are Cyprus time Source: Eurivex

Marcuard’s Market update by GaveKal Research

Improvements in the US domestic sector have raised hopesthat the US will pull the global economy out of its current funk.But what if the cycle is working in reverse—with weaknessbeyond American shores feeding back to undermine thenascent recovery at home? After 37 straight months of growth,employment in US manufacturing contracted in November forthe first time since 2009, according to ISM. This raises theconcern that weak growth in the manufacturing sector couldderail the labor market recovery, and in turn the housingmarket recovery, both of which finally started to gain tractionthis year

The US recovery process can be thought of as having twoparts: 1) exports/manufacturing, and 2) labor/housing. In 2009-2011, the recovery was led by the first part, as a rebound inglobal demand drove growth in the US manufacturing sector.Meanwhile, the more domestic part of the economy, labor andhousing, was weak. In 2012, this reversed. The labor marketimproved, providing the missing element for a rebound inhousing. But then global demand weakened on the back ofslower growth in China and Europe.

Leaving aside structural economic rebalancing goals, thismight seem like a good trade-off for the US economy, at leaston a cyclical basis. After all, a rebound in labor and housing canhave huge near-term benefits. Rising house prices provide a bigwealth effect — helping US households deleverage throughrising assets rather than paying down debt or reducingconsumption. Real estate serves as collateral for a huge portionof US bank loans, and so a convincing upward trend in houseprices can also facilitate loan growth. And residential

construction adds jobs and GDP. This is why the currenthousing market recovery has very bullish implications for theUS outlook in 2013. Any reversal would be worrying

The manufacturing sector now accounts for only 10% ofprivate payrolls in the US, having stabilized in the last few yearsafter a long-term structural decline from over 30% in the 1950sand 60s. But the US manufacturing sector still adds a lot ofvalue and is very much tied into the rest of the economy. Thusit remains a harbinger for growth in general. As the chart belowshows, total private payrolls still tend to go the way of themanufacturing sector. So, given the recent drop inmanufacturing employment reported by the ISM survey, somedisappointing payroll numbers may be looming.Some of themost recent drop may be due to disruptions from HurricaneSandy, but that is far from the whole story. The ISM surveyshows that manufacturing growth has been deteriorating formonths, led by a decline in new export orders, and this goes forNovember as well. We could thus be in the middle of a worryingchain of events, whereby weaker growth in China and Europehas led to weaker US exports and manufacturing, which is nowhampering improvements in the US labor market, which inturn could remove a critical pillar for the housing recovery.Is there anything that could break this chain of events? Well,Francois notes that economic sentiment in the Eurozone isstarting to turn up, supporting his optimistic core scenario.Charles, Louis and Anatole may have their doubts aboutEurope, but we find consensus in our shop on China, wherethere are more and more signs that economic slowdown isbottoming.

Hence, there are reasons to be optimistic that this bearishchain of events can be broken before the housing market isseverely affected. If global demand does generally improve fromhere, US growth could be very strong in 2013—as export andmanufacturing growth returns and the labor and housing

market recovery continues with all of its related benefits fornear-term growth. For now, however, the fiscal cliff is not theonly threat to the US recovery.

www.marcuardheritage.com

Disclaimer: This information may not be construed as advice and inparticular not as investment, legal or tax advice. Depending on yourparticular circumstances you must obtain advice from your respectiveprofessional advisors. Investment involves risk. The value of investmentsmay go down as well as up. Past performance is no guarantee for futureperformance. Investments in foreign currencies are subject to exchangerate fluctuations. Marcuard Cyprus Ltd is regulated by the CyprusSecurities and Exchange Commission (CySec) under License no. 131/11.

CURRENCY CODE RATE

EUROPEAN

Belarussian Ruble BYR 8580British Pound * GBP 1.6076Bulgarian Lev BGN 1.5101Czech Koruna CZK 19.502Danish Krone DKK 5.7594Estonian Kroon EEK 12.0805Euro * EUR 1.295Georgian Lari GEL 1.657Hungarian Forint HUF 218.5Latvian Lats LVL 0.53721Lithuanian Litas LTL 2.666Maltese Pound * MTL 0.3315Moldavan Leu MDL 12.2Norwegian Krone NOK 5.6642Polish Zloty PLN 3.1695Romanian Leu RON 3.4958Russian Rouble RUB 30.7495Swedish Krona SEK 6.6851Swiss Franc CHF 0.933Ukrainian Hryvnia UAH 8.1075

AMERICAS & PACIFIC

Australian Dollar * AUD 1.0479Canadian Dollar CAD 0.9863Hong Kong Dollar HKD 7.75Indian Rupee INR 54.33Japanese Yen JPY 82.38Korean Won KRW 1076.55New Zeland Dollar * NZD 1.1968Singapore Dollar SGD 1.2218

MIDDLE EAST & AFRICA

Bahrain Dinar BHD 0.3770Egyptian Pound EGP 6.1430Iranian Rial IRR 12121.90Israeli Shekel ILS 3.8138Jordanian Dinar JOD 0.7069Kuwait Dinar KWD 0.2813Lebanese Pound LBP 1501.00Omani Rial OMR 0.3850Qatar Rial QAR 3.6406Saudi Arabian Riyal SAR 3.7499South African Rand ZAR 8.6689U.A.E. Dirham AED 3.6728

ASIA

Azerbaijanian Manat AZN 0.7838Kazakhstan Tenge KZT 150.33Turkish Lira TRY 1.7880

Note: * USD per National Currency

WORLD CURRENCIES PER US DOLLAR

Why do traders lose their money?

In the world of finance, knowledge and information is anextremely valuable commodity and in the modern society theability to obtain such information has become much easier.Never before was there a time in the history of financial mar-kets that information was so plentiful and easy to obtainmainly due to the advancement of the computer sector, therapid growth of the internet and the specialised investmentsoftware that have made information gathering and analysisso much faster, easily accessible and reliable.

How is it then that so many investors are still making somany losses despite the fact that now, more than ever, theycan more reliably analyse an investment before taking a posi-tion? No one implies of course that all trades can or will be

profitable, even the most successful investors are makinglosses in numerous occasions, but overall the portfolio of aprofessional investor remains profitable at the majority oftimes. It all comes down then to human psychology andmore specifically loss psychology.

Loss psychology is the fear of financial losses and it iswhat separates successful traders from rookies and, well, notsuccessful traders. Due to the inability to control their emo-tions traders will avoid closing losing positions in the hopethat those positions will become profitable at some point intime resulting, in the majority of times, their investment todiminish in value and eventually closing it out of panic withvery high losses.

Even if some positions do turn profitable at a later stage,the point is not to “buy and hope” and leaving open positionsto the hands of the goddess of luck.

It is therefore essential for a trader to be able to separatethemselves from emotion and a proper money managementsystem can do exactly that.

What an effective money management system will actual-ly do is set simple rules that will have to be followed, regard-less of any emotions or instincts the trader might have, andwill lead to risk minimisation and return maximisation.

By Theodoros KyprianouCandidate Certified Financial Technician (CFTe)YESFX Technical Analysis CenterPresident, Banc De Binary

FinancialMirror.com December 12 - 18, 2012

22 WORLD MARKET

Investors typically sell stocks to cut their losses at year end. But worries about the “fiscal cliff ” - and the possibility of higher taxes in 2013 - may act as the greatest incentive to sell both winners and losers by December 31.

The $600 bln of automatic tax increases and spending cuts scheduled for the beginning of next year includes higher rates for capital gains, making tax-related selling even more appealing than usual.

Tax-related selling may be behind the weaker trend in the shares of market leader Apple, analysts said. The stock is down 20% for the quarter, but it’s still up nearly 32% for the year. Apple dropped 8.9% in the past week alone. For a stock that gained more than 25% a year for four consecutive years, the embedded capital gains suddenly look like a selling opportunity if one’s tax bill is going to jump sharply just because the calendar changes.

“Tax-loss selling is always a factor (but) tax-gains selling has been a factor this year,” said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.

“You have a lot of high-net-worth individuals in taxable accounts, and that could be what’s affecting stocks like Apple. If you look at the stocks that people have their largest gains in, they seem to be under a little bit more pressure here than usual.”

Of this year’s top 20 performers in the S&P 1500 index, which includes large, small and mid-cap stocks, all but four have lost ground in the last five trading sessions.

The rush to avoid higher taxes on portfolio gains could cause additional weakness.

The S&P 500 ended the week up just 0.1% after another week of trading largely tied to fiscal cliff negotiation news, which has pushed the market in both directions.

A PAIN PILL FROM THE FED?This week’s Federal Reserve meeting could offer some relief

if policymakers announce further plans to help the lackluster

U.S. economy. The Federal Open Market Committee meets on Tuesday and Wednesday. The policy statement is expected at about 12:30 p.m. EST on Wednesday after the conclusion of the meeting - the Fed’s last one for the year.

Friday’s jobs report showing non-farm payrolls added 146,000 jobs in November eased worries that superstorm Sandy had hit the labor market hard.

“After the FOMC meeting, I think it’s going to be downhill from there as worries about the fiscal cliff really take center stage and prospects of a deal become less and less likely,” said Mohannad Aama, managing director of Beam Capital Management LLC in New York.

“I think we are likely to see an escalation in profit-taking ahead of tax rates going up next year,” he said.

MORE VOLUME AND VOLATILITYVolume could increase as investors try to shift positions

before year end, some analysts said.While most of that would be in stocks, some of the extra

trading volume could spill over into options, said J.J. Kinahan, TD Ameritrade’s chief derivatives strategist.

Volatility could pick up as well, and some of that is already being seen in Apple’s stock.

“The actual volatility in Apple has been very high while the market itself has been calm. I expect Apple’s volatility to carry over into the market volatility,” said Enis Taner, global macro editor at RiskReversal.com, an options trading firm in New York.

Shares of Apple, the largest U.S. company by market value, on Friday registered their worst week since May 2010. In another bearish sign, the stock’s 50-day moving average fell to $599.52 - below its 200-day moving average at $601.38.

“There’s a lot of tax-related selling happening now, and

it will continue to happen. Apple is an example, even (though) there are other factors involved with Apple,” Aama said.

If tax rates are going up, an investor would sell now to book gains and pay lower capital gains taxes, according to Aama. But if an investor has capital losses, then “you take losses and have them count against capital gains or regular income if you do not have any offsetting capital gains.

“In essence, higher capital gains tax rates will give your losses a higher value next year than this year as the income tax shield will be worth more in 2013. So if you have no capital gains this year, you are better off holding off on selling your losers in 2012 and waiting till 2013,” he said in an email.

While investors may be selling stocks to avoid higher taxes in 2013, companies may continue to announce special and accelerated dividend payments before year end. Among the latest, Expedia announced a special dividend of 52 cents a share to be paid on December 28.

To be sure, the big sell-off in stocks following the November 6 election was likely related to tax selling, making it hard to judge how much more is to come.

Even with stocks’ recent declines, the three major U.S. stock indexes are still up for the year. The Dow Jones industrial average is up 7.7% for 2012 so far, while the benchmark Standard & Poor’s 500 index is up 12.8% and the Nasdaq Composite Index is up 14.3% for the year to date.

Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston, said there is a decent chance that the market could rally before the year ends.

«Even with little or spotty news that one would put in the positive bucket regarding the (cliff) negotiations, the market has basically hung in there, and I think it’s hung in there in anticipation of something coming,» he said.

‘Cliff’ worries may drive tax sellingWall St Week Ahead

Two Russian billionaires ended a four-year battle over the world’s biggest nickel and palladium mine last week by giving the biggest voting stake in their $30 bln company to Kremlin-favoured tycoon Roman Abramovich.

Norilsk Nickel, which mines the vast mineral deposits of Russia’s far north, was one of the biggest prizes handed to insiders in the post-Soviet carve-up of Russian industry that created a generation of oligarchs.

Vladimir Putin, who returned to the presidency in May, has said he wanted an end to a feud between two of Russia’s richest men - Vladimir Potanin and Oleg Deripaska - over board control and payments to shareholders in the firm.

Last week’s deal appears to bear the stamp of the Kremlin, with Abramovich, the well-connected owner of London’s Chelsea football club, acting as enforcer to end the dispute.

Potanin and Deripaska agreed that Abramovich would buy a 7.3% stake, in the form of treasury stock, at market price. The stake is now worth around $2 bln.

The three parties will each contribute equal stakes, amounting to 22% of Norilsk, to an escrow account that will be voted by Abramovich’s investment firm Millhouse - giving him the largest say over how the company is run.

“Millhouse will control the compliance with the partnership agreement while voting with this block of shares,” Potanin and Deripaska said in a joint statement.

The arrangement reduces the voting power of Potanin’s holding company, Interros, now 28%, and that of Deripaska’s Hong Kong-listed aluminium giant RUSAL, currently 25%.

In return, Deripaska will get the higher dividends he has long sought. Potanin - who has controlled Norilsk since he won it in the “loans-for-shares” privatisation scheme he ran as a top official in the 1990s - will be chief executive.

PEACE BREAKS OUTThe two sides have suspended legal proceedings. A London

arbitration court had been due to open hearings into a case dating back to 2010 in which Deripaska accused Interros, Potanin’s investment company, of reneging on a deal to run Norilsk in the interests of all shareholders.

Potanin and Deripaska have been locked in a shareholder dispute since RUSAL bought a one-quarter stake in Norilsk just before the 2008 global crash in a cash-and-stock deal worth around $14 bln.

The acquisition was meant to herald a merger into an all-Russian major able to compete with global miners such as BHP, but that plan was crushed by the financial crisis.

Loss-making RUSAL is now burdened by $10.7 bln in net debts, greater than its market capitalisation of $8.9 bln, and is battling a fall in aluminium prices. Deripaska has resisted parting with the stake in Norilsk, now worth around $7 bln, the lion’s share of RUSAL’s equity value.

Abramovich, the 68th-richest man in the world with a fortune estimated at $12.1 bln by Forbes magazine, is widely viewed as having among the strongest Kremlin ties of Russia’s oligarchs.

Now a co-owner of FTSE 100-listed steel firm Evraz,

Abramovich won control of oil firm Sibneft after its privatisation in the 1990s. He sold Sibneft in 2005 to Gazprom, the state gas export monopoly, for $13 bln.

Russia’s richest man, Alisher Usmanov, whose Metalloinvest owns a 4% stake in Norilsk, has in the past tried to mediate between the Norilsk shareholders.

Shares of RUSAL gained 2.4% to HK$4.64 in Hong Kong, outperforming a flat broader market, but much lower than its 2010 IPO price of HK$10.80.

Norilsk shares gained 1.5% in Moscow to 4,884 roubles, bringing gains since mid-November to over 8%.

Norilsk feud ends with Abramovich as enforcerChelsea boss will control 22%; RUSAL shares up 2.4%, Norilsk gains 1.5%

December 12 - 18, 2012FinancialMirror.com

WORLD MARKETS | 23

December 12 - 18, 2012 FinancialMirror.com

24 | WORLD MARKETS

Gov’ts must tackle commodity price swingsl Increase likelihood of conflict and protectionism, as volatility to last into medium term

Governments must cooperate to tackle increasingly sharpswings in prices of commodities such as food, metals and oilthat threaten stability within and between countries, theChatham House think tank said.

“Trade is becoming a frontline for conflicts over resources -at a time when the global economy is more dependent thanever on trade in resources,” the London-based think tank saidin a report.

“Higher prices and higher volatility have increased thestakes within and between countries,” the report, “ResourcesFutures” said.

It recommended the formation of a group of the top 30resource producers and consumers to work together to iron outsharp price changes and reduce protectionism.

“We believe that confronting hard price volatility upfront isa major insurance policy for the global economy,” Bernice Lee,the lead author of the report, said.

As only eight countries produce the majority of the world’scommodities and demand keeps rising, prices are very prone tofluctuations and this, rather than outright scarcity, is set to bethe major difficulty, the think-tank said.

The size of fluctuations in commodity prices has more thantripled since 2005 compared to the period from 1980, the reportshowed, based on IMF data.

When this affects basic household goods there can be majorconsequences.

EXISTENTIAL THREAT“If you look at what the initial reasons were for people

hitting the streets in North Africa during the Arab Spring a lotof it started off with people being angry about the price ofbread,” Rob Bailey, another of the report’s authors, told abriefing in London.

“It’s almost an existential threat to some governments insome parts of the world, this issue of price volatility.”

Unlike previous waves of volatility, the current period offluctuating commodity prices is not driven by a fundamentalcrisis such as a world war or great depression, Bailey said.

The report also listed water scarcity, climate change andenergy constraints as among problems for output of resources.

For example mining projects in Chile and Mongolia haverecently been delayed due to energy and water shortages,

potentially affecting world prices, Lee said.Nationalisation of commodity companies, the confiscation

of foreign-owned assets, and windfall profit taxes are also morelikely in an era of fluctuating prices, the report said.

U.S. sees Asia’s global power rising by 2030China’s economy is likely to surpass the United States in

less than two decades while Asia will overtake North Americaand Europe combined in global power by 2030, a U.S. intel-ligence report said on Monday.“Meanwhile, the economies ofEurope, Japan, and Russia are likely to continue their slowrelative declines,” it said.

The report, “Global Trends 2030: Alternative Worlds,” wasissued by the National Intelligence Council, an analytical armof the U.S. government’s Office of the Director of NationalIntelligence. In addition to U.S. intelligence analysts, thereport includes the views of foreign and private experts.

It is the fifth report of a series - the previous one wasreleased in 2008 - that aims to stimulate “strategic thinking”among decision makers and not to predict the future.

The health of the global economy increasingly will belinked to progress in the developing world rather than thetraditional West, the report said. “As the world’s largest eco-nomic power, China is expected to remain ahead of India, butthe gap could begin to close by 2030,” it said. “India’s rate ofeconomic growth is likely to rise while China’s slows. In 2030India could be the rising economic powerhouse that China isseen to be today. China’s current economic growth rate - 8to 10% - will probably be a distant memory by 2030.”

TECHNOLOGY INNOVATIONEconomic growth in emerging markets was expected to

drive technological innovation and flows of companies, ideas,entrepreneurs and capital to developing countries willincrease, the report said.

“During the next 15-20 years, more technological activityis likely to move to the developing world as multinationalsfocus on the fastest-growing emerging markets and asChinese, Indian, Brazilian, and other emerging-economycorporations rapidly become internationally competitive.”

Technology will help shift power away from any one coun-try and toward “multifaceted and amorphous networks” toinfluence global policies, it said.

“Technology will continue to be the great leveler. Thefuture Internet ‘moguls’ - as with today’s Google or Facebook-sit on mountains of data and have more real-time informa-tion at their fingertips than most governments.”

That data will enable private companies to influencebehavior on as large a scale as government entities.

The widespread use of new communications technologieswill mean social networking will enable citizens to jointogether and challenge governments, as seen in Middle East,but will also provide governments “an unprecedented abilityto monitor their citizens,” the report said.

POST ARAB SPRINGIn the Middle East, the youth who drove the Arab Spring

will give way to a gradually aging population and with new

technologies starting to provide the world with other sourcesof oil and gas, the Middle East economy will need to increas-ingly diversify, the report said.

“But the Middle East’s trajectory will depend on its politi-cal landscape.

“On the one hand, if the Islamic Republic maintainspower in Iran and is able to develop nuclear weapons, theMiddle East will face a highly unstable future. On the otherhand, the emergence of moderate, democratic governmentsor a breakthrough agreement to resolve the Israeli-Palestinian conflict could have enormously positive conse-quences.”

Islamist terrorism might end by 2030, but terrorism isunlikely to disappear completely because states may use suchgroups due to a “strong sense of insecurity,” the report said.

“With more widespread access to lethal and disruptivetechnologies, individuals who are experts in such niche areasas cyber systems might sell their services to the highest bid-der, including terrorists, who would focus less on causingmass casualties and more on creating widespread economicand financial disruptions.”

War historians believe cyber power may end up similar toearly 20th century projections of air power, which played asignificant role but did not turn out to be the war-winningcapability that some enthusiasts had predicted, the reportsaid.

Norquist won’t oppose Republicans on taxes, yetl Some Republicans want to give in to Obama on tax rates;

Americans for Tax Reform raised record amount in 2012Republican lawmakers who publicly mull acquiescing to tax

increases on the wealthiest Americans may be guilty of “impurethoughts” in the words of anti-tax crusader Grover Norquist, buthe says that alone is no reason to throw them out of office.

“Thinking something out loud is not treason,” Norquist, thepresident of Americans for Tax Reform, told Reuters in an inter-view.

Senators Bob Corker of Tennessee and Saxby Chambliss ofGeorgia, and Representative Tom Cole of Oklahoma are amonga handful of Republicans openly weighing President BarackObama’s proposal to raise tax rates on household incomes above$250,000, the stickiest point in the talks to avert the “fiscal cliff.”

“Right now, he has had impure thoughts on tax increases,”Norquist said of the recent comments by Chambliss. “Butnobody has voted for a tax increase.”

Obama and U.S. House of Representatives Speaker JohnBoehner met on Sunday in negotiations on a potential deal,about three weeks before some $600 bln in tax increases and

spending cuts begin to kick in, possibly igniting another reces-sion.

Asked about Republicans giving in on taxes, Norquist said: “Itmay be unhelpful, it may be throwing marbles at Boehner’s feet,but I think they are trying to be helpful.”

Norquist’s famed “Taxpayer Protection Pledge,” signed bynearly every Republican lawmaker in the House and Senate,holds that they not raise taxes. Support has appeared to waneamid a drive to reduce deficits topping $1 trln and with pressurefrom the latest fiscal standoff.

Lawmakers who sign the pledge vow to oppose any efforts toboost marginal individual and corporate income tax rates and to“oppose any net reduction or elimination of deductions andcredits, unless matched dollar for dollar by further reducing taxrates.”

Corker said on Sunday the party might be forced to give in toObama on higher tax rates on wealthier individuals. Opinionpolls show the public would tend to blame Republicans if the

country falls off the fiscal cliff.“There is a growing group of folks who are ... realizing that

we don’t have a lot of cards as it relates to the tax issue beforeyear-end,” Corker told the “Fox News Sunday” program.

Despite such statements, Norquist said it was too early tothink about supporting more-conservative candidates to chal-lenge lawmakers who seem to stray from the pledge.

Of Corker’s comments, Norquist lamented that no one paysattention to the spending cuts the senator has proposed.

“All the advocates of bigger government hear is Corker willvote for a tax increase,” Norquist said.

FinancialMirror.com December 12 - 18, 2012

GREECE 25

Greek Prime Minister Antonis Samaras visited Bavaria on Sun-day, charming former critics of Greece in the southern German state who once wished to eject his country from the euro zone, and departing with pledges of solidarity and support.

Samaras’ visit to Munich and dinner with Bavaria’s State Pre-mier Horst Seehofer on Sunday night was another sign of the new thaw in Greek-German relations that started when Chancellor An-gela Merkel visited Athens in October and was convinced of Ath-ens’ commitment to painful reforms.

“We want to support the Greek government and the Greek peo-ple, and help them gain economic growth and competitiveness,” Seehofer said at a press conference with Samaras.

Seehofer added the Greeks deserved deep respect for their achievements. “They are on a good way to overcoming the causes of the crisis.”

Samaras’ trip was partly a charm offensive in one of Germany’s most conservative and affluent areas, as well as a plea to interna-tional creditors to keep the faith in Athens’ reforms.

“To force an upswing, we need blood and air, which keeps the economy alive, and that is liquidity,” Samaras said.

His visit to Bavaria came little under two weeks after Greece’s in-ternational creditors clinched an agreement on reducing the coun-try’s debt, allowing the release of urgently needed loans to keep the

near-bankrupt economy afloat.The Greek Prime Minister added that a debt buy back that is key

to the bail out was going very well.Merkel and her centre-right government have taken a much

more conciliatory tone on Greece - a country which had been branded a “bottomless pit” by some of her lawmakers - focusing instead on the progress made by Greece and the suffering of its citi-zens as tough reforms bite.

Seehofer and his Christian Social Union (CSU), sister party to Merkel’s conservatives, have fallen into line behind the Chancellor, acknowledging that bailing out Greece is less costly than the chaos that would follow if it left the euro zone.

Previously CSU deputies had taken a tough stance, repeatedly calling for Greece to be thrown out of the euro zone, suggesting its civil servants be paid in drachmas and likening bailing out Greece to “watering flowers in the desert”.

Seehofer pledged that a “more open, sensitive and sensible tone” should dominate in the debate on Greece.

Bavarians consider themselves passionate Europeans and read-ily admit they have benefited hugely from the euro zone, with the larger part of their goods and services exported to the region. Yet the affluent state, where traditional values are held dear, is also

proud of its balanced budget and has little time for profligacy.Samaras told the Muenchner Merkur local newspaper in an in-

terview published in its weekend edition that Bavarians and Greeks shared the same values and ideals.

“We have nothing to hide from each other, but a lot to gain when we talk. I’m looking forward to a new start in our relations.”

Behind the scenes, Germany has long been trying to promote projects and corporate networks that can bring German business acumen to Greece as well as twinning towns to try and bring Ger-mans and Greeks closer together.

Samaras charms former critics in southern state

German Finance Minister Wolfgang Schaeuble repeated his assertion that the new debt deal for Greece will cost Berlin billions of euros in the long-term, but added the euro’s advan-tages for Germany outweigh the cost of all aid measures.

In an interview with Bild am Sonntag newspaper, Schaeu-ble said: “I can’t say for certain how much it will cost in the end.”

There are two areas where the cost burden can be calculated already however, he said.

Waiving interest payments on previous Greek debt would cost Germany around 130 mln euros, and foregoing Germa-ny’s share of the European Central Bank’s profits on its Greek debt holdings would amount to 2.7 bln euros until 2035.

He couldn’t rule out further costs as developments in Greece were unclear. But he added Greek’s international credi-tors had to keep up the pressure on Athens to implement re-forms.

“The advantages that we get from the single currency are much greater than the cost of all the aid measures,” he told Bild am Sonntag. Germany was therefore well advised to keep sup-porting the single currency, he said.

German lawmakers approved the latest bailout for Greece at the end of last month by a large majority despite growing unease about the cost less than a year before federal elections.

The package aims to cut Greece’s debt load to 124% of national output by 2020. To reduce the debt pile, ministers agreed to cut the interest rate on official loans, extend the ma-turity of Greece’s loans from the EFSF bailout fund by 15 years to 30 years, and grant a 10-year interest repayment deferral on those loans.

States also agreed to forego profits accruing to their nation-al central banks from European Central Bank purchases of discounted Greek government bonds in the secondary market.

Schaeuble: Debt deal will cost billions

Greece’s central government budget deficit narrowed by 40% in the first 11 months of the year, the finance ministry said on Monday.

The figure for the Jan-Nov period, which excludes local au-thority and social security spending, fell to 12.9 bln euros from 21.5 bln in the same period last year.

“(The budget execution) was satisfactory, far exceeding es-timates,” Deputy Finance Minister Christos Staikouras said in a statement.

“This creates reasonable expectations for a good result in 2012, forming the basis for a primary surplus in 2013,” he said.

Severe austerity imposed by the country’s lenders as part of its bailout caused net revenue to slightly fall by 1.5% to 45.8 bln euros compared to the same period last year, despite a tax hike.

The figure was in line with 2012 targets. The central government budget figure excludes key elements

of the general government budget, which is the one used by the EU to assess Greece’s fiscal performance under a Troika bailout

programme.Athens aims to reduce this by 35% this year to 12.9 bln eu-

ros, or 6.6% of GDP.In a bid to make up for revenue shortfall, the finance minis-

try has slashed investment by about a fifth, further hurting the economy.

It also cut back on primary spending, before interest service costs, by 9.6%, partly by suspending payments to government suppliers and state workers.

Qatar is interested in Greek defence companies being privatised and could submit investment plans when Prime Minister Antonis Samaras visits the Gulf state early next year, Greece’s defence min-ister said on Monday.

Greece has been slow to sell off assets as agreed with its interna-tional lenders, due to a lack of interest from investors given its grim economic outlook as well as political reluctance to push ahead with unpopular reforms.

Its troubled defence companies - Hellenic Defense Systems (EAS) and Hellenic Vehicle Industry (ELVO) - are among the as-sets earmarked for privatisation.

“Qatar is interested in a series of privatisations regarding the Greek defence industry,” Defence Minister Panos Panagiotopou-los said in a statement after meeting Qatar’s Crown Prince Sheikh Tamim bin Hamad al-Thani in Doha.

“They expect Prime Minister Antonis Samaras’ official visit here

in the first few months of 2013, and they believe that the conditions will then be ripe for specific proposals and investment plans in our country.”

Samaras was initially expected to visit Qatar in November to discuss investment possibilities in the recession-hit economy but cancelled his trip at the last-minute due to a crucial meeting of euro zone finance ministers.

Other investment areas expected to be discussed include real estate projects such as the Hellenikon project, a 620-hectare de-velopment near central Athens, Europe’s largest real estate project. Qatar Holding, the investment arm of Qatar’s sovereign wealth fund, is participating in the tender of this project.

Greece has promised the European Union and the International Monetary Fund it will raise 11 billion euros ($14 billion) from asset sales by the end of 2016, below its previous privatisation revenue target for 19 billion euros by 2015.

Bavarians promise solidarity instead of scorn

Greece plans to tax businesses and middle incomes more in an effort to raise revenues from a tax reform bill it has long-promised its international lenders.

The EU and IMF have demanded the cash-strapped country reform a tax administration widely seen as corrupt and ineffec-tive before they disburse about 9 bln euros in aid early next year.

But Greece has so far failed to make real progress and disa-greements over who should be taxed and by how much has cre-ated a rift in Prime Minister Antonis Samaras’s coalition govern-ment, a mix of leftists and conservatives.

The finance ministry plans to raise the corporate tax rate on profits to 26% from 20%. In dividends, the rate would fall to 10% from 25%, currently.

The ministry’s proposals include reducing tax brackets to three from eight and imposing a 40% top rate on incomes above 40,000 euros. Currently, the 40% tax rate applies to those earning over 60,000 annually and those earning over 100,000 euros are taxed at 45%.

“The new tax system is simpler, fairer and geared toward growth,” an official said.

The proposals offer some relief to low incomes, as tax exemp-tions for wage earners and pensioners would be increased to 9,000 euros from 5,000 euros currently for those earning up to 25,000 euros.

Greek press had speculated that the government planned to apply a 45% top tax rate on incomes above 26,000 euros and abol-ish tax credits for dependent children, deepening anger among a public worn down by five years of recession.

Last week, Samaras was forced to dismiss talk that his govern-ment had such plans in an effort to bridge differences among his ruling coalition.

The new tax system must generate about 1.1 bln euros of ad-ditional revenues from 2014, as part of a 13.5 bln euro austerity package that Greece passed last month to comply with the terms of its bailout.

Samaras’s coalition allies have threatened to block the deal in parliament, saying it would further strain honest taxpayers in-stead of cracking down on wealthy tax evaders.

Tax to rise on businesses, middle incomes

Qatar eyes investment in defence sector

Jan-Nov budget gap narrows by 40% y/y

December 12 - 18, 2012 FinancialMirror.com

26 | CSE PRICES

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) 9M 9M Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2010 2011 2012 2011 2011 Per Per Yield High Low Close 31/12/2011 since('000) euro ('000) euro Times EUR ('000) EUR ('000) EUR ('000) EUR ('000) Share Share % EUR EUR EUR EUR 31/12/2011

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2011 2011 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2011 2012 φορολ. Cents Cents 31/12/2011 31/12/2011

Index performanceCSE General Index 385.85 84.53 126.94 295.94 -57.11FTSE/CySE 20 134.85 34.56 48.62 104.60 -53.52FTSE/XA & XAK Banking 365.45 116.68 189.07 196.84 -3.95MAIN MARKETMAIN MARKET INDEX 2010 9M '11 9M '12 2011 Cents Cents % 377.70 75.13 116.71 286.83 -59.31BANK OF CYPRUS BOCY ΤΡΚΥ 1 795 141 1.00 504 435 1.24 0.23 306 000 -792 593 -210 956 -1 371 000 n/a -76.37 0.755 0.160 0.281 0.61 -53.93CYPRUS POPULAR BANK CPB ΛΑΙΚ 3 411 086 0.10 173 965 0.25 0.20 87 100 -291 493 -1 671 495 -3 650 380 n/a -107.02 0.390 0.030 0.051 0.30 -82.83HELLENIC BANK HB ΕΛΗΤ 595 436 0.43 108 369 0.81 0.22 8 889 -73 081 219 -100 658 n/a -16.90 0.356 0.165 0.182 0.36 -49.58LOGICOM LOG ΛΟΤΖ 74 080 0.35 19 853 0.81 0.33 3 274 3 024 3 026 3 585 5.54 4.84 2.50 9.33 0.340 0.240 0.268 0.27 -0.37A. TSOKKOS HOTELS TSH ΤΣΟΚ 246 214 0.35 11 818 0.54 0.09 -17 397 -1 527 109 -6 894 n/a -2.80 0.080 0.045 0.048 0.05 -5.88LOUIS LTD LUI ΛΟΥΗ 460 547 0.17 8 750 0.27 0.07 -10 243 -4 830 -8 489 -82 674 n/a -17.95 0.037 0.018 0.019 0.04 -48.65ORPHANIDES ORF ΟΡΦΑ 80 966 0.35 3 643 1.49 0.03 3 328 18 -17 728 -8 648 n/a -10.68 0.120 0.045 0.045 0.12 -62.81SECTOR TOTAL / OΛIKO 830 835 0.78 0.17 380 951 -1 160 482 -1 905 314 -5 216 669 0.13

PARALLEL MARKET

PARALLEL MARKET INDEX 2010 9M '11 9M '12 2011 Cents Cents % 704.24 573.37 617.37 656.6 -5.97WOOLWORTH (CYPRUS) PROP FWW ΓΟΥΛ 114 252 0.34 114 320 1.76 0.14 8 848 3 780 2 372 6 674 4.28 5.84 2.31 9.24 0.340 0.230 0.250 0.32 -21.63VASSILIKO CEMENT VCW ΤΣΙΒ 71 936 0.43 31 220 3.04 0.14 1 310 -2 992 -258 -1 174 n/a -1.63 1.50 3.46 0.570 0.350 0.434 0.35 25.80A&P (ANDREOU&PARASKEV.) APE ΑΝΠΑ 182 725 0.17 30 698 0.28 0.60 4 108 4 122 7.45 2.26 0.200 0.150 0.168 0.18 -6.15ERMES DEPARTMENT STORES ERME ΕΡΜΕ 175 000 0.34 22 750 0.48 0.27 6 309 287 -505 197 115.48 0.11 2.10 16.15 0.167 0.115 0.130 0.167 -22.16LAIKI CAPITAL PUBLIC CO LI ΛΕΠΕ 282 213 0.27 16 368 0.26 0.22 -47 67 -3 539 -1 734 n/a -0.61 0.070 0.047 0.058 0.06 -7.94K. ATHIENITIS CONTR. - DEV. ACD ΑΘΗΕ 13 416 0.35 14 087 4.69 0.22 25 987 2 133 6.60 15.90 1.100 0.280 1.050 1.00 5.00G.A.P VASSILOPOULOS GAP ΒΑΣΙ 38 750 0.17 5 038 0.30 0.43 -1 903 -1 600 n/a -4.13 0.180 0.130 0.130 0.18 -27.78MITSIDES MIT ΜΙΤΣ 8 200 1.03 4 100 3.16 0.16 2 574 -947 n/a -11.55 0.650 0.500 0.500 0.63 -20.63PHIL. ANDREOU PHIL ΦΙΛΑ 45 000 0.17 4 275 0.09 1.06 -1 453 -1 333 n/a -2.96 0.099 0.090 0.095 0.10 -3.06LORDOS HOTELS HOLDINGS LHH ΛΟΞΕ 35 000 0.35 3 675 1.91 0.06 456 759 4.84 2.17 0.120 0.080 0.105 0.08 26.51LIBERTY LIFE INSURANCE LIB ΛΙΠΕ 122 804 0.10 4 175 0.05 0.72 -8 419 -2 667 n/a -2.17 0.047 0.020 0.034 0.05 -27.66LORDOS UNITED PLASTIC LPL ΛΟΡ∆ 48 006 0.35 2 160 0.53 0.09 71 -1 302 n/a -2.71 0.070 0.045 0.045 0.06 -25.00SECTOR TOTAL / OΛIKO 252 866 1.38 0.34 37 841 1 142 -1 930 3 128 12.32ALTERNATIVE MARKETALTERNATIVE INDEX 2010 9M '11 9M '12 2011 Cents Cents % 740.44 635.55 632.63 738.87 -14.38A. PANAYIDES CONTRACTING APC ΑΠΑΝ 36 572 0.35 4 389 0.88 0.14 1 767 373 1.02 0.12 0.17 -29.41ALKIS HADJ. (FROU-FROU) FBI ΦΡΟΥ 98 861 0.26 15 818 0.49 0.32 4 363 2 334 2.36 0.91 5.69 0.16 0.16 0.00A.L. PROCHOICE FIN. SERV. PROP ΠΡΟΠ 158 660 0.09 1 587 0.02 0.56 -5 724 -2 594 -1.63 0.01 0.02 -50.00AMATHUS PUBLIC LTD ANC ΑΜΑΘ 110 358 0.35 5 518 0.49 0.10 -1 339 -2 121 -1.92 0.05 0.10 -50.00ATLANTIC INSURANCE ATL ΑΤΑΣ 39 109 0.35 25 421 0.73 0.89 4 108 2 306 5.90 7.00 10.77 0.65 0.83 -21.69BLUE ISLAND FISH FARMING BLUE ΜΠΛΕ 15 438 0.17 2 933 0.80 0.24 257 570 3.69 1.20 6.32 0.19 0.21 -9.52CCC TOURIST ENT. CCCT ΣΙΤΟ 141 692 0.43 5 668 0.49 0.08 -6 512 -3 519 -2.48 0.04 0.07 -42.86CHRIS JOANNOU LTD CJ ΙΟΑΝ 10 070 0.35 201 0.42 0.05 -622 -375 -3.72 0.02 0.02 0.00CLARIDGE INVESTMENTS CLA ΚΛΑΡ 108 163 0.35 4 327 0.39 0.10 -3 641 -3 942 -3.64 0.04 0.05 -20.00CLR INVESTMENT FUND CLL ΣΛΕΠ 288 141 0.08 2 881 0.07 0.14 -7 007 -7 654 -2.66 0.01 0.01 0.00CPI ENTER. DEVELOPMENT CPIH ΚΕΑΕ 24 379 0.17 7 314 0.65 0.46 -157 -65 -0.27 0.30 0.31 -3.23C.T.O. PUBLIC CO CTO ΣΤΟ 208 700 0.87 8 348 0.09 0.44 1 211 -3 921 -1.88 0.04 0.05 -20.00CYPRINT LTD. CYP ΣΑΙΠ 5 140 0.43 1 388 0.27 1.00 -1 031 -513 -9.98 0.27 0.32 -15.63CYPRUS CEMENT CCC ΚΕΤΣ 137 611 0.43 19 266 2.20 0.06 -6 432 -4 630 -3.36 0.14 0.18 -22.22CYPRUS FOREST IND. CFI ∆ΒΚ∆ 3 059 1.73 4 160 6.13 0.22 568 -4 127 -134.91 1.36 3.20 -57.50CYPRUS TRADING CORP. CTC ΣΤΣ∆ 92 079 0.85 31 307 1.86 0.18 13 270 1 756 482 5 693 6.18 3.20 9.41 0.34 0.32 6.25CYVENTURE CAPITAL EXE ΒΕΝΤ 14 973 0.43 2 096 0.47 0.30 1 157 1 104 7.37 0.14 0.17 -17.65DIMCO PLC DES ΝΤΙΜ 80 999 0.09 5 670 0.28 0.25 2 183 1 604 1.98 0.07 0.09 -22.22DISPLAY ART LTD DISP ΝΤΙΑ 13 506 0.35 810 0.29 0.20 -380 -526 -3.89 0.06 0.06 0.00ELLINAS FINANCE ELF ΕΛΛΗ 16 000 0.62 6 240 0.67 0.58 575 -257 -1.61 0.39 0.38 2.63ELMA HOLDINGS ELMA ΕΛΕΠ 348 333 0.09 3 483 0.04 0.26 -5 602 - 0.01 0.02 -50.00EUROPROFIT CAPITAL ERP ΓΙΟΥ 31 344 0.09 627 0.20 0.10 -980 -212 -0.68 0.02 0.03 -33.33EXELIXIS INVESTMENT EXIN ΕΞΕΠ 34 000 0.29 4 760 0.32 0.43 1 048 -15 562 -45.77 0.14 0.15 -6.67FILOKTIMATIKI PES ΦΙΛΟ 4 805 0.87 2 306 2.55 0.19 614 1 608 33.47 0.48 0.48 0.00K & G COMPLEX KG ΚΚΟΜ 100 000 0.17 10 000 0.97 0.10 -1 668 5 130 5.13 0.45 4.50 0.10 0.12 -16.67KARAOLIS GROUP KARA 22 343 0.34 447 -0.05 -0.43 -844 -2 198 -9.84 0.02 0.03 -33.33KARKOTIS MANUFACTURING KARK ΚΑΡΚ 7 967 0.35 956 0.09 1.28 -738 -110 -1.38 0.12 0.14 -14.29KEO LTD KEO ΚΕΟ 30 978 0.43 11 462 3.55 0.10 -3 358 -3 948 -12.74 0.37 0.70 -47.14KOSMOS INSURANCE COS ΚΟΣΑ 17 985 0.31 1 619 0.41 0.22 -760 -804 -4.47 0.09 0.09 0.00KRONOS PRESS DIST. KRO ΚΡΟΝ 20 400 0.43 12 036 0.68 0.87 969 100 0.49 0.59 0.65 -9.23JUPITER PORTFOLIO INV. ARI ΤΖΕΠ 62 446 0.20 4 371 0.36 0.20 -2 094 -1 392 -2.23 0.07 0.09 -22.22LEPTOS CALYPSO HOTELS LCH ΛΕΠΤ 101 683 0.35 5 084 0.80 0.06 -3 469 -6 299 -6.19 0.05 0.08 -37.50MALLOUPAS & PAPACOSTAS MPT ΜΑΠΑ 43 211 0.35 7 778 0.64 0.28 -1 746 1 345 3.11 0.18 0.19 -5.26MINERVA INSURANCE MINE ΜΙΝΕ 78 415 0.17 1 568 0.10 0.20 -4 952 -3 185 -4.06 0.02 0.04 -50.00MODESTOU SOUND & VISION MSV ΜΟ∆Ε 14 900 0.14 149 0.02 0.43 -594 -281 -1.89 0.01 0.01 0.00PANDORA INVESTMENTS PND ΠΑΝ∆ 424 435 0.17 25 466 0.20 0.30 -9 238 -16 880 -3.98 0.06 0.11 -45.45PIPIS FARM PIPF ΠΙΠΗ 9 660 0.35 773 0.18 0.44 313 -1 314 -13.60 0.08 0.08 0.00PETROLINA HOLDINGS PHL ΛΙΝΑ 87 500 0.35 63 875 1.31 0.56 8 617 10 753 12.29 1.90 2.60 0.73 0.52 40.38PIERIDES HOLDINGS PGE ΠΙΕΡ 22 100 0.34 1 768 0.40 0.20 11 -868 -3.93 0.08 0.06 33.33PRIMETEL PLC PTL ΠΤΕΛ 382 440 0.17 19 122 0.01 4.07 -5 231 -6 352 -1.66 0.05 0.06 -16.67PROODOS AGROS AGRO ΑΓΡΟ 3 590 1.73 5 421 3.35 0.45 362 73 2.03 1.51 1.62 -6.79RENOS HADJIOANNOU FARMS FRH ΡΕΝΟ 297 915 0.03 2 979 0.04 0.25 14 151 0.05 0.01 0.01 0.00ROYAL HIGHGATE LTD ROY ΡΟΧΑ 33 000 0.17 1 650 0.12 0.42 344 546 1.65 0.05 0.08 -37.50SALAMIS TOURS SAL ΣΑΛΑ 36 529 0.43 1 826 0.48 0.10 131 964 2.64 0.05 0.09 -44.44SFS GROUP PUBLIC CO. SFS ΕΣΕΦ 66 520 1.00 3 326 1.59 0.03 -9 983 -19 100 -28.71 0.05 0.10 -50.00STADEMOS HOTELS SHL ΣΤΑ∆ 32 500 0.69 7 475 2.36 0.10 1 165 1 577 4.85 2.00 8.70 0.23 0.23 0.00TOP KINISIS TRAVEL TOP ΤΟΚΙ 12 212 0.34 3 175 0.41 0.64 -181 -689 -5.64 0.26 0.26 0.00TOXOTIS INVESTMENTS COV ΤΟΕΠ 20 700 0.03 414 0.04 0.50 -25 11 0.05 0.02 0.02 0.00UNIFAST FIN. & INV. UFI ΦΑΣΤ 9 788 0.05 196 0.11 0.18 -43 -37 -0.38 0.02 0.02 0.00VISION INTL PEOPLE GROUP VIP ΒΙΖΝ 75 000 $ 0.10 75 000 0.20 5.08 -330 2 753 3.67 1.00 1.00 0.00SECTOR TOTAL / OΛIKO 434 454 0.78 0.48 -41 634 1 756 482 -74 480

2012

December 12 - 18, 2012FinancialMirror.com

CSE PRICES | 27

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) 6M 6M Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2010 2011 2012 2011 2011 Per Per Yield High Low Close 31/12/2011 since('000) euro ('000) euro Times EUR ('000) EUR ('000) EUR ('000) EUR ('000) Share Share % EUR EUR EUR EUR 31/12/2011

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2011 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2011 2012 φορολ. Cents Cents 31/12/2011 31/12/2011

2012

EMERGING MARKET (N.E.A.) CSE Code No. of Shares Market Cap Latest price Nominal Listing(000) EUR (000) EUR Value EUR Date

FOCUS FINANCIAL SERVICES EXTE/EXTE 1 690 11 830 7.00 0.30 29/3/10CONSTANTINOU BROS PROPERTIES ΚΩΑΜ/CBAM 1 950 36 855 18.90 0.01 29/3/10CYPRUS LIMNI RESORTS & GOLF ΛΙΜΝΗ/LIMNI 300 000 270 000 0.90 0.10 29/3/10PHONE MARKETING S.A. PHONE/PHONE 1 575 5 513 3.50 0.30 29/3/10ITTL TRADE TOURIST & LEISURE ΙΤΤΛ/ITTL 100 000 75 000 0.75 0.50 06/8/10INT'L LIFE GENERAL INSURANCE SA INLE 8 057 21 834 2.71 1.00 21/7/11ORCA INVESTMENT PLC ΟΡΚΑ/ORCA 1 200 14 280 11.90 0.01 10/9/10P.C. SPLASH WATER PUBLIC CO. ΠΚΣΓ/PCSW 35 052 42 062 1.20 0.25 10/10/11WARGAMING PUBLIC CO. ΓΚ/WG 3 400 3 400 1.00 0.10 2/11/11ECHMI S.A. INVESTMENT CONSULTANTS EXMI/ΕΗΜΙ 321 1 611 5.02 1.00 10/04/12EPILEKTOS ENERGY S.A. ΕΠΙΕΝ/EPIEN 10 906 43 624 4.00 0.32 28/06/12KERVERUS IT (CYPRUS) LTD ΚΕΡΒ/KERV 1 810 2 552 1.41 1.00 29/06/12C.O. CYPRUS OPPORTUNITY ENERGY ΓΚΑΖ/GAS 8 390 14 263 1.70 0.01 17/07/12BROZOS IVY PUBLIC ΜΠΡΟ/BRO 6 500 10 010 1.54 0.20 11/09/12INTERLIFE GENERAL INSURANCE SA ΙΝΛΙ/INLI 18 568 39 178 2.11 0.59 17/10/12TOTAL 580 183

WARRANTS No. of warrants Mkt Cap Exercise Period Exercise Price Expiry Date Latest(000) (00) euro cents Close

ALKIS HADJ. FROU-FROU (WAR. 2015) 24831 25 20-30 Jun 2001-2015 173 30-06-2005 0.001AMATHUS NAVIGATION (WAR.07-2013) 17606 176 1-15 May & 1-15 Nov 07-13 20c or EUR 35c 15-11-2013 0.010TOTAL 224

EMERGING MARKET CSE Code No. of Bonds Market Cap Latest price Listing Latest

(N.E.A.) EUR EUR Date NAV

GreenTea SA GRTEA 1 040 104 000 000 100 000 8 Nov 2011 N/A

Kappasquare Ltd KPSQ 17 000 1 700 000 100 30 Mar 2012 N/A

Nugreat Ltd NGRT 23 000 2 300 000 100 30 Mar 2012 N/A

Zetadynamic Ltd ZETA 9 000 900 000 100 30 Mar 2012 N/A

Akcern Ltd AKCN 2 001 200 100 100 9 May 2012 N/A

APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. NAV Disc/PremINVESTMENT INDEX 2010 9M '11 9M '12 2011 Cents Cents % 619.02 441.63 553.41 454.51 21.76ACTIBOND GROWTH FUND ACT ΑΚΕΠ 58 430 0.17 993 0.0379 -55.15 -760 -737 -1.26 0.017 0.02 -15.00APOLLO INVESTMENT FUND APOL ΑΠΕΠ 56 147 0.27 6 457 0.2771 -58.50 -3 213 -4 301 -7.66 0.115 0.09 27.78FINIKAS AMMOCHOSTOU CONF ΚΟΕΠ 49 385 0.10 494 0.0100 0.00 -2 533 -1 465 -2.97 0.010 0.03 -66.67CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ 44 494 0.30 5 384 0.2665 -54.60 -10 875 -8 799 -3 229 -10 771 -24.21 0.121 0.14 -13.57DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ 200 000 0.87 51 400 0.7501 -65.74 -15 581 -14 687 -7.34 0.257 0.19 35.26DODONI PORTFOLIO DOD ∆ΩΕΠ 282 483 0.02 847 0.0072 -58.33 -5 227 -6 357 -2.25 0.003 0.01 -70.00HARVEST CAPITAL HCM ΧΑΕΠ 14 000 0.17 1 092 0.0667 16.94 -6 -255 -1.82 0.078 0.10 -22.00INTERFUND INVESTMENTS INF ΙΝΕΠ 56 545 0.51 1 979 0.1633 -78.57 -12 850 -9 493 -16.79 0.035 0.10 -65.00ISCHIS INVESTMENT ISXI ΙΣΕΠ 11 000 0.51 473 0.0682 -36.95 -112 -165 -1.50 0.043 0.04 7.50REGALLIA HOLD. & INV. REG ΡΕΕΠ 20 247 0.09 405 0.0308 -35.06 -195 -150 -0.74 0.020 0.02 0.00TRIENA INV. INCOME TINC ΤΕΕΠ 2 729 0.85 2 183 1.0430 -23.30 389 331 12.13 11.00 13.75 0.800 0.80 0.00TRIENA INV. CAPITAL TCAP ΤΚΕΠ 2 729 0.85 5 458 2.1427 -6.66 -446 -136 -4.98 2.000 2.00 0.00TRIENA INTERNATIONAL TINT Τ∆ΕΠ 1 364 0.85 709 0.6125 -15.10 -7 -36 -2.64 0.520 0.60 -13.33UNIGROWTH INVESTMENTS UNI ΓΙΕΠ 13 468 0.17 3 367 0.2300 8.70 -127 -303 -2.25 0.250 0.25 0.00SECTOR TOTAL / OΛIKO 81 242 -51 543 -8 799 -3 229 -48 525 0.00SHIPPING COMPANIES SECTOR

9M '11 9M '12SPECIAL CATEGORY / 2010 2011AIANTAS INVESTMENTS AIAS ΑΙΕΠ 81 202 0.21 812 0.1763 -94.33 -214 -27 -0.03 0.01 0.01 -AD SHOPPING GALLERIES AD ΑΘΩΣ 128 936 0.17 12 894 0.06 1.67 -3 960 -12 265 -9.51 0.10 0.11 -9.09ASTARTI DEVELOPMENT AST ΑΣΤΑ 99 925 0.35 4 996 0.02 2.27 -11 422 -6 400 -6.40 0.05 0.05 0.00CEILFLOOR CFL ΣΙΦΛ 5 055 0.03 202 -1.21 -0.03 -1 353 -1 856 -36.72 0.04 0.04 -CHARILAOS APOSTOLIDES CHAP ΧΑΡΙ 50 000 0.35 3 000 0.12 0.50 1 542 -7 900 -15.80 0.06 0.06 0.00CONSTANTINOU BROS. CBH ΚΩΝΣ 1 950 0.35 137 -3.03 -0.02 440 -4 006 -205.44 0.07 0.09 -22.22CYPRUS AIRWAYS CAIR ΚΑΕΡ 391 155 0.086 7 823 -0.12 -0.16 232 -23 885 -6.11 0.06 0.03 0.02 0.06 -66.67D.H. CYPROTELS DHH ∆ΡΟΥ 157 138 0.17 1 571 -0.20 -0.05 -31 800 -9 100 -5.79 0.01 0.01 -D&M TELEMARKETING TLM ΤΕΛΕ 7 700 0.12 385 -0.05 -1.09 -335 -245 -3.18 0.05 0.05 -DOME INVESTMENTS DOME ΝΤΟ∆ 25 000 0.43 16 250 1.30 0.50 -1 938 -701 -2.80 1.12 1.72 0.65 0.65 -EFREMICO HOLDINGS EFR ΕΦΡΕ 11 385 0.43 228 0.086 0.23 221 35 0.31 0.02 0.02 -EMPIRE CAPITAL INV. EMP ΕΜ 47 853 0.87 39 239 0.05 16.40 -504 -551 -1.15 0.82 0.62 32.26FIRSTDELOS GROUP ACS ΑΒΑΚ 72 562 0.34 7 256 0.29 0.34 -2 203 -2 754 -3.80 0.10 0.16 -37.50KANIKA HOTELS KAN ΚΑΝΙ 60 250 0.35 7 833 0.67 0.19 -703 -77 n/a -0.13 0.14 0.10 0.13 0.11 18.18KARYES INVESTMENTS KAR ΚΑΕΠ 2 000 0.43 440 0.2208 1.00 -180 -180 -9.00 0.22 0.27 -KNOSSOS INV. KNO ΚΝΕΠ 21 827 0.17 218 0.11 0.09 774 87 0.40 0.01 0.01 -K. KYTHREOTIS HOLDINGS KYTH ΚΥΘΡ 42 450 0.17 5 519 0.45 0.29 999 612 1.44 0.13 0.13 -LASER INVESTMENT GROUP LAS ΛΕΕΠ 61 739 0.06 9 261 0.06 2.65 -2 378 -2 656 -4.30 0.15 0.14 -LIBRA GROUP LHG ΛΙΠΡ 189 377 0.01 1 894 -0.38 -0.03 -7 100 -11 700 -6.18 0.01 0.01 -L.P. TRANSBETON TRB ΤΡΑΝ 8 571 0.35 1 971 0.41 0.56 -501 -438 -5.11 0.23 0.23 0.00NEMESIS CONSTRUCTIONS NEM ΝΕΜΕ 67 770 0.17 14 232 0.50 0.42 5 981 2 076 3.06 4.00 19.05 0.21 0.21 0.00OCEAN TANKERS OCT ΤΑΝΚ 296 665 $0.20 2 967 -0.27 -0.04 -50 257 -32 272 -10.88 0.01 0.02 -O.C. OPTIONS CHOICE OPT ΟΚΑΣ 46 355 0.17 464 0.004 2.50 -9 573 -2 192 -4.73 0.01 0.01 0.00ROLANDOS ENTERPRISES ROL ΡΟΛΑ 54 166 0.17 4 875 0.28 0.33 93 -328 -0.61 0.09 0.10 -SAFS HOLDINGS SAFS ΣΑΦΣ 70 220 0.17 702 0.000 33.33 -173 -320 -0.46 0.01 0.01 -SEA STAR CAPITAL SEAS ΣΕΑΣ 629 785 0.04 6 298 -0.06 -0.16 -50 598 -16 501 -2.62 0.01 0.01 -STARIO INVESTMENTS STAR ΣΤΕΠ 38 581 0.17 386 0.05 - -1 062 -1 737 -4.50 0.01 0.01 0.00SUPHIRE HOLDINGS SUP ΣΑΠΦ 124 009 0.09 1 240 -0.12 -0.08 -764 -60 -0.05 0.01 0.01 -USB BANK USB ΤΡΑΓ 60 674 0.57 36 404 0.43 1.40 -6 534 -6 248 -10.30 0.60 0.60 -SECTOR TOTAL / OΛIKO 189 496 -173 270 0 0 -141 589

MARKET TOTAL / OΛIKO AΓOPAΣ 1 788 892 152 345 -1 166 383 -1 909 991 -5 478 135 source: Eurivex Ltd.

PAT:Profit After Tax NAV: Net Asset Value Bold: Final results

EPS: Earnings per Share based on existing number of shares.

P/E: Price to Earnings ratio. Weighted P/E ratio: Calculated based on market cap weighting of profit reporting companies, Ignores weighted number of shares in circulationBook Value: According to our estimates. N/A Indicates Not Applicable, Price 31/12/2009 is the closing price or in case of New Listings the opening price. Forecasted profits are liable to change without notice and responsibility

Disclaimer: The commentary appearing on this page is for indication purposes only and Eurivex does not take any responsibility for investment action taken. Nothing in this report should be considered to constitute investment advice. It is not intended, and should not be considered, as an offer, invitation, solicitation or recommendation to buy or sell any of the financial instruments described herein. Trading on leverage is very risky and may lead to losses.

December 12 - 18, 2012FinancialMirror.com