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By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
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SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
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By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
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Cyprus Internet Directory [ Finance Minister defends giving EuroCypria €35 million ]

Finance Minister defends giving EuroCypria €35 million

THE FINANCE minister yesterday defended the government’s decision to inject ailing airline Eurocypria with €35 million, saying the state cannot behave like a petty crook and rip off banks.

Charilaos Stavrakis got a grilling before the House’s joint watchdog and finance committee over the state’s decision to inject the €35 million into Eurocypria when a study said the airline was not viable.

And the study had not been presented to parliament before legislators voted to approve the funds by increasing the company’s share capital.

Stavrakis said the study had nothing to do with the increase in share capital and that letting the company default on its debts would have cost €55 or €85 million – a much greater cost.

The money was used to repay a €28 million loan and the rest was spent on operational expenses.

“Clearly, this study, despite it not being sacred, supports the correctness of the decision taken by the majority in parliament,” the minister said.

He added: “Either we should have let the company bankrupt and shaft the banks and all other creditors, like some petty crooks behave, or we should have rescued Eurocypria, rescuing Cyprus tourism and the credibility of the Cypriot economy.”

Finance committee chairman Nicolas Papadopoulos said Cyprus now faced the danger of the European Commission asking for the return of the money.


(Source: Cyprus Mail)
Copyright © Cyprus Mail 2008 Please contact Cyprus Mail for the copyright terms of this article.

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