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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 [ ECB cuts rates by 50 basis points amidst economic woes ]

ECB cuts rates by 50 basis points amidst economic woes

ECB cuts rates by 50 basis points amidst economic woes
January 15, 2009 - Reuters

The European Central Bank cut its benchmark interest rate by 50 basis points to 2.0 percent on Thursday, matching its lowest-ever rate as inflation plummets and recession spreads.

The cut, in line with consensus forecasts, marks the fourth cut in just over three months amidst signs the financial crisis is biting hard into the real economy and inflation threatens to fall further below the ECB's 2 percent ceiling .

The majority of economists in a Reuters poll had expected the ECB to take another 50 basis points from benchmark credit costs, although the level of uncertainty around the decision was unusually high.

Some analysts had forecast the ECB would leave rates on hold and others expected a smaller, 25-point move, while financial markets had priced in 50 basis points or more.

ECB President Jean-Claude Trichet will explain the Governing Council's decision at a news conference at 1330 GMT.

He is expected to justify the rate cut by pointing to the diminishing upside risks to inflation, which fell to 1.6 percent in December, and a contraction in domestic demand as well as tighter financing conditions.

The ECB also set new rates for its overnight facilities, after announcing in December it would increase the gap between these rates and the benchmark rate to back to 100 basis points.

From Jan. 21, funds borrowed from its marginal lending facility will attract an interest rate of 3.0 percent and overnight deposits will pay 1.0 percent.

(Source: Financial Mirror,

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