TRNC News Today 5th June 2013 

PRESIDENT EROĞLU: ‘IF WE DON’T REACH A SETTLEMENT WE CAN CONTINUE UNDER TRNC FRAMEWORK’

President Derviş Eroğlu said that the Turkish Cypriot side is willing for a solution in the TRNC and Greek Cypriot leader Nikos Anastasiadis could contribute towards reaching a solution to the Cyprus Problem if he possessed the intention.

“The important thing is to be willing to reach an agreement” he added.

Speaking at a workshop to make Gazimağusa aDervis Eroglu brand organized jointly by the Eastern Mediterranean University’s Faculty of Tourism and the Ancient Mağusa Foundation at the Rauf Denktaş Culture and Congress Palace in Gazimağusa, the President said that the Turkish Cypriot side was sincere in its willingness to reach a comprehensive settlement to the Cyprus Problem.

“I believe that Anastasiadis could contribute to reaching a solution. The most important thing is that he must possess the willingness” he added.

The President also said that if the efforts to reach a settlement fail, they will continue to work under the TRNC framework and for the prosperity of the Turkish Cypriot people.

FITCH DECREASED CREDIT RATING OF SOUTH CYPRUS

International Credit Rating Agency Fitch has decreased the credit rating of South Cyprus from B to B – which is long- term type of foreign currency and determined the rate as negative.

Fitch which has been following South Cyprus’s long term type of foreign currency credit Fitch Ratingsrating since March 26th has decreased the credit rating of South Cyprus as a result of the long lasting uncertainty of the South Cyprus economy, application in the agreement plan and the risks on the restructuring of the banking sector.

It was stated in the Fitch report that the South Cyprus programme improved the determination which came out related to liquidity and payment. It was also stressed that South Cyprus is not still flexible enough towards internal or external shocks.

Moreover, it was stated in the report that early cancellation of conducted inspections can lead to negative economic results and open ways for hot monies to go out of the country.

Source: TRNC Public Information Office