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North Cyprus – TRNC News Today 7th August 2014 – Ozersay : “There is a way out”

TRNC News Today 7th August 2014

Ozersay : “There is a way out”

Indicating that it is the Greek Cypriot side’s attitude which caused deadlock in the negotiations process which started in February, Kudret Ozersay said that the sides work on overcoming the deadlock together Kudret Özersay 3with the UN and added that it is possible to find a way out.

Ozersay said that the second stage has come to the end and the Greek Cypriot leader put forward a few conditions in order to continue for the third stage in the negotiations and indicated that Anastasiades avoids declaring the agreements reached by the negotiators on the issue of Confidence Building Measures.

Ozersay expressed that refusal of the convergences reached by the two sides in the past by the Greek side means that all efforts spent for many years at the negotiations have turned to dust.

Ozersay said that Aplıc Gate should be evaluated as a Confidence Building Measure and added that the opening of the gate unilaterally may damage the negotiations process.

Pointing out that Aplıc Gate was one of the issues put forward by the Turkish side on the agenda at the Check Points Special Committee, Ozersay said that they faced the condition that they should accept  the other gates in return to Aplıc, however the Greek side has left the issue as ambiguous.

(Newspapers: Kıbrıs /Kıbrıs Postası )

Moody’s envisages danger of bankruptcy for South Cyprus

International credit ratings company Moody’s envisages the possibility of bankruptcy in South Cyprus very high in the middle term due to the non-performing loans.

Moody’s rated the Greek Cypriot economy as Caa3 and pointed out that the sustainability of public finance and the related credits Euros loanrisk and the risk of bankruptcy in the middle term were reflected in this evaluation.

Furthermore, the unemployment rate decreased for 5 months and started to increase again in July. There is 47,727 recorded unemployed persons as of the end of July and the tendency to increase is continuing.

On the other hand it has been indicated that the data disclosed by the Greek Central Bank related to the uncollectable credits caused panic.

In an article the Greek Cypriot newspaper Simerini recorded that the amount of uncollectable credits of the Central Bank is 27.5 billion Euros as of May.

Source: TRNC Public Information Office