FinMin: bill on CPB rescue allows options apart from EU bailout - famagusta-gazette.com FinMin: bill on CPB rescue allows options apart from EU bailout - famagusta-gazette.com

Friday, May 18, 2012

FinMin: bill on CPB rescue allows options apart from EU bailout - famagusta-gazette.com

FinMin: bill on CPB rescue allows options apart from EU bailout - famagusta-gazette.com
A bill approved by the Cypriot Parliament on state backing to Cyprus Popular Bank's recapitalisation efforts gives Cyprus room to examine all possible options to avoid the entry into the EU support mechanism, Finance Minister Vassos Sharly has said.

After lengthy discussions, the Parliament approved early this morning a bill providing for the state to act as an underwriter to CPB's capital increase of 1.8 billion euro through a rights issue.

''The effort made tonight (yesterday for the approval of the bill) gives the possibility to examine other options,'' Sharly said responding to a question whether Cyprus would avoid the EU support mechanism.

''And yes we will work in the time ahead to explore every option possible to avoid the (support) mechanism,'' he added.

Sharly said he is moved by the sense of responsibility shown by all MPs who approved the bill.

Furthermore, replying to questions, Sharly voiced his concern over developments in Greece, expressing hope that Greek politicians will put the interest of their country before their own political benefit so that Greece will remain in the euro area.

''If this prevails I believe that at the end of the day Greece will make it and will remain in the Euro area and the Greeks will see better days,'' he added.

Cyprus is heavily interconnected with Greece through the Cypriot baking system whose loan portfolio in Greece accounts for approximately 25 billion euro. While Athens is gearing up for new general elections on June 17 speculation for Greece's exit from the Euro area is rising.

''For this reason I say if the Greek politicians show the same sense of responsibility like their Cypriot colleagues I believe they will make it (to remain in the Euro zone) and will not drag Cyprus in more difficult days,'' Sharly said replying to a question.
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Police discloses money laundering scheme - Focus Infomation

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Police discloses money laundering scheme
Sofia. Bulgarias General Directorate for Fight against Organised Crime and DEA realised a special operation dubbed The Launderers, the press office of the Interior Ministry announced.
Authorities neutralised an organised crime group that used to operate on the territory of Bulgaria, which was part of an international organisation, which secured part of the process of the laundering of money passing through the country and which is acquired through drugs trafficking from Latin America to Europe.
The investigation revealed that the money used to come from destinations such as the Antilles, Venezuela, Panama and other countries. After the money was transferred to controlled bank accounts in Bulgaria, the sums were immediately redirected to China, Hong Kong, Spain and the USA.
It was also ascertained that the money flow was passing through the bank accounts of the members of the group and controlled juridical persons.
According to initial data, the laundered sum since the turn of the year is estimated at more than BGN 5 million.
Authorities raided three addresses in Sofia, where they found bank, company and tax documents, personal computers, cell phones.
Three people were arrested, aged 25 and 37.



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