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An emergency summit of EU leaders

European leaders meet in Brussels to agree on the last details of the plan to help to Eurozone in crisis due to several members of the public debt in euro area countries. However, after the cancellation of the meeting of European finance ministers, to be held before the summit of leaders, it is unclear how detailed the agreement will be finalized at the meeting of leaders, and whether or not adopted a final plan to support the economy of Eurozone.

Meetings of ministers of economy and finance "Ecofin" are usually held before the final approval of decisions at the summit meeting of leaders of states and governments. At an emergency summit will be agreed on general principles of the plan to rescue Eurozone, but the details of the agreement may be agreed at subsequent meetings of finance ministers and may not be announced for several days.

Following the negotiations, which took place last weekend, it was decided, according to which the banks will have to increase its authorized capital to protect against market shocks.

EU member states also agreed to increase the fund to assist countries in the Eurozone, which were on the verge of default. Certain EU countries, before the meeting in Brussels, will have to give a report on its plans to stabilize the economy of the country.

German Chancellor Mrs Angela Merkel before the meeting in Brussels must vote in parliament to increase the stabilization fund of the eurozone without replenishment with German taxpayers money.

By Irina Lelina for Areti Charidemou & Associates LLC

Revolutionary new EU law

It was proposed the revolutionary new law which offered to the consumers full protection and a more choice of shopping options in the European Union.

The new offered ‘Common European Sales Law’ targets to sidestep the complicated and divergent laws of sales of the 27- EU members and make selling goods to other EU countries less expensive for small companies.

“As it stands only 9.3% of businesses export to other EU member states – the majority of them to only three other countries within the European Union,” Mrs Paraskevi Michou from the EU Justice Directorate said at the seminar of journalists.
“This is due to complicated cross border contract laws, which cost the EU an estimated 26 billion in lost trade. However this new proposal is really special, this is dynamism of commerce, it is an alternative way of doing business,” underlined Mrs Michou.

In accordance with EU Contract Law approximately 98% of goods offered to consumers on EU websites are not available to buy online in Cyprus, with 55% of shoppers across the Europe experiencing problems of buying products from other member states on the internet.
The new legislation is optional and does not affect existing national legislations, leaving the shoppers to make a decision which law they would like to choose before making a purchase.

By Irina Lelina for Areti Charidemou & Associates LLC

Award of the best project in Europe 2011

In London, September 23, 2011 was held awards ceremony Bloomberg European Property Awards. Among of the biggest developers in Europe, was awarded the company A. Athanasiou Construction & Development for the luxury project Coralli Shore Habitat, in Limassol. This project was awarded with the highest awards:

• Best project of Europe in 2011, consisting of various objects
• Best 5 star project in Cyprus in 2011, consisting of various objects

The award-winning project Coralli Shore Habitat was built in one of the best districts of Limassol and has gorgeous view of the sea, near the yacht club, and consists of 22 luxury villas with private garden, swimming pool, roof garden, private gym and spa, also 30 luxury apartments at the design stage. Fully equipped complex residential club includes a public swimming pool, playground, spa, gym and poolside bar. Also complex includes tennis courts, a playground for basketball, volleyball, and mini-park.
To ensure the safety of the complex it is guarded 24 hours, for the comfort of the tenants there are provided concierge services. Residents of Coralli Shore Habitat Complex have the opportunity for free travel on electric vehicles within the complex.
Awarding the project Coralli Shore Habitat with such a high award - it is a success and significant recognition for the company as well as for the Republic of Cyprus on the European level.

By Irina Lelina for Areti Charidemou & Associates LLC

Bills for financial stability in Cyprus

On Tuesday the Council of Ministers adopted three laws in regards to the financial stability and the management of the financial crisis, in the view of the developments in the Euro zone.

After a meeting of the Cabinet the Government Spokesman Mr Stephanos Stephanou said that on the basis of the recent developments, in the event of financial crisis there should be an instant action to guarantee financial stability.

Mr Stephanou also noted that the three bills adopted by the Council of Ministers offer the necessary institutional and legal framework that would let Cyprus to arise and back the financial system.

The first offered bill gives to the Cabinet the authority to proceed to the necessary measures to address any issues with cash flow in the financial sector. The Cabinet will act based on a recommendation by the Central Bank of Cyprus.

The second law relates to the establishment of an independent financial stability fund with the target to improve the existing management framework in Cyprus and to ensure the financial stability.

The third suggested law extends the existing special tax for the credit institutions.

All the three legislations have been made by the Ministry of Finance in cooperation with the Central Bank of Cyprus.

By Irina Lelina for Areti Charidemou & Associates LLC

Formation of a European economic government

European Union leaders agreed to establish an EU economic government, whose role will be to carry out regular summits of the euro zone.

Until the election of the Chairman of the Government of Economic Union in May 2012, the functions of the Speaker of this institute will be carried out by the president of the European Council, Mr Herman Van Rompuy.

Summit of the euro zone will be engaged in making operational decisions in the financial and economic policy community.

This idea of ​​creating economic EU governments in the form of regular official summits of the euro zone has been offered by French President Mr Nicolas Sarkozy at the initial stage of the global financial crisis in 2008 and proposed future structure called an "economic government."

The need to create this government was due to the fact that the Council of Ministers of Finance of the euro zone simply did not have sufficient authority to deal fast enough with the emerging financial issues of EU countries.

At the same time, the lack of a clear plan regarding economic EU governments and the delimitation of its powers to the European Council (summit of the EU) has caused serious disagreements between the EU countries of Euro zone and EU states which are not in the euro zone, in particular, between Sweden and the UK. In order to reduce tensions between the countries of the euro zone and the rest of EU countries, the regulations on EU economic government indicated that its president must "firmly inform all the EU countries on the preparation and the results of the summits of the euro area."

By Irina Lelina for Areti Charidemou & Associates LLC

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