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EU agreed 100 billion Euros to recapitalize banks

EU member states have agreed that approximately 100 billion euro will be needed to recapitalize the European banking system, while a banking source said the figure was more than 90 billion euro. Banks will be requested to come up with the capital firstly from shareholders, if that fails then the national governments will have to provide with the support.
"The figure has been discussed with member states. It is now acceptable for everybody," an EU official underlined.

As per statement of the European Commission, all the analysis by the European Commission, European Central Bank and the IMF on the debt sustainability will be presented to euro zone finance ministers on the following Friday.

In accordance with a draft statement for Sunday`s summit the countries of euro zone will make rules to limit budget deficits and public debt, part of national legislation by the end of 2012.

When it comes to the EFSF, analysts are not sure that a leverage plan, which involves a guarantee on first losses, would work without an explicit commitment from the ECB to go on buying at-risk debt.

While the leaders of EU countries are in a hurry to stop a bigger write-down of the Greek debt that is affecting others in the euro zone, the Greeks are raging at the perspective of more troublesome years ahead as the result of support from the international lenders.

By Irina Lelina for Areti Charidemou & Associates LLC

President of Cyprus on the European Council meeting

After the European Council meeting in Brussels yesterday, the President of Cyprus Mr Demetris Christofias made a statement, during a press conference.

“The work of the European Council was concluded and the text of the Conclusions was approved. The characteristics of this period are the deceleration of economic development, the high budget deficits, and the instability in the financial credit sector and the problems in the banking sector. All these issues were on the agenda”- underlined Mr Christofias.


In accordance with the statement of Mr Christofias, it was taken that the specific decisions on the measures that need to be taken in relation to the improvement of the budgets and the decrease of the public debt of member states, as well as the protection of financial credit stability. On these matters the European Union and the Eurozone are becoming stricter.


Cyprus has supported the decisions for boosting growth and fiscal consolidation as well as strengthening the coordination of the policies of the European Union based on the principle that the actions mutually decided will be implemented by the member states in a way that will take into account the particularities and the existing experience of every country.

By Irina Lelina for Areti Charidemou & Associates LLC

The Russian richest woman against The Sunday Times

The richest woman in Russia won the libel case against “The Sunday Times”. Publication of “The Sunday Times” stated that Mrs Baturina secretly bought a villa worth £ 50 million in the north of London.
The newspaper had published incorrect information, that the wife of fired mayor of Moscow Mr Yuri Luzhkov and millionaires Mrs Baturina bought the villa of 65 rooms in the exclusive area of ​​Highgate, through an offshore company Uitenherst.
Mrs Baturina denied this information on purchasing a house and immediately sued for libel on «The Sunday Times». In last Sunday's newspaper “The Sunday Times” recognized that two articles in September 2009 were incorrect. The paper's management has agreed to pay compensation and legal costs of Mrs Baturina, who lives in London.
Through the lawyers, Mrs Baturina said she was surprised that the British newspaper published the "obvious lies" about her. She also stressed: "This has caused a wave of negative media attention to me by European and Russian media, which is extremely unpleasant."
Mrs Baturina became one of the many rich people from Russia, who are increasingly turning to the courts of the United Kingdom to settle their claims. The most scandalous trial currently is carrying on in the new building of the High Court Rolls, where Mr Berezovsky is suing another billionaire, and his former friend, Mr Roman Abramovich.

By Irina Lelina for Areti Charidemou & Associates LLC

The new look of Limassol

A group of the successful businessmen from Limassol, Cyprus are going to upgrade Limassol to the world class standards. This project, under the name «Limassol Branding Project», was supported by the city authorities, the Cyprus Tourism Organization and the Bank of Cyprus. The necessity of the project appeared from a large number of foreign nationals, such as those that reside on the island, and those who are visiting for holiday, many of them being Russians.

The head of the one of the Cypriot construction companies in Russia has supported the project and stressed that foreigners have been a source of wealth for Limassol for a long time. They are purchasing a local property, providing employment in lawyer and accounting companies, restaurants and shops etc. Many foreign nationals are the priority buyers of property in Cyprus who are interested in purchasing of 1 or 2 bedroom apartments with price from 400.000 euro, and villas from 900 000 euro. Also the number of visitors from Russia is growing in Cyprus, and the locals have to consider their interests. In the frame of the project «Limassol Branding Project» it is planned to take into account the preferences of foreign nationals.

At the moment, the special website and pages on social networks have opened, where all the inhabitants of Cyprus, can leave their comments and suggestions regarding the new look of Limassol.
In Limassol you can constantly feel the holiday atmosphere and Limassol regularly hosts a variety of Cypriot festivals such as the Wine Festival, the May Flower Festival, a festival of ancient drama, and many other events.

By Irina Lelina for Areti Charidemou & Associates LLC

Bank of Cyprus in top of 10th largest banks in Europe

In accordance with the classification of "top 200 banks in the European Union", which is published periodically by prestigious financial magazine “The Banker”, Bank of Cyprus was among the 10 largest banks in the EU on the basis of its capital adequacy (Tier I capital). In the overall ranking of magazine “The Banker”, which includes 200 largest banks in the EU on the basis of their initial capital, Bank of Cyprus is located at 70th place.
This classification of "top 200 banks in the European Union" is an addition to the "TOP-1000 biggest banks in the world", which is published by magazine “The Banker” and includes 1000 most stable and strongest banks in the world according to the data on their capital of the first level. Also, recently, the same magazine published its annual rating of "500 best global banking brands." According to the brand rating, Bank of Cyprus has been awarded the highest rating of AAA. In consequence of that, Bank of Cyprus, which owns 99.7% shares of the Bank of Cyprus in Ukraine, entered to the list of 18 world banks, which have an "extremely high reliability." Also, Bank of Cyprus, according to the above ratings, is two hundred and tenth in the list of the world's top banking brands and an unambiguous leader for the rest of Cypriot banks. All of these ratings “The Banker” prepares jointly with the independent British agency Brand Finance. The fact that the Bank of Cyprus is in the rankings, shows not only recognition, but also confirms the stability of the bank's domestic and international financial markets.

By Irina Lelina for Areti Charidemou & Associates LLC

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