Image source: @UN_Cyprus on X.com
Politics: Cyprus problem. The Personal Envoy of the UN Secretary-General (PESG), Maria Angela Holguin Cuellar, visited the island for the first time last week to see if there is any common ground that could lead towards a resumption of negotiations. A sign of the high hill she will have to climb came from the Greek Cypriot and Turkish Cypriot responses to an interview in Kathimerini by the British High Commissioner to Cyprus, Irfan Siddiq, who said, inter alia, “steps need to be taken to improve the atmosphere, attract the Turkish Cypriots, and simultaneously not create insecurity for the Greek Cypriots”. (Sources: Kathimerini and KibrisPostasi).
Politics: Russia. The Republic of Cyprus’ decisive shift westwards since the war in Ukraine might explain the wrinkle brought in by Russia during the UN Security Council renewal of the mandate of the UN Peacekeeping Force (UNFICYP) in Cyprus. UNICYP will mark is 60th anniversary later this year. (Sources: In-Cyprus and UN).
Economy: Russian deposits. An article published by EuroNews on 24 January seemed to imply that Russian bank deposits had dropped by €40bn. I analyze bank data every month so I knew Russian deposits were never that high in the first place and that at no point did any deposits fall by €40bn. My mythbusting article is in the Financial Mirror here. (Sources: EuroNews and Financial Mirror.)
Natural gas imports: entering never never land. Cyprus has been trying to switch from high-emission, high-penalty diesel and heavy fuel oil for decades. But the troubles just keep on coming. (Source: Cyprus Mail.)
Banking: Eurobank takeover of Hellenic. In a marked turnaround from its earlier remarks when it launched the inquiry, the national Competition Commission approved the takeover by Eurobank Greece of Hellenic Bank on 2 February. It remains to be seen whether it will also pass at EU level. (Source: Cyprus Business News).
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