November 21 - 27, 2012 FinancialMirror.com

2 | NEWS

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Euro zone aims for deal on Greek aid, debt reductionl Last reforms, euro zone parliamentary approvals, needed for final OK, while payout not likely before Dec. 5

Euro zone finance ministers were discussing giving tentativeapproval to the next tranche of loans to Greece and seeking a wayto cut the country’s huge debt on Tuesday, although no money islikely to be disbursed before December.

Officials expect a “political endorsement in principle” onunfreezing loans to Athens, after Greece completed almost all thereforms that were required.

“It is clear that Greece has delivered,” the chairman of the eurozone finance ministers, Jean-Claude Juncker, told reporters beforethe meeting.

“We must still reach an understanding on several details and Iwould expect that the chances are good that we will come to a finaland joint solution this evening. But I’m not entirely certain,” hesaid.

EU Economic and Monetary Affairs Commissioner Olli Rehnsaid that the ministers would still need to tackle the issue of cut-ting Greek debt.

“The Eurogroup will take the necessary decisions to ensure thedebt sustainability of Greece,” he told reporters. “It’s essential thatwe will be able to decide on a set of credible measures on reduc-ing the debt burden of Greece.”

The euro zone and the IMF want to be sure that Greek debt,expected to be almost 190% of GDP next year, will fall at somepoint to a more sustainable 120%, so that they will not have tokeep financing Athens.

The IMF and the euro zone are at odds on whether to shift theoriginal target date for Greece to do that from 2020 to 2022, tornbetween the need to retain market confidence and allowing theGreek economy some breathing space.

DEBT RELIEF IN THE FUTURE?Rehn also said the euro zone should be ready to do more for

Greece in the coming years to ensure Greek debt was sustainable

if the country stayed on track, in an apparent reference to theGerman Bundesbank’s idea of a reduction in official sector loansto Athens as a reward for diligent reform implementation.

“It’s essential now that we take a decision on a set of crediblemeasures on debt sustainability and, at the same time, we need tobe ready to take further decisions in the light of future develop-ments and of course, conditional and dependent on the full imple-mentation of the reforms and the programme by Greece over thecoming years,” Rehn said.

He did not elaborate, but the idea of a haircut on official loansis now off the table because many countries, including Germany,see it as politically and legally impossible.

French Finance Minister Pierre Moscovici said a deal was athand, but everybody would have to make concessions.

“I have the impression that a political agreement is withinreach and I think it is our duty. Everyone has to accept that theywill have to go beyond their red lines,” Moscovici said.

Greece got a second financing programme from the euro zoneand the IMF in February, but two subsequent parliamentary elec-tions and a deep depression threw its reforms and fiscal consolida-tion off course.

Lending was frozen in June and to get it going again Greecehad to show it was fully committed to a detailed package of eco-nomic reforms or “prior actions”.

How to reduce debt in a country where the economy is expect-ed to contract for a sixth year running in 2013 is one of the biggestchallenges of the talks, which are based on a debt sustainabilityanalysis prepared by the International Monetary Fund, theEuropean Commission and the European Central Bank.

Options include halving the interest on existing, bilateral loansto Greece from the current 150 basis points above financing costs,lengthening loan maturities, returning profits from the ECB’sGreek bond portfolio and a debt buy-back.

Germany has floated an idea that Greece could buy back half ofits 60 bln euros in bonds remaining in private hands, offering 25cents per euro.

Euro zone officials have asked for a legal analysis of a debt buy-back and a more operational description.

TIMELINE AND TRANCHE SIZEOnce a deal is done, proposals on how to cut Greek debt and

provide additional financing can be sent to national parliamentsfor approval, a step expected to be completed by November 30.

This will give Athens time to complete the few outstanding“prior actions”. International lenders will check if the remainingreforms are in place on November 28 and euro zone finance min-isters will make a final decision to pay the next tranche to Athenson December 3. Greece and the European Commission wouldthen sign a revised memorandum of understanding on December4 and Greece would get the money on December 5.

Having missed two tranche payments because of the suspen-sion of the programme, Greece should now get a total of 44 blneuros if the next tranche, due in December, is paid out togetherwith the overdue ones.

More than half of that total is cash to recapitalise Greek banksafter Greece’s debt restructuring hurt their capital base. But someofficials said incomplete data on the recapitalisation might resultin the payout of 31 bln euros, rather than the full 44 bln.

The ministers also had to decide how to finance two extrayears, until 2016, they gave Greece to reach the target of a primarysurplus that would allow the country to start cutting its debt pilein a sustainable way.

The troika estimated that such an extension would entailalmost 33 bln euros more in financing for Athens, which is polit-ically difficult because of growing opposition to bailouts in manyeuro zone countries, notably Germany and Finland.

Bunds fall as Greek aid expectations grow

German bond prices fell on Tuesday asgrowing speculation that euro zone financeministers would agree to release aid to debt-laden Greece reduced demand for safe-havenassets.

Bunds rose earlier after France lost a secondtriple-A credit rating but, with the Moody’sdowngrade of the euro zone’s second biggesteconomy widely expected, the move soonreversed as traders refocused on the Greek aidtalks.

“It doesn’t look like they (the ministers) aregoing to have an immediate long-term solutionfor Greece but there will be some deal to kick thecan...(for) a quarter or two. So, some of the riskpremia is being priced out of core markets,” atrader said.

Bund futures shed 62 ticks to settle at 142.38,having broken below last week’s low of 142.83,while German 10-year yields rose 6 basis pointsto 1.42%.

Cash 10-year yields were likely to rise to1.50% in coming days if expectations on Greekaid are met, some traders and strategists said.

“With the 10-year around 1.40%, we seeyields backing up to around 1.50% but we stillsee the market well supported into year-end and

1.50% should present a buying opportunity,”David Schnautz, a strategist at Commerzbank,said.

Euro zone officials have clashed with the IMFover how to ensure Greece’s finances aresustainable and whether to push back the targetdate for its debt to fall to 120% of output to 2022from 2020.

“The key thing is how to make the debtmountain of Greece sustainable, if they reallyagree on softer targets. That remains to be seenbut there won’t be a near-term accident forGreece,” Schnautz said.

Greek bond prices were marked higher acrossthe strip. Portuguese bonds also rallied, albeit inthin volumes, on the prospect of further aid forGreece and after Lisbon’s international lenderssaid on Monday the country had passed the sixthquarterly review under its bailout programme .

Portuguese 10-year yields fell as much as 33bps on the day 8.21%, their lowest since lateOctober.

Among higher-rated euro zone debt, Frenchbond yields rose after Moody’s cut the country’srating to Aa1, citing an uncertain fiscal outlookand a deteriorating economy, and warned freshdowngrades could follow.

November 21 - 27, 2012FinancialMirror.com

CYPRUS | 3

Budget deficit heading for increaseThe budget deficit looks like it is on course

to record a larger deficit than in 2011 accordingto the figures for January-September.

The consolidated accounts (cash basis)show a deficit of EUR 582.3 mln in the firstnine months of the year, compared with EUR565.6 mln in the same period of 2010.

If there is a similar gap for the whole year,the cash-basis budget deficit could rise to EUR1.1 bln, or 6.2% of GDP in 2011, from 6% ofGDP in 2011 according to Sapienta Economics

calculations. The accruals basis deficit will rise even high-

er, especially as the government has reportedlyrun up a lot of unpaid debts to suppliers. In2011 the accruals basis deficit was 6.3% ofGDP.

Data just released for the third quarter givean indication of what has been going wrong.

Revenue dropped in July-September 2012by 3.6% to EUR 1,913.4 mln while expenditurerose by 2.5% to EUR 1,944.8 mln.

VAT revenues fell in the third quarter by0.5% to EUR 395.4 mln. Clearly the 2 percent-age point increase in VAT has not brought inthe EUR 160 mln that the government hadhoped for.

Taxes on income and wealth dropped evenmore dramatically, by 15.1% to EUR 600.7mln, no doubt as a result of rising unemploy-ment and weak business profits.

The only substantial increase was in rev-enue from the fairly small category of sales of

goods and services, which rose by 36.6% toEUR 146.8 mln.

On the expenditure side interest paymentsshot up 59.9% as those who lend to the govern-ment demanded more for taking the risk oflending.

Current transfers climbed by 18.9% to EUR56.0 mln, perhaps reflecting payments to theEU for the Greek bailout.

Social transfers, which include unemploy-ment benefit, rose by 1.9% to EUR 641.2 mln.

Cyprus remained stuck in recession inthe third quarter but recorded its mildestslump this year according to theStatistical Service’s flash estimate basedon partial data.

In July-September real GDP contractedin seasonally adjusted terms by 0.5%compared with the previous quarter,having dropped by 0.9% in the secondquarter and 0.6% in the first.

Cyprus has now recorded five straightquarters of quarter on quarter decline.

The milder slump is thanks to tourismand legal and accounting services, whichaccording to the Statistical Servicerecorded growth in this period.

Tourism arrivals rose over the yearearlier by 4.1% in January-October whilethe legal and accounting professionsappear to have benefited from a shift ofbusiness from Greece to Cyprus.

By contrast, a whole range of sectorsrecorded a decline: construction,manufacturing, retail and wholesale

trade, transport, public administrationand recreational and cultural activities.

Compared with the same period of theprevious year real GDP declined in

seasonally adjusted terms by 2.3%, after afall of 2.5% in the second quarter and1.7% in the third quarter.

www.sapientaeconomics.com

Recession moderates in Q3d

r

Tourism arrivals up 0.8% in OctoberOn the basis of the results of the Passengers’

Survey, arrivals of tourists rose by 0.8% to261,997 in October 2012 compared with259,863 in October 2011.

An increase of 41.5% was recorded in tourist

arrivals from Russia (from 32,995 in October2011 to 46,690 in October 2012), and 6.7% fromAustria (from 3,318 to 3,539 this year). A fall of5.4% was recorded from the United Kingdom(107,046 in October 2012 compared with

113,205 in October 2011). There was a 4.4% decrease from Sweden

(12,037 compared with 12,591), a 14.3%decrease from Germany (18,998 compared with22,179 last year) and a 3.2% decrease from

Greece (11,289 compared with 11,665 last year).For the period January - October 2012

arrivals of tourists rose by 4.1% over the yearearlier to reach 2,326,116 compared with2,234,011 in the corresponding period of 2011.

November 21 - 27, 2012 FinancialMirror.com

4 | CYPRUS

COLA, SIF remain thorns in Troika’s sidel €1 bln from privatisations; Banks recap at €9-10 bln, says Pimco

Government officials and trade union leaders were burningthe midnight oil trying to find a way out of the wide disagree-ments with the Troika inspectors on the state pension fund, theCOLA automatic wage indexation, benefits and pay cuts in thepublic sector.

The negotiators from the international lenders (EuropeanCommission, European Central Bank, International MonetaryFund) had been working intensively over the past few days anddelayed their departure, initially planned for last Saturday, inorder to convince the government that a lot of work was stillneeded to make any bailout repayment sustainable.

Although an in-principle benchmark of “up to” 10 bln eurosmay have been concluded between Troika negotiators and theCentral Bank of Cyprus as a bailout for the two main banks withan unmanageable exposure to Greek debt, further cuts are stillwarranted in public wages and the government’s biased contribu-tions to civil servants’ pension funds, bonuses and benefits.

Two meetings were held in parallel until late on Tuesday at theMinistries of Finance and Labour where in the first case the lead-ership of the civil servants’ trade union, Pasydy, were beingbriefed on the Troika’s unconditional demands, while at Labourand Social Insurance, private sector trade union reps and officialsfrom the Employers Federation OEV and KEVE Chamber ofCommerce were told of the “huge differences” on how to resolvethe Social Insurance Fund’s viability.

The government wants to reach a deadlock as a way to forcethe Troika delegation to back down on some of their demands,especially as we are only four months away from the next presi-dential elections and every happy or disgruntled vote counts.Already, President Christofias has on several occasions declaredthat he would not agree to the current form of the memorandumdevised by the Troika, while Pambis Kyritsis, Akel MP and leaderof the communist trade union PEOm said that the Troika “insistson the unacceptable positions” and that the union would consid-er public reaction and mobilization.

Meanwhile, one of the Troika’s proposals, that the future rev-enues from oil and gas exploration be used to pay down theCyprus bailout, was opposed by Nobel Economics prize winnerDr Christophoros Pissarides, who said that this would be wrongand should constitute a red line for the Cyprus government.

However, he urged parliament to push through the bill toestablish an energy wealth fund so as to ringfence any futureincome from oil and gas exploration and downstream sales.

BANK SUPERVISION, CAPITAL RATIOThe Troika negotiators and the international lenders they rep-

resent have agreed on a key capital ratio for banks and a systemfor the sector’s supervision, officials had said over the weekend,signalling some progress in the talks.

They agreed that both commercial banks and cooperativeswould be overseen by the Central Bank, Finance Ministry andCentral Bank officials said. Cooperatives were previously overseenby a separate authority.

They also set a core Tier 1 ratio - a measure of financialstrength - of 9% by the end of 2013 for banks, which could thenrise to 10% in 2014. They had previously been discussing settingthe ratio at 8%.

The banks’ recapitalisation is estimated at 9-10 bln euros,according to global fund manager Pimco which has been hired toadvise on restructuring the island’s ailing banking sector. Already,the state has bailed out Laiki Popular Bank to the tune of 1.79 blneuros and has taken a controlling 84% stake. Banking sector ana-lysts expect Laiki to repay its debt by 2016 and the bank to returnto the control of its shareholders.

HUGE BAILOUTThe size of the national bailout - speculated to be anything

between 11 and 16 bln euros and the bulk of it for banks - will behuge in proportion to the 17.9 bln euro economy, the third small-est in the euro zone.

Earlier on Friday, the Troika officials had demanded deeperspending cuts in the public sector worth 1.2 bln euros, up fromthe previously sought spending cuts of 975 mln euros.

Their demand for deeper cuts came as the statistics servicesaid the public deficit rose to 3.2% of gross domestic product inthe first nine months of the year, up 0.5 percentage points fromthe same period last year.

Central bank governor Panicos Demetriades urged the state“to do everything possible to support the banking system”, incontrast to the Communist-led administration that has been

causing irreparable harm to the banking sector’s reputation byembarking on a witch hunt.

The Troika wants to axe payment of the 13th monthly salaryto civil servants in 2013, privatisation of semi-governmentalorganisations within a clear timeframe and freezing the COLAwage hikes and halving it when they are unfrozen.

About 1 bln euros may be raised from the privatisation ofstate-owned assets, but unions and political groups have opposedany sell-off of the profitable utilities, such as telco Cyta and powergenerator EAC. As regards the near-bankrupt Social InsuranceFund, the Troika has warned the government to stop contribut-ing its share in the case of civil servants in order to ensure the via-bility of the national pension fund and to make it self-sufficient.

In that context, raising the retirement age to 65 now seemsunavoidable, with militant trade unions backing down on thisissue.

But the health services also needs major reforms with theTroika representatives urging all social partners to speed up themuch-delayed National Health System that would relieve some ofthe burden from the state-run medical services, where access is aprivilege enjoyed only by low-income workers and all public ser-vants, regardless of their household income.

“Be clear on Russia,” says gov’t

Government Spokesman Stephanos Stephanou has calledon the EU to be clear not only about the objectives thatRussia has but also about its own objectives, pointing outthat everybody needs and benefits from a strong EU-Russiarelationship.

Stephanou was addressing a conference organised by theCenter for European and International Affairs of theUniversity of Nicosia in cooperation with the RussianEmbassy in Cyprus on “EU-Russian Relations: the rhetoricand the record”.

Stephanou noted that the events of recent years havechanged the nature of the relationships in a number of waysand that the past ten years have seen the EU and Russiachange and develop to a very great extent.

“It is important to recognise these changes within Russiaand the EU, since as the two partners evolve so does the bal-ance of the partnership between them arguably and hopeful-ly for the benefit of both,” he added.

He also said that it is a fact that during the past few yearsthe EU is experiencing an increasingly improved climate inits relations with Russia, boosted by marked progress in keyareas such as the recent accession of Russia to the WorldTrade Organisation, the developments in the visa dialogue,crisis management, migration and climate change.

“We are all aware that stable energy relations are alsoimportant for EU and Russia. Reliable and predictable energyrelations are a clear win-win for both,” Stephanou said, point-ing out that “the positive momentum achieved in otherdossiers can serve as a precedent and pave the way for break-throughs”.

“The prospect of visa free travel could be used as leveragefor progress in other areas and have tremendous catalyticeffect on our overall relationship with Russia”.

President disagrees with Troika on quangos

President Demetris Christofias said he disagreeswith the Troika (EC, ECB, IMF) on matters relating tosemi-government organisations and natural gas.

He said that it is critical that the state controls vitalsectors such as natural gas, electricity, ports andtelecommunications.

“We all want a more effective state. It’s one thingto have a more effective state and another to have apractically non-existent state, which will leave citizensunprotected in a world where the weak survive withdifficulty,” he said.

Entrepreneurship Ecosystem: Taking a Cyprus IPO to NASDAQ

With the Cyprus economy facing its deepest crisis since 1974and youth unemployment over 25%, a new study examining thecurrent situation and carving a roadmap to organic growth hasbeen released that drives what can be done in the next eightyears to take a Cypriot start-up to an IPO and ring the openingbell at NASDAQ.

The study, titled “Cyprus Entrepreneurship Ecosystem: Aroadmap to growth”, was compiled by economist andentrepreneur Marina Theodotou of the economic intelligenceconsultancy Curveball Ltd., and sponsored by KPMG andCyproman Services. It tackles the challenges, highlights theopportunities and drafts a roadmap to nurture theentrepreneurship Ecosystem in Cyprus.

In particular, the study defines and highlights the keystakeholders and drivers of entrepreneurship ecosystems andventure capital (VC) activity, identifies key best practices fromthe peer country group (Denmark, Estonia, Ireland and Israel)including specific tax incentives for angel investors and start-ups to foster the entrepreneurship ecosystem in Cyprus in linewith the EU Single Market Act and EU2020 goals.

“The study is the first important step in assessing the currentsituation of entrepreneurial activity in Cyprus and we hope itbecomes a catalyst to innovative thinking outside the barriers ofour small country”, said Christophoros Anayiotos, Head ofTransactions & Restructuring Advisory Services at KPMGCyprus.

Speaking about the findings of the study, its author, MarinaTheodotou explained: “There are several key components of anentrepreneurial ecosystem including the legal and regulatoryframework, culture, finance, human capital, voice of theindustry and access to customers and markets. Cyprus currently

trails behind in several components but also has manyingredients that can be leveraged into significant opportunitiesto increase risk appetite, spur innovation, provide access tofinance through venture capital and private equity funds andarticulate success stories that resonate with key opinion leaders,angel investors and venture capitalists locally and globally”.

An entrepreneurship ecosystem can help close this gap byfostering innovation, start-ups, access to new customers andmarkets and job creation. Despite all odds and amidst the direfinancial crisis, there are signs of nascent grass rootsentrepreneurial activity with disruptive innovation tech start-ups, hackathons, meet-ups and a start-up accelerator, all ofwhich are sprouting fast in Cyprus.

“Undeniably, a country’s future hinges on its ability tonurture its most valuable resource: its people” stated CostasChristophorou, General Manager of Cyproman Services. Inorder to work however, all of these initiatives need supportincluding mentoring, funding and a supportive legal frameworkand a strong voice of the industry.

November 21 - 27, 2012FinancialMirror.com

CYPRUS | 5

Will Berlin be the new capital of Euro zone? Let’s be frank.Berlin is already the de facto capital of the new Europe, includ-ing Cyprus. Watching our aging, overweight politicians takingtheir orders from the brash young Troikans, you almost feelsorry for them. Of course, they deserve it. Our political mastershave made such a mess of the economy that we might be for-given for thinking that any change might be an improvement.

Do they, the Troikans, really know better? They are here toimplement Germany’s austerity formula for the economiccrisis. Many of their recommendations – reducing the publicsector, elimination of COLA, privatisation, etc. – representchanges for the better, bringing Cyprus into the real world.But are these decisions considered in their totality leadingtoward a better future? It would be the cruelest blow of all if,having bowed to their demands, the result at the end of daysaw us even worse off.

This disastrous development is not idle speculation. Judgingby some of the results these policies have produced, there is astrong basis for doubt as to the competence and economicstrategy of the newcomers.

A Question of Sovereignty

There is also the awkward question of sovereignty. What hashappened to the government that was elected by the Cypriotpeople and which until a short time ago was the only authori-ty responsible for such decisions?

Many of the countries visited by the Troika, not least thisone, have fought for their sovereignty. Somehow, this has slow-ly changed to the situation we see today, an elected govern-ment following orders effectively dictated by others. We allknow why this is.

As the so-called peripheral countries in the Euro zone havesunk into debt, they have become dependent on bailouts (loansfrom other member countries). Their ability to make their owndecisions has been ceded to foreign bodies in exchange forloans. These lenders understandably require some assurancethat they will see their loans returned. Hence, the onerous con-

ditions imposed by the bailout agreements and the necessity ofcountries in debt to accept conditions they may not agree with.

A Voice for the Smaller Countries?

The smaller countries in the Euro zone are particularly atrisk from this loss of sovereignty. It has been clear from theearly days of the Euro zone that the larger countries (mostlyGermany and France) were the key decision makers. Thevoice of the smaller countries is rarely heard at the frequentmeetings of the European leaders.

Nor is this likely to change. Indeed, the change that appearsmost likely is in the opposite direction. The move is towardmore centralisation. “More Europe” is the new direction nowfavoured by the key decision makers. This clearly pointstoward an increasing degree of centralised coordination.

More centralised control is very likely to be reinforced bya change in the present voting structure of “one country onevote”. A recent article in the Financial Times points out that“It is naïve to expect the Germans to tolerate governancearrangements that combine high potential taxation withoutcommensurate representation.”

In other words, the Euro zone is bound to move toward asystem of weighted voting, giving the larger countries aneven greater “weight” in decision making. This, togetherwith the trend toward centralisation of power, does not bodewell for countries such as Cyprus. A more centralised Europeis unlikely to ignore what it considers to be anomaliesbetween the member states on subjects like taxation, subsi-dies, nationalised industries, investment incentives, etc.

Centralisation and Taxation

A centralised economic system is bound to considersuch differences as “distortions” which are disruptive andunwarranted. Why should some people and some compa-nies pay different taxes within the same economic zone? Wehave already had a taste of this thinking in the Troika’scomments as regards our low corporate tax. Whatever thedecision on this in the current negotiations, the issue willnot go away. Proposals for more uniform taxation at all lev-els are bound to be a recurring theme of a more centralisedEurope.

The Euro zone is essentially a financial institution.Germany as the major financial power will continue to havethe major say. In the future, the smaller peripheral countriesare likely to continue to be “peripheral” not only geographi-cally but also in terms of decision making.

When Berlin is the capital of Cyprus

By Dr. Jim Leontiades

Cyprus International Institute of Management

Is Der Spiegel right?An article in Germany’s Der Spiegel the other week said that

the bailout which Cyprus is currently negotiating with the troi-ka (European Commission, European Central Bank and IMF)“might mainly benefit Russian oligarchs who have parked ille-gal money in bank accounts in Cyprus.”

It added that “Russian deposits there total $26 billion” andclaims to have got its information from the German intelli-gence services.

There are plenty of political reasons why this report cameout when it did—upcoming German elections, an opportunityto squeeze Cyprus on a tax system that sees German shippingand transport companies preferring to base themselves inCyprus rather than in Germany, and perhaps an old bias notexclusive to Germany that assumes all Russians are crooks.

But the article also started with a glaring inaccuracy. The fig-ure of $26 billion represents the entire non-resident depositbase of Cyprus, not just that held by Russians.

As of August 2012 deposits of non euro area non-residents

amounted to EUR 21.0 bln, or around $26.8 bln at today’sexchange rate. This is where Der Spiegel, or the secret services,must have got the “$26 bln” figure from.

But not all of this deposit base is Russian. According to myreliable source, who unfortunately does not want to be identi-fied, 40% of this non-resident deposit base is Russian, equiva-lent to around EUR 8.4 bln or $10.7 bln on deposit.

So Russian money accounts for just under 12% of the totaldeposit base of EUR 70.7 bln.

By contrast, the domestic deposit base of Cyprus is a muchlarger EUR 43.4 bln. Add the EUR 6.3 bln deposits by other euroarea residents and the eurozone accounts for 70% of the depositbase of Cyprus.

How much of the money in Cyprus had been laundered?The truth is I haven’t a clue, which is why I can never answerdiplomats’ or foreign journalists’ questions about it.

All I know is that Cyprus had a very bad reputation in the1990s but cleaned up its act enough to get onto the OECDWhite List in April 2009.

This is why I hope that the secret services report is actuallypublished and discussed openly in the German parliament assome have demanded.

Then we can see if there is any documentary substance tothe accusations, or if it is based on a few coffees between diplo-mats and locally based individuals with an axe to grind.

But the greatest lesson we can learn from Der Spiegel is thatthe sins of the fathers will continue to be visited on the childrenfor some time yet.

It doesn’t matter that there are 27,000 Russian citizens inthe UK and only 8,164 in Cyprus according to the latest census.It doesn’t matter that Spain is offering residency (meaningeventual EU citizenship) to Chinese investors for EUR 160,000.

The rest of the world still thinks that Cyprus is crawling withmen in big coats and metal suitcases. So we need to keep rais-ing our standards to ensure that this image is consigned onceand for all to the history books.

ERPIC award for Amb PapadopoulosAndrestinos Papadopoulos,

Ambassador a.h., received a specialachievement award for hiscontribution to the development ofthe European Rim Policy andInvestment Council (ERPIC), anindependent non-partisan, non-profitgroup dedicated to the study ofpolitical and economic issuesaffecting Cyprus and its surrounding

region. The award was presented byChristodoulos Pelaghias, a fellowfounder of ERPIC, during a luncheonheld at the Hilton Cyprus andattended by diplomats, businessleaders and opinion makers, whereAmb. Papadopoulos elaborated on theeconopolitical subject, “The Case foran Eastern Mediterranean EnergyCorridor”.

By Fiona Mullen

Director, Sapienta Economics Ltd

POPULATION BY CITIZENSHIP 2001 2011 % change Absolute

census census 2011/2001 change

Total population 689 565 840 407 21.9% 150 842

By major group

Cypriots 624 755 667 398 6.8% 42 643

Non-Cypriots 64 116 170 383 165.7% 106 267

Not stated 694 2 626 278.4% 1 932

EU citizens (EU 15 in 2001) 32 214 106 270 229.9% 74 056

By major country

Greece 17 459 29 321 67.9% 11 862

United Kingdom 11 871 24 046 102.6% 12 175

Romania 1 778 23 706 1233.3% 21 928

Bulgaria 2 411 18 536 668.8% 16 125

Philippines 3 245 9 413 190.1% 6 168

Russia 4 952 8 164 64.9% 3 212

Sri Lanka 4 939 7 269 47.2% 2 330

Vietnam n/a 7 028 - -

Syria 1 436 3 054 112.7% 1 618

India 131 2 933 2138.9% 2 802

Poland 158 2 859 1709.5% 2 701

Ukraine 1 259 2 742 117.8% 1 483

Georgia 984 2 093 112.7% 1 109

Germany 803 1 109 38.1% 306

Source: Statistical Service, 2011 census.

European personalities urge EU leaders to back ErasmusMore than 100 European personalities from the worlds of

education, art, literature, economics, philosophy and sporthave signed an open letter to EU Heads of State andGovernment in support of the Erasmus student exchangeprogramme, currently under threat.

The signatories come from every EU member state andinclude the Spanish film director Pedro Almodovar, thepresident of FC Barcelona Sandro Rosell, Nobel Prize win-ner Professor Christopher Pissarides and several Olympicchampions. They are responding to concerns that studentplaces on the scheme, as well as grants, may have to beseverely reduced due to wrangling over the 2012 and 2013EU budgets.

The programme already faces a 90 mln euro shortfall thisyear and it is feared the situation will worsen in 2013. Overthe past 25 years, Erasmus has enabled nearly 3 mln youngEuropeans to study abroad. More recently, it has also sup-ported job placements in companies abroad. A whole genera-tion has learned what it means to live and work alongsidepeople from another culture, and to develop the skills andversatility which are vital for the modern labour market.

The letter warns that unless the 2012 and 2013 EU budg-ets are sufficient to meet pledges already made to students onthe basis of previously agreed commitments, “thousandscould miss out on a potentially life-changing experience”.

The threat to the programme could not come at a worsetime for Europe’s young people. Youth unemploymentamong 15 to 24-year-olds has increased by half since thestart of the crisis and, today, one in five young Europeans –more than 5 mln – is without a job.

The letter calls for investment in education and training tobe at the heart of Europe’s response to the crisis. It also high-lights the Commission’s plans to increase opportunities foryoung people to boost their skills and employability underthe new ‘Erasmus for All’ programme, due for launch in2014.

The letter concludes: “Erasmus for All will cost less than2% of the total EU budget. In the coming weeks, you, theEU’s government leaders, will have a once-in-a-lifetimeopportunity to endorse the new programme and give it theresources it needs. Our youngsters deserve it. Our futuredepends on it.”

Androulla Vassiliou, European Commissioner forEducation, Culture, Multilingualism and Youth, welcomedthe publication of the letter: “The Erasmus programme hasbeen changing lives and opening minds for 25 years. Longmay that continue! Young people have had to bear the bruntof the crisis. They need our support more than ever now. Iam proud and moved that so many people, from differentwalks of life, have come forward to declare their support forErasmus.”

November 21 - 27, 2012 FinancialMirror.com

6 | OPINION

He came, he saw and he conquered. At least some 2 blneuros worth of investments that Qatar’s wealth fund willpump into Italy, thanks to “interim” prime minister MarioMonti’s visit to the Gulf area.

Italy has now joined a growing list of European stateslooking to tap the oil-and-gas-rich emirate’s vast wealthto support national industries that are struggling tofinance their way out of recession. The Qataris’ interestfocused mainly on the food, fashion and luxury goodssectors, as well as furniture and design, tourism andleisure, while half the investment by state-owned QatarHolding will be pumped into the crucial small and medi-um-sized enterprises in the form of sovereign bonds and

affordable financing.Perhaps Monti’s biggest achievement is that he took the

matter a step further by offering political reassurances andsaying that the next government after March 2013 will beresponsible to see these investments through.

Next to visit Doha is Greek Prime Minister AntonisSamaras who will be in Qatar to discuss the prospects ofnew investments in public companies, the privatisation ofstate assets such as the state lottery and the natural gascompany, DEPA, as well as equity stakes in some of thebiggest banks and cooperation with the likes of AegeanAirlines and steel producer Halyvourgiki.

Qatar Holding is already a bidder in the sale ofHellenikon, the 620-hectare prime real estate project inAthens that used to house the capital’s main airport, andhas already invested some 1.2 bln euros in a gold mining

operation in northern Greece.Meanwhile, in sunny Cyprus, the incumbent president

is only concerned with concluding the best possible dealswith the oil and gas majors for the offshore explorationblocks, with the hope of clinching some form of advancepayment to satisfy the civil servants’ union over pay priorto the elections in February.

The mega property deal in Nicosia has flopped becausewe could not secure the right deal with the Qatariinvestors, which also put the Emir and his people off anyfurther participation in infrastructure projects, whether inthe energy or leisure sectors. Instead, presidential candi-dates keep on bickering among themselves over who is per-ceived to be the saviour of the Cyprus people and the bank-rupt economy.

Another opportunity lost…

EDITORIAL

If only we had Monti…

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FinancialMirror

ETEK supports development at the Limassol Old Port

The Cyprus Scientific and Technical Chamber (ETEK) hasbeen watching with concern the on-going public debate and thereactions expressed in relation to the design and the implemen-tation of the Limassol Old Port renewal by the Cyprus PortsAuthority.

The assignment of the architectural design for the redevel-opment was the result of the first prize within the context of a2-phase architectural competition, which was completed withthe announcement of the results and the public presentation ofthe award-winning design of the second phase of the competi-tion in 2004.

According to the data that the Chamber has in its disposal,the modifications made to the plans of the awarded study, theintensity and the nature of the development have not been sub-stantially changed in connection with the provisions of thearchitectural competition. Therefore, ETEK considers the reac-tions motivated by a disagreement with the tender conditionsto be of deferred character and does not share the approachestending towards stigmatizing or demonizing the entire projectand its contributors.

However and despite the fact that many of the subsequentchanges made also aimed towards addressing specific reactionsthat occurred, the Chamber cannot but emphasize that theEvaluation Committee’s approval should also have been pro-cured following the completion of these changes.

As far as the allegations with regard to possible breaches of

the Local Plan and the Area Plan is concerned, the Chamberwishes to underline that these should become more specific,since they pertain to particular permits for the realization of theproject.

Notwithstanding the above and in order to counterbalancethe commercial character of the development at the Old Port,the Chamber deems that the implementation of public charac-ter projects as these were envisaged in the provisions of thearchitectural competition and/or of the awarded design shouldbe promoted and that efforts should be made towards utilizingparts of the available spaces for purposes of cultural nature.Moreover, the Cyprus Ports Authority, in co-operation with theDepartment of Town Planning and the Limassol Municipality,ought to encourage the works having to do with public benefitprojects in the area, while a public presentation of the projectwould also be useful.

On this occasion, ETEK reiterates its unequivocal supportwith respect to the procedure of the Architectural Competition,as the only choice for the design and the realization of similarprojects and as an institution that ensures transparency, inclu-siveness and the architectural quality of the project. TheChamber also underlines that, especially for public projects ofthis scale, it is important to conduct a public presentation andconsultation with a view to ensuring the greatest social accept-ance possible before finalizing the terms and conditions for thebuilding program of the competition.

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COPYRIGHT©©

However predictable the difficult negotiations that accompanyEuropean politics may seem to be, in the end they seldom fail tosurprise. A crucial European Union summit aimed at securing adeal on the EU budget for 2014-2020, the so-called multi-annualfinancial framework (MFF), will take place later this week, and themood music surrounding it has been intense, to say the least.

Before even a word has been spoken, Europeans are being toldthat the negotiations in Brussels will be “bad-tempered,” withvetoes by individual member states looming large. Unfortunately,such talk could well become a self-fulfilling prophecy.

Consider this: A group of major companies based in various EUcountries – the likes of Tesco, Shell, Barilla, and Philips – are insist-ing that whatever its final size, the MFF deal should commit to aproposed minimum of 20% of spending in 2014-2020 on greenand low-carbon growth. These are the same companies thatEurope’s national governments court and listen to on a daily basis.But, when it comes to the MFF, Europe’s national leaders appearnot to be listening closely. Nor do they say much about the obvi-ous dividends that such spending could provide, from the UnitedKingdom in the west to the EU’s newest candidate country,Croatia, in the east.

Europe’s 500 million citizens may not be surprised by whatis playing out in the corridors of power, but they ought to findit very disturbing. The issue is not only what could be lost in therace to the bottom in which many EU national governments arenow engaging, but also the manipulative anti-EU sentimentcoming from many quarters of the European press, whichappears intent on pushing various national leaders into another

budget showdown.In the EU’s western, net-contributor states, the MFF debate

remains narrowly focused on how much money can be cut fromthe European Commission’s proposed ?1.033 trillion ($1.3 trillion)budget for 2014-2020. Next to nothing, though, is being said aboutthe Commission’s more important, and more integral, proposal:the 20% spending commitment for projects and initiatives that canstimulate resource-efficient business, protect Europe’s collective,boundary-less environment, and ensure a better future for familiesacross the continent.

The dividends promised by a “green” MFF (which recentlyreceived the support of the European Parliament) are at least three-fold: a higher share of jobs in one of the world’s fastest-growingeconomic sectors; lower energy bills for households throughoutEurope; and help in achieving the reductions in greenhouse-gasemissions to which all EU states have agreed as part of their“Europe 2020” commitments.

The green potential within EU spending has already taken root.In France, for example, social housing organizations have rapidly

deployed ?320 million of EU money in the last few years to improveenergy efficiency in existing housing stock. This European financetriggered additional investment of €2.2 billion, created 15,000local jobs, and has resulted in savings of ?98 per month per house-hold, thanks to a 40% average decrease in heating costs.

Recently, Michael Heseltine, a former minister in MargaretThatcher’s government, stressed the importance of wind energyfor deprived regions of the United Kingdom, such as the northeastof England. And yet the penny has not dropped in London thatfocusing European investment funds accordingly would createopportunities to build stronger businesses and increase competi-tiveness in the technologies of the future – and to share these gainswithin and beyond the EU. Instead, in the UK and elsewhere, thepredictable MFF chest-thumping that is now underway threatensto dispatch this kind of opportunity to the bin beneath the negoti-ating table.

Europe has come a long way since 1951 and the creation of theEuropean Coal and Steel Community, the forerunner of the EU.But we are now in the process of constructing the EU economyanew, striving to overcome the economic crisis, and creating amore sustainable, globally competitive, and resilient Europeaneconomy – an economy that can be green as well as productive.

The EU’s heads of government need to understand the biggerpicture as they prepare for this week’s MFF summit. Europe’scommon good – indeed, its most promising path to a prosperousfuture – is at stake.© Project Syndicate, 2012.www.project-syndicate.org

FinancialMirror.com

COMMENT | 7

November 21 - 27, 2012

A Green European Budget

PRINCETON – In April 2010, when the global economy wasbeginning to recover from the shock of the 2008-2009 financial cri-sis, the IMF’s World Economic Outlook predicted that global GDPgrowth would exceed 4% in 2010, with a steady annual growth rateof 4.5% maintained through 2015. But the forecast proved to be fartoo optimistic.

In fact, global growth has decelerated. In its most recent WEO,the IMF forecasts global GDP to grow by only 3.3% in 2012, and by3.6% in 2013. Moreover, the downgrading of growth prospects isremarkably widespread.

The forecast errors have three potential sources: failure to rec-ognize the time needed for economic recovery after a financial cri-sis; underestimation of the “fis-cal multipliers” (the size of out-put loss owing to fiscal austeri-ty); and neglect of the “world-trade multiplier” (the tendencyfor countries to drag each otherdown as their economies con-tract).

For the most part, the sever-ity and implications of the financial crisis were judged well.Lessons from the October 2008 WEO, which analyzed recoveriesafter systemic financial stress, were incorporated into subsequentforecasts.

As a result, predictions for the United States – where householddeleveraging continues to constrain economic growth – have fall-en short only modestly. The April 2010 report forecast a US growthrate of roughly 2.5% annually in 2012-2013; current projectionsput the rate a little higher than 2%.

By contrast, the fiscal multiplier was seriously underestimated– as the WEO has now recognized. Consequently, forecasts for theUnited Kingdom – where financial-sector stresses largely resem-bled those in the US – have been significantly less accurate.

The April 2010 WEO forecast a UK annual growth rate of near-ly 3% in 2012-2013; instead, GDP is likely to contract this year andincrease by roughly 1% next year. Much of this costly divergencefrom the earlier projections can be attributed to the benign view offiscal consolidation that UK authorities and the IMF shared.

Likewise, the eurozone’s heavily indebted economies (Greece,Ireland, Italy, Portugal, and Spain) have performed considerablyworse than projected, owing to significant spending cuts and taxhikes. For example, Portugal’s GDP was expected to grow by 1%this year; in fact, it will contract by a stunning 3%. The EuropeanCommission’s claim that this slowdown reflects high sovereign-default risk, rather than fiscal consolidation, is belied by the UK,where the sovereign risk is deemed by markets to be virtually non-existent.

The world-trade multiplier, though less widely recognized,

helps to explain why the growth deceleration has been so wide-spread and persistent. When a country’s economic growth slows,it imports less from other countries, thereby reducing those coun-tries’ growth rates, and causing them, too, to reduce imports.

The eurozone has been at the epicenter of this contractionaryforce on global growth. Since eurozone countries trade extensive-ly with each other and the rest of the world, their slowdowns havecontributed significantly to a decrease in globaltrade, in turn undermining global growth. In partic-ular, as European imports from East Asia have fallen,East Asian economies’ growth is down sharply fromlast year and the 2010 forecast – and, predictably,

growth in theirimports from therest of the worldhas lost momen-tum.

Global tradehas steadily weak-ened, with almostno increase in the

last six months. The once-popular notion, built intogrowth forecasts, that exports would provide anescape route from the crisis was never credible. Thatnotion has now been turned on its head: as econom-ic growth has stalled, falling import demand fromtrade partners has caused economic woes to spreadand deepen.

The impact of slowing global trade is most appar-ent for Germany, which was not burdened withexcessive household or corporate debt, and enjoyed afavorable fiscal position. To escape the crisis,Germany used rapid export growth – especially tomeet voracious Chinese demand. Although growthwas expected to slow subsequently, it was forecast atroughly 2% in 2012-2013. But, as Chinese growthhas decelerated – owing partly to decreased exportsto Europe – the German GDP forecast has beenhalved. And, given that this year’s growth has large-ly already occurred, Germany’s economy has nowplateaued – and could even be contracting.

In good times, the trade generated by a country’sgrowth bolsters global growth. But, in times of crisis,the trade spillovers have the opposite effect. As theglobal economy has become increasingly intercon-nected, these trade multipliers have increased.

Indeed, while less ominous and dramatic thanfinancial contagion, trade spillovers profoundly influ-ence global growth prospects. Failure to recognize

their impact implies that export – and, in turn, growth – projec-tions will continue to miss the mark. The projected increase inglobal growth next year will likely not happen. On the contrary,policy errors and delays in individual countries will seriously dam-age economies worldwide.© Project Syndicate, 2012.www.project-syndicate.org

Missing Growth Multipliers

By Jacques DelorsFormer president of the European Commissionand a former French minister of economics and finance, is founding President of the

Notre Europe – Jacques Delors Institute.

By Ashoka ModyVisiting professor of International EconomicPolicy at the Woodrow Wilson School of Publicand International Affairs, Princeton University.

Bulls, not bears, go into hibernation

November 21 - 27, 2012 FinancialMirror.com

The longest losing streak on world markets since the dark-est days of the euro crisis in late 2011 shows how reluctantinvestors are to trust in any sustained recovery after years ofcrisis.

Global equity indices on Friday flirted with a record eightconsecutive days in the red for the first time in a year. Do asweep of all related risky assets around the world and there’sbeen a similar pattern of pullback.

And given those are the eight trading days since the U.S.election results on November 7, it doesn’t take a genius to fig-ure out the dominant market concern of the moment.

Investors of all hues just seemed to have downed tools forthe year as they await the outcome of the battle between re-elected Democrat President Barack Obama and Republican-dominated House of Representatives over how to avert the “fis-cal cliff”.

If there were any doubt about the shift in dominant risksover the year, Bank of America Merrill Lynch’s latest invest-ment funds poll this week showed 54% citing the impendingthreat of automatic U.S. tax rises and spending cuts as thebiggest global risk - more than twice those citing the euro cri-sis.

For the record, they swapped places in the September pollafter 17 months in which euro angst was seen as the topthreat.

But the result of the election was exactly as most people hadforecast for months, the nature of the cliff hasn’t changed aniota and the big funds nearly all expect some resolution any-how. So, it might seem just a little odd why people waited untilafter the election to dump stocks.

At the very least it begs yet another question about how effi-cient markets really are in discounting future risks. Somestrategists, such as Barclays, say it was important to wait forpost-election negotiating positions to be laid out and, on thatbasis, reckon the chances of hitting the cliff are now “non-triv-ial.”

But maybe the sudden funk is less rooted in Washingtonthan it is in the edginess of year-end markets - markets thathave been tossed around for two years now on a welter of crises

and crisis-management but making about as much net head-way as their “zig-zagging” underlying economies, to borrowthis week’s phrase from Bank of England chief Mervyn King.

What looked like a pretty impressive year for virtually allasset classes up to November is now in danger of wimping outas funds bank profits on their winning 2012 trades.

With a little over a month to go, Wall Street’s once double-digit year-to-date rises have shrunk to less than 8%, while

German equity gains of more than 25% have slipped into theteens. Emerging market equities, which were up almost 20%by February, have pared back to 10%.

RUMP GAINSWith the rump gains still relatively punchy given the eco-

nomic backdrop, then it’s easy to see persistent temptation tocash in without any breakthrough stateside.

Hard currency emerging market debt and global high-yieldbonds, for example, are still up over 15% each.

In fact, in a year driven by central bank monetary stimuli itwas hard to lose money anywhere beyond a near 20% drop insoft commodities. So-called safe-havens are up alongside theriskier plays, with gold still up 10% and 10-year U.S. Treasuriesup more than 5%.

But with the global economy still slowing and majoreconomies in Europe and Japan flatlining or in recession, arethese market moves all just monetary smoke and mirrors?

A quick check of net asset moves over the two years of botheuro sovereign debt and U.S. fiscal anxiety offers perspective.

Since the end of 2010, developed market equities have actu-

ally done very little, with total returns just 3%. Ditto for the U.S.dollar. Emerging market equities have done even worse, withnet losses over the two years still at more than 10%.

The big winners are all monetary-policy sensitive or safetyplays - with some 15-25% gains in gold, oil, U.S. Treasuries,German bunds, corporate and emerging market debt.

Gold and oil aside, other demand-driven commodities suchas copper and soft commodities have been hammered by 10-30%.

So, how important then is the cliff or even the euro crisis ifthe monetary taps keep coming on at every critical juncture?

Well, one way to look at this year’s moves is to watch thejump in positive surprises on U.S. economic data - as capturedby Citi’s economic surprise index - even as equivalentEuropean measures have turned down again.

But Wall Street has not followed this leading signal yet as itappears to have done routinely in the past - in fact it’s gone theopposite direction over the past fortnight.

Is this then the fiscal cliff factor? Will macro data roll over ifthe cliff is hit? Or has a dour earnings season been swamped byall the tax uncertainty that means at least some pent-updemand will be seen come an eventual deal?

With the bulls rather than bears setting up for hibernationthis winter, maybe the long-term pessimists have an answer.

Many of them reckon the macro data and policy environ-ment has merely masked a cliff of another kind.

“Despite the upside economic surprises, profits have beenspiralling downwards,” said Societe Generale’s Albert Edwards.“It’’s not the impending fiscal cliff the market is worryingabout, it’s the actual profits cliff we have already fallen off.”

Third-quarter S&P500 earnings were flat from a year ago,Thomson Reuters data shows, and they slightly beat forecastsfor the first decline in three years.

But Edwards reckons the rate at which earnings estimatesare being downgraded suggests we are already in a profit reces-sion, that consensus forecasts of 12% next year are optimisticand - just like in 2008 - the economic data would follow suit.

“Expect the New Year to bring nothing but disappoint-ment.”

8 | CΟΜΜΕΝΤ

You want to be a Board Director - now what?You’re a sitting chief executive who wants to see how

another company’s board governs. Or you’re an aspiring CEOwho wants to benefit from a valuable professional develop-ment opportunity and expand your marketability. Perhapsyou are a newly retired executive who wants to stay active andconnected. Or maybe you’re a functional leader who wants tocontribute your expertise in exchange for gaining a broaderstrategic perspective. You may even be a CEO or chief HRofficer looking for ways to improve your own company’s suc-cession planning by getting your CEO-ready executives someboardroom experience. Many of today’s senior executiveswould like to join a corporate board of directors.

The irony is that while much has been written about thelegitimate difficulties of companies finding qualified and inter-ested directors for their boards, there are a growing number ofprospective directors who would be all too happy to serve. Ifyou are one of these prospective directors, the question is howto position yourself and navigate the nuances of the directorselection process to get placed on a board.

Here are six steps to follow:1. Board Bio - Create a compelling and concise board bio,

which prominently outlines your skills and experiences.Focus on what you would bring to the boardroom. If you havefinancial expertise make that your key selling point. Manycompanies are wrestling with the impact of social media andare looking to bring that expertise into the boardroom. Othersare seeking experience and relationships in China, India, Braziland other emerging markets, so trumpet that if you have it. Ofcourse, if you have experience interacting with a board ofdirectors, highlight that as well. The key is to articulate thevalue that you will bring to a company’s board.

2. Target List - Determine what types of boards would bemost interesting and relevant for you. Serving as a director isa time-consuming activity, so you want to be enthusiasticabout investing your time. What industry sectors or types of

business issues are of greatest interest to you? Do you preferprivate-equity backed or public companies? Make an expan-sive target list of companies whose boards would be of interestto you. Peruse lists of fastest growing companies and take ageographic cut. Think about private-equity or venture-backedcompanies — be systematic and go through the websites of PE

and VC firms, identify interesting portfolio companies and addthem to your target list. Then organise the list into categoriesand identify the board members of each. You may be surprisedto find people you know or one degree of separation away.

3. Your Interests - With board bio and target list in hand,you’re now ready to get the word out. Express your intereststo colleagues or people you know who already serve on a board.These individuals are frequently approached about other boardopportunities and might be too busy to pursue them andtherefore able to refer you. Make other targeted outreaches topeople who may be influential in director selection, includingexecutive search firms that focus on director recruitment,lawyers, accountants, investment bankers, and managementconsultants. Be very focused in your “ask” – for an introduc-tion to a specific person or company or to be kept in mindshould they be asked to recommend someone for a prospec-tive director.

4. Director Events - Attend director education events,which offer the opportunity both to become more familiar

with the governance issues confronting boards today, andmeet well-connected individuals who can offer insights intothe director selection process or recommend you at somepoint in the future. Expanding your own network throughthese types of events can be one of the most powerful ways toget into the community of board directors.

5. Search Firms - Be responsive to outreach by the exec-utive search firms that specialise in board director recruit-ment. Just remember that these firms represent the clientcompany and are likely to only be able to place you on a boardif your unique experience matches the criteria that they havebeen retained to find.

6. Not for Profits - Get started with a not-for-profit orcommunity board. If you are eager to get going and corporateboard opportunities have yet to materialise, it may be bothpragmatic and fulfilling to pursue a directorship with an edu-cational, healthcare, social services, or other mission-drivenorganisation. Often, these become stepping-stones for corpo-rate boards through the interconnected web of relationships.If you are an excellent director, adding value and working col-laboratively with others on your not-for-profit board, you maybe surprised how directly this can create opportunities forother board directorships.

Board service is often a rewarding experience both profes-sionally and personally. There is a growing demand for dedi-cated directors who can guide and govern our corporations.So, if you want to be a board director and bring your expertiseto bear, these six steps will get you on your way. Good luck.

James M. Citrin is a member of the worldwide board of directors and co-leads the North American Board & CEOPractice at Spencer Stuart, one of the world’s leading executive search consulting firms.

www.spencerstuart.com

By Mike Dolan

IIIINNNNVVVVEEEESSSSTTTTMMMMEEEENNNNTTTT FFFFOOOOCCCCUUUUSSSS

By James Citrin

Senior Director at Spencer Stuart

FinancialMirror.com

COMMENT | 9

November 21 - 27, 2012

Many economists are advocating for regulation that would makebanking “boring” and uncompetitive once again. After a crisis, it isnot uncommon to hear calls to limit competition. During the GreatDepression, the head of the United States National RecoveryAdministration argued that employers were being forced to lay offworkers as a result of “the murderous doctrine of savage and wolfishcompetition, [of] dog-eat-dog and devil take the hindmost.” Heappealed for a more collusive business environment, with the prof-its made from consumers to be shared between employers andworkers.

Concerns about the deleterious effects of competition havealways existed, even among those who are not persuaded that gov-ernment diktat can replace markets, or that intrinsic human good-ness is a more powerful motivator than monetary reward and pun-ishment. Where the debate has been most heated, however, con-cerns the effects of competition on incentives to innovate.

The great Austrian economist Joseph Schumpeter believed thatinnovation was a much more powerful force for human bettermentthan was ordinary price competition between firms. As a youngman, Schumpeter seemed to believe that monopolies deaden theincentive to innovate – especially to innovate radically. Simply put,a monopolist does not like to lose his existing monopoly profits byundertaking innovation that would cannibalize his existing busi-ness.

By contrast, if the industry were open to new players, potentialentrants, with everything to gain and little to lose, would have astrong incentive to unleash the waves of “creative destruction” thatSchumpeter thought so essential to human progress. In a competi-tive industry, only paranoid incumbents – those constantly strivingfor betterment – have any hope of surviving.

As an older man, Schumpeter qualified his views to argue thatsome degree of monopoly might be preferable to competition in cre-ating stronger incentives for companies to innovate. The rationale issimple: If patent protection were limited, or if it were easy for com-petitors to innovate around intellectual property, a firm in a compet-itive market would have very little incentive to invest in pathbreak-ing research and development. After all, the firm would gain only atemporary advantage at best. If, instead, it withheld spending, andsimply copied or worked around others’ R&D, it could survive per-fectly well – and might be better off. Knowing this, no one wouldinnovate.

But if the firm enjoyed a monopoly, it would have the incentiveto undertake innovations that improved its profitability (so called“process” innovations), because it would be able to capture theresulting profits, rather than see them be competed away. A “boring”bank, shielded from competition and knowing that it “owns” its cus-tomers, would want to go the extra mile to help them, because itwould get its pound of flesh from their future business. Customerscan be happy even when faced by a monopoly, though they wouldgrumble far more if they knew how much they were paying for goodservice!

An analogy may be useful. A monopoly is like running on firmground. Nothing compels you to move, but if you do, you move for-ward. The faster you run, the more scenery you see – so you havesome incentive to run fast.

Competition is like a treadmill. If you stand still, you get sweptoff. But when you run, you can never really get ahead of the tread-mill and cover new terrain – so you never run faster than the speedthat is set.

So which industrial structure is better for encouraging you torun? As economists are prone to say, it depends.

Perhaps one can have the best of both worlds if one starts on atreadmill, but can jump off if one runs particularly fast – the systemis competitive, but those who are particularly innovative securesome monopoly rents for a while. This is what a strong system ofpatent protection does.

But patents are ineffective in some industries, like finance. Theoverwhelming evidence, though, is that financial competition pro-motes innovation. Much of the innovation in finance in the US andEurope came after it was deregulated in the 1980’s – that is, after itstopped being boring.

The critics of finance, however, believe that innovation has beenthe problem. Instead of Schumpeter’s “creative destruction,”bankers have engaged in destructive creation in order to gouge cus-tomers at every opportunity while shielding themselves behind a veilof complexity from the prying eyes of regulators (and even top man-agement). Former US Federal Reserve Board Chairman Paul Volckerhas argued, somewhat tongue-in-cheek, that the only useful finan-cial innovation in recent years has been the ATM. Hence, the criticsare calling for limits on competition to discourage innovation.

Of course, the critics are right to argue that not all innovationsin finance have been useful, and that some have been downrightdestructive. By and large, however, innovations such as interest-rateswaps and junk bonds have been immensely beneficial, allowing avariety of firms to emerge and obtain finance in a way that simplywas not possible before.

Even mortgage-backed securities, which were at the center of the

financial crisis that erupted in 2008, have important uses in spread-ing home and auto ownership. The problem was not with the inno-vation, but with how it was used – that is, with financiers’ incen-tives.

And competition does play a role here. Competition makes it

harder to make money, and thus depletes the future rents (and stockprices) of the incompetent. In an ordinary industry, incompetentfirms (and their employees) would be forced to exit. In the financialsector, the incompetent take on more risk, hoping to hit the jackpot,even while the regulator protects them by deeming them too sys-temically important to fail.

Instead of abandoning competition and giving banks protectedmonopolies once again, the public would be better served by mak-ing it easier to close banks when they get into trouble. Instead ofmaking banking boring, let us make it a normal industry, suscepti-ble to destruction in the face of creativity.

© Project Syndicate, 2012.www.project-syndicate.org

Is Finance Too Competitive?By Raghuram RajanProfessor of Finance at the Universityof Chicago Booth School of Business and the chief

economic adviser to the government of India, is the author of Fault Lines: How HiddenFractures Still Threaten the World Economy.

November 21 - 27, 2012 FinancialMirror.com

10 | WORLD

Qatar has agreed to invest as much as 1 bln euros inItalian companies, aiding efforts by Italy’s Prime MinisterMario Monti to breathe life into a weak economy.

A joint venture between Italy’s strategic investment fundand state-owned Qatar Holding will invest in sectors includ-ing food, fashion and luxury goods, furniture and design,tourism and leisure.

The venture will have capital of up to 2 bln euros provid-ed equally by both partners over the first four years, accord-ing to the agreement signed during Monti’s visit to the small,energy-rich Gulf state.

The “IQ Made in Italy Venture” will start with 300 mlneuros of capital.

“We have four or five ideas (for investment in Italy) we arestudying at the moment,” Qatari Prime Minister Sheikh

Hamad bin Jassim al-Thani said at a news conference inDoha.

Qatar is also preparing to sign another agreement withItaly worth 1 bln euros aimed at small and medium-sizedenterprises, Sheikh Hamad said, adding that Qatar wouldparticipate in half that amount.

Monti’s visit to the Gulf was partly aimed at attracting newinvestment both for Italian sovereign bonds and for compa-nies which have had serious problems raising capital as thefinancial crisis has squeezed bank balance sheets and cut offlending.

“It’s significant that Italy now seems to be proactive inattracting long-term institutional investors and this venturewith Qatar clearly signals that,” said Rachel Zeimba, senioranalyst and sovereign wealth fund expert at Roubini Global

Economics in London.“It is not clear if the investments are restricted to listed

companies alone but it proves that Qatar sees long-termvalue in sectors such as food and fashion in the country andwants to play in on these themes,” she said.

Monti seals deal with Qatarl Venture will focus on food, fashion, luxury

US approves Russia trade bill… with human rights slapl Moscow calls bill an “insult,” says will respond

The U.S. House of Representatives voted overwhelmingly to“name and shame” Russian human rights violators as part of abroader bill to drop Cold War-era trade restrictions, brushing offwarnings from Moscow that the move would damage relations.

The House voted 365-43 to approve the legislation, whichtakes a jab at the policies of Russian President Putin whileensuring U.S. companies get the full benefits of Russia’s entryinto the World Trade Organization on August 22.

“Since Vladimir Putin was re-elected president in May 2012,his government has taken a harsh and confrontationalapproach to ongoing protests, cracking down on the Russianpeople’s growing discontent with corruption and creepingauthoritarianism,” said Representative Jim McGovern, aDemocrat.

The bill, which still needs Senate approval, would establish“permanent normal trade relations,” or PNTR, with Russia.

In a provision that infuriates Moscow, the bill would directPresident Barack Obama to publish the names of Russiansbelieved involved in the abuse and death of Sergei Magnitsky,a Russian anti-corruption lawyer who died in a Moscow jailin 2009.

It would also require the United States to deny visas andfreeze the assets of any individual on the list, as well as otherhuman rights violators in Russia on an ongoing basis.

Russian opposition leader Boris Nemtsov was inWashington to witness the vote, which came on the thirdanniversary of Magnitsky’s death.

House Foreign Affairs Committee Chairman Ileana Ros-Lehtinen, a Republican, said in a statement that Nemtsov toldher that Putin had made stopping the legislation his utmostpriority because it threatened to ensnare those closest to theRussian leader.

Without PNTR, Russia could deny U.S. exporters some ofthe market-opening benefits others will enjoy due to Russia’sWTO entry. The United States also could not use the WTO dis-pute-settlement system to challenge Russian actions withoutPNTR.

U.S. business groups believe PNTR could help them doubleor triple exports to the world’s ninth-largest economy. “Withour high unemployment, we cannot afford to pass up anyopportunity to increase our exports and create jobs,” saidHouse Ways and Committee Chairman Dave Camp, a

Republican. Obama is expected to sign the bill if it reaches hisdesk, even though the White House initially pressed for PNTRlegislation without the human rights sanctions provisions.

‘PROVOCATIVE INSULT’The Russian Foreign Ministry called the legislation “an

aggressively unfriendly, provocative insult” and said “measuresin response will certainly follow.”

It urged Obama not to sign the bill, saying: “We hope theAmerican executive authorities understand the pernicious con-sequences to which the legislative actions of ill-wishers andopponents of our bilateral interaction may lead.”

Both the House bill and a similar one pending in the Senatewould allow the White House to keep secret the names of someindividuals on the Magnitsky list if the president determined thatwas in the national security interest of the United States.

Magnitsky was jailed in 2008 on suspicion of tax evasion andfraud, charges colleagues say were fabricated by Russian policeinvestigators he had accused of stealing $230 mln from the statethrough fraudulent tax refunds. The Kremlin’s own humanrights council has said he was probably beaten to death.

US heading for another crash, debt crisis looms

Two leading U.S. economists haveexpressed deep pessimism that politicians inWashington will be able to strike a deal to reinin America’s soaring national debt.

Sheila Bair, the former chairman of theFederal Deposit Insurance Corporation, andStephen Roach, a veteran economist at YaleUniversity’s School of Management, also saidthe Federal Reserve was creating another cata-strophic financial bubble with attempts tostimulate the economy through its policyknown as quantitative easing.

The two were speaking at a conference onglobal risks sponsored by the Rand Corporationand Thomson Reuters, at Rand headquarters inSanta Monica, California. Bair, who steppeddown as head of the FDIC in July 2011, said theFed’s policy of pumping money into the econ-omy, combined with an unprecedented periodof historically low interest rates, was creating“the mother of all bond bubbles.”

Bair said she believed the United States washeading for a financial crash on the scale seenwhen the housing market collapsed six yearsago, but this time because of investors whowere looking for higher and riskier returns inother asset classes.

Roach called the Fed policy of low interest

rates and quantitative easing a “ticking timebomb that keeps on ticking.”

The two spoke as congressional leaders inWashington met with Obama to try to findcommon ground on taxes and spending thatwill allow them to head off a looming “fiscalcliff” that could push the U.S. economy backinto recession.

About $600 bln worth of tax increases andspending cuts begin to kick in on January 1unless Congress can find a way to replace themwith less severe deficit-reducing measuresbefore then.

Bair and Roach both said they believedCongress will find some way to “kick the candown the road” on the question of the fiscal cliff.Neither believes Washington will pass the funda-mental structural reforms necessary to deal withAmerica’s long-term debt crisis. The U.S. hasbeen running annual deficits of over $1 trln forseveral years. National debt now tops $16 trln.

A series of panels and commissions last yearrecommended a mix of revenue increases andspending cuts as a way to pay down the debt.Efforts by Obama and John Boehner, theRepublican House Speaker, to reach a “grandbargain” on debt reduction collapsed amid acri-mony last year.

US lawmakers confident they can avoid ‘fiscal cliff’

Leading U.S. lawmakers have expressedconfidence that they could reach a deal toavert the “fiscal cliff” even as they laiddown markers on taxes and spending thatmay make any agreement more difficult.

Republicans and Democratic leadershave agreed on a framework to reform thetax code and government benefit programsnext year, but first need to prevent across-the-board tax increases and spending cutsdue to begin in January that could push theeconomy back into recession.

That toxic $600 bln combination, knownas the fiscal cliff, is the legacy of earlierfailed budget deals. Both sides say they seegreater willingness to compromise thistime. “What I hear is a perceptible changein rhetoric from the other side,” DickDurbin, the No. 2 Senate Democrat, said onCNN’s “State of the Union” program. “Andwhat it is is an invitation for our side tobasically sit down and say, ‘What can we dofor this country’?”

Taxes are the biggest hurdle. PresidentBarack Obama campaigned on a promise toraise tax rates on the wealthiest 2% ofhouseholds, who have benefited more thanthe rest of the population over the past

several decades as globalization andtechnology have transformed the U.S.economy. He wants to extend low tax ratesfor the bottom 98% of the population, butsaid he will not sign a budget deal thatkeeps low rates for the wealthiest in place.

Nancy Pelosi, the top Democrat in theHouse of Representatives, echoed this view.Though Republicans control the House,they will probably need Democratic votes toget any deal passed. “If it’s going to bringin revenue, the president has been veryclear that the higher-income people have topay their fair share,” she said on ABC’s“This Week.”

A top Republican, Representative TomPrice, said his colleagues recognize theneed to generate more tax revenue even ashe said any tax-rate increase on the wealthywould lead to job losses.

Most Republican lawmakers have signeda pledge promising they will not tax rates.Instead, they want to generate morerevenue through a rewrite of the code thatwould eliminate exemptions, lower ratesand presumably spur the economy.

They also say tax changes must bepaired with spending cuts.

November 21 - 27, 2012FinancialMirror.com

EB¢OMA¢IAIA OIKONOMIKH ¶√§π∆π∫∏ EºHMEPI¢A

www.financialmirror.comAÚ. 890 ∆∂∆∞ƒ∆∏, 21 ¡√∂ªµƒπ√À, 2012

Τï æυσικÞ αέριï, τï συνταêιïδïτικÞ, ηΑΤΑ, και η ιδιωτικïπïίηση των ηµικρατικώνïργανισµών, απïτελïύν τις τελευταίες δύïµέρες αντικείµενï έντïνων διαπραγµατεύ-σεων ανάµεσα στην Κυâέρνηση και τïυ κλι-µακίïυ της ΤρÞικας.

Στï θέµα της ATA, η ΤρÞικα æαίνεται ναúητά πάγωµα τïυ θεσµïύ κατά τη διάρκειατïυ πρïγράµµατïς πρïσαρµïγής και ακï-λïύθως θέλει να καταâάλλεται κατά τï ήµισυσε ετήσια âάση.

Επίσης, ïι πιστωτές πρïτείνïυν να αæαι-ρεθïύν απÞ τïν κατάλïγï των πρïϊÞντων γιατïν δείκτη υπïλïγισµïύ της ΑΤΑ κάπïια απÞαυτά, περιλαµâανïµένïυ τïυ ηλεκτρικïύρεύµατïς.

Εêάλλïυ, τï κλιµάκιï της ΤρÞικας, αν καιδεν είøε θέσει τï θέµα τïυ συνταêιïδïτικïύαπÞ την αρøή, κατά την επάνïδÞ της στï νησίúητά να µηδενιστεί η συνεισæïρά τïυ κρά-τïυς πρïς τï ΤΚΑ, ύψïυς 4,3% και είτε νααυêηθεί η εισæïρά απÞ εργïδÞτες και εργï-δïτïύµενïυς είτε να µειωθïύν τα ωæελήµα-τα.

Κάτι τέτïιï, εκτιµάται Þτι ïδηγεί σταδια-κά στην ιδιωτικïπïίηση τïυ ασæαλιστικïύ.

Εêάλλïυ, η ΤρÞικα æέρεται να úητά τηδιαγραæή τïυ øρέïυς τïυ κράτïυς πρïς τïΤΚΑ, ύψïυς 7,2 δισ., κάτι µε τï ïπïίï ηΚυâέρνηση δεν συµæωνεί, καθώς θέτει θέµαâιωσιµÞτητας τïυ Ταµείïυ ΚïινωνικώνΑσæαλίσεων.

™À¡∆∞•∏ ™∆∞ 65Ως πρïς τï Þριï συνταêιïδÞτησης, æαί-

νεται αναæέρïυν ïι πληρïæïρίες, Þτι υπάρ-øει συµæωνία στï 65ï έτïς της ηλικίας.ΠαρÞλα αυτά, η ΤρÞικα úητά διασύνδεση τïυïρίïυ αæυπηρέτησης µε τï πρïσδÞκιµïúωής, πïυ συνήθως αυêάνεται και αναθεω-ρείται πρïς τα πάνω.

Η Κυâέρνηση, σύµæωνα µε πηγές, æαίνε-ται να απïρρίπτει τη λïγική της ιδιωτικïπïί-ησης των κερδïæÞρων ηµικρατικών ïργανι-σµών και θεωρεί την πρακτική αυτή αντιïρ-θïλïγική, καθώς υπάρøïυν ïργανισµïί πïυ

συνεισæέρïυν στα έσïδα τïυ κράτïυς.ΑπÞ την άλλη, æέρεται να συµæωνεί πως

πρέπει είτε να ιδιωτικïπïιηθïύν είτε νακαταργηθïύν κάπïιïι ηµικρατικïί ïργανι-σµïί, ενώ συµæωνία æαίνεται Þτι υπάρøει καιως πρïς την ιδιωτικïπïίηση τïυ ÌΑΚ, αν καιυπάρøει αµæιâïλία ως πρïς την καταλληλÞ-τητα της παρïύσας øρïνικής περιÞδïυ.

∆ƒ∞¶∂∑∂™Σύµæωνα µε τις ίδιες πληρïæïρίες, η

Κυâέρνηση θεωρεί ανïιøτÞ τï θέµα της ανα-κεæαλαιïπïιήσης των τραπεúών, ενÞσω ανα-µένει τα απïτελέσµατα απÞ τïν διαγνωστικÞέλεγøï πïυ διενεργεί η Pimco.

Η εκτίµηση της ΤρÞικας είναι Þτι τï πïσÞθα ανέλθει στα 10 δισ., για σκïπïύς εργα-σίας, αναθεωρηµένï πρïς τα κάτω απÞ τιςαρøικές της εκτιµήσεις για 12 δις ευρώ.

ΑπÞ την άλλη πλευρά, η Κυâέρνηση æαί-νεται Þτι αναµένει πως τï πïσÞ πïυ θα πρï-κύψει απÞ την έρευνα της Pimco θα είναιøαµηλÞτερï απÞ τα 10 δισ. Πρïτίθεται, σύµ-æωνα µε τις πληρïæïρίες αυτές, να λάâεισïâαρά υπÞψη τï απïτέλεσµα της Pimco,απÞ την άλλη Þµως δεν θεωρεί πως αυτÞ θαείναι δεσµευτικÞ, κρατώντας έτσι ένα περι-θώριï για ελιγµïύς. Αναæïρικά µε τη δια-πραγµάτευση στï θέµα της øρïνικής διάρ-κειας της εκπïίησης ακινήτων, η κυâερνητι-κή πλευρά æαίνεται πως διαâλέπει κάπïιαâελτίωση. Σύµæωνα µε τις πληρïæïρίες,υπάρøει συµæωνία να δïθεί µια περίïδïςøάριτïς πρïτïύ αρøίσει η διαδικασία εκπïίη-σης, την ïπïία η ΤρÞικα τïπïθετεί µετά την

ανάκαµψη και την επάνïδï της ïικïνïµίαςσε τρïøιά ανάπτυêης. Κατά την ΤρÞικα, ηδιάρκεια της διαδικασίας εκπïίησης ακινή-των κυµαίνεται απÞ 18 µήνες έως 2 øρÞνιαγια την ιδιïκατïίκηση. Η κυâερνητική πλευ-ρά æαίνεται Þτι θα ήθελε να υπάρêει επιµή-κυνση της περιÞδïυ πïυ øρειάúεται για τηδιαδικασία εκπïίησης.

ΑνïιøτÞ εêάλλïυ æαίνεται Þτι παραµένεικαι τï θέµα των αêιïγράæων, αν και η κυâερ-νητική πλευρά µάλλïν συµæωνεί µε τη θέσητης ΤρÞικας Þτι ïι τράπεúες θα έπρεπε ναεπωµισθïύν τï κÞστïς και Þøι τï κράτïς.

«°∫ƒπ∑√» ºÀ™π∫√ ∞∂ƒπ√

Ως πρïς τï æυσικÞ αέριï æαίνεται πωςυπάρøïυν «γκρίúα σηµεία» µεταêύ των δύïπλευρών, µε την κυπριακή πλευρά να επιδιώ-κει να καταστήσει σαæές πως τï θέµα τηςδιαøείρισης των εσÞδων απïτελεί κυριαρøικÞτης δικαίωµα. Η κυπριακή πλευρά έøει κατα-θέσει πρÞταση στη âάση τïυ νïρâηγικïύµïντέλïυ, σύµæωνα µε την ïπïία ένα µέρïςτων εσÞδων θα πηγαίνει στïν κρατικÞ πρïϋ-πïλïγισµÞ για την απïπληρωµή τïυ δανείïυ,ένα µέρïς σε επενδύσεις για υπïδïµές,κυρίως για τï æυσικÞ αέριï, και ένα µέρïς θακατατίθεται για τις µελλïντικές γενιές, ÞøιµÞνï ως απïθεµατικÞ αλλά και σε επενδύ-σεις. ΑπÞ την πλευρά της, η ΤρÞικα úητά Þπωςτα έσïδα τïυ æυσικïύ αερίïυ κατατίθενταικατά πρïτεραιÞτητα για την απïπληρωµήτïυ øρέïυς.

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Η πρïδιαγραæÞµενη απïøώρηση τïυΝίκïυ Αναστασιάδη απÞ τïν πρïεδρικÞ θώκïτïυ ∆ΗΣΥ σε περίπτωση πάντα πïυ επιâεâαιω-θïύν ïι δηµïσκïπήσεις και γίνει στις εκλïγέςτïυ Φεâρïυαρίïυ ï νέïς ένïικïς τïυ Πρï-εδρικïύ Μεγάρïυ άνïιêε για τα καλά τηνκïύρσα διαδïøής τïυ στην Πινδάρïυ. à ανα-πληρωτής ΠρÞεδρïς τïυ ∆ΗΣΥ ΑâέρωæΝεïæύτïυ αν και ï ίδιï δήλωνε πρï τριµήνïυσε δηµïσιïγράæïυς Þτι δεν επιθυµεί να είναιï νέïς ΠρÞεδρïς σηµειώνïντας øαρακτηρι-στικά «δεν πρÞκειται να γίνω Βενιúέλïς τïυΣυναγερµïύ», εντïύτïις æαίνεται να έκανεδεύτερες σκέψεις κάτι τï ïπïίï γίνεται εύκï-

λα αντιληπτÞ και απÞ τις κινήσεις πïυ κάνει τïτελευταίï διάστηµα. Κινήσεις Þπως η επίσκε-ψη τïυ στην Κεντρική Τράπεúα για να δει τï∆ιïικητή της Πανίκï ∆ηµητριάδη ένα εικïσιτε-τράωρï πριν τη συνάντηση τïυ κύριïυ ∆η-µητριάδη µε τïν Νίκï Αναστασιάδη ακÞµη καιτï «κÞψιµï» τïυ âïυλευτή τïυ κÞµµατïς Αν-δρέα Πιτσιλλίδη απÞ τï æιλανθρωπικÞ σÞïυDansing δείøνïυν µια νέα αρøηγική πρïσέγγιση.

Τις δικές τïυ σκέψεις για να διεκδικήσειτην Πρïεδρία κάνει Þπως µαθαίνïυµε ï ευρω-âïυλευτής τïυ κÞµµατïς ΓιαννάκηςΚασïυλίδης ï ïπïίïς επιøείρησε κάτι τέτïιïøωρίς επιτυøία και στï παρελθÞν (λαµâάνï-

ντας 47% έναντι 53% τïυ ΝίκïυΑναστασιάδη), Þπως και η συνάδελæïς τïυΕλένη Θεïøάρïυς, ενώ η θέση δεν αæήνειαδιάæïρï ïύτε τï Νίκï Τïρναρίτη. Φηµïλïγίαπάντως πïυ αναπτύøθηκε τï τελευταίï διά-

στηµα η ïπïία æέρει τï Νίκï Αναστασιάδη ναπαραιτείται απÞ τη θέση τïυ πριν τιςΠρïεδρικές εκλïγές της 17ης Φεâρïυαρίïυøαρακτηρίúεται απÞ πηγές της Πινδάρïυ ωςαâάσιµη.

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à ΠρÞεδρïς της∆ηµïκρατίας ∆ηµήτρηςÌριστÞæιας, συγκάλεσεγια σήµερα τï πρωί,σύσκεψη των αρøηγώντων κïµµάτων για ενηµέ-ρωσή τïυς, αναæïρικά µετις διαπραγµατεύσεις µετην τρÞικα.

Στις διαπραγµατεύσεις, «παραµένïυνδιαæωνίες σε σïâαρά úητήµατα» ανέæερε ïκυâερνητικÞς εκπρÞσωπïς ΣτέæανïςΣτεæάνïυ.Απέæυγε να υπεισέλθει στï θέµατων διαæωνιών και περιïρίστηκε να αναæέ-ρει Þτι, έγινε παρά πïλλή δïυλειά. ΜέσααπÞ τη διαπραγµάτευση, επιτεύøθηκανσυγκλίσεις σε διάæïρα úητήµατα, πρÞσθε-σε, øωρίς και πάλι να γίνει συγκεκριµένïς.

¶¶ÈÈÛÛÛÛ··ÚÚ››‰‰Ë˘:: ∫∫··ÌÌ››··‰‰ÈÈ··ÚÚ··ÁÁÌÌ¿¿ÙÙ¢ÛÛËË ÁÁÈÈ·· ··¤¤ÚÚÈÈÔÔ

ΚÞκκινη γραµµή θαπρέπει να απïτελέσει γιατην κυâέρνηση τï θέµατης øρήσης των εσÞδωναπÞ τï æυσικÞ αέριï, υπï-στήριêε σε δηλώσεις τïυ ïνïµπελίστας Ìρι-στÞæïρïς Πισσαρίδης. Σεπαρέµâαση τïυ για τï θέµα πïυ æαίνεται ναπρïκύπτει απÞ την απαίτηση της τρÞικαςÞπως συµπεριληæθεί πρÞνïια στï µνηµÞνιï,υπïστήριêε πως τα έσïδα απÞ τï æυσικÞαέριï θα πρέπει να øρησιµïπïιïύνται πρωτί-στως για απïπληρωµή τïυ øρέïυς, άσøεταµε τï τι θέλει η ΤρÞικα. à κ. Πισσαρίδης είπεÞτι, επείγει η âïυλή να ψηæίσει ταµείï για ταέσïδα απÞ τï æυσικÞ αέριï πριν αρøίσïυνδιάæïρïι να έøïυν απαιτήσεις.

Τïυ æρïνίµïυ τα παιδιά πριν πεινάσïυν µαγειρεύïυνλέει η γνωστή παρïιµία και στην Τράπεúα Κύπρïυ Þπωςπληρïæïρείται η Financial Mirror επεργάúïνται σøέδιï τïïπïίï θα πρïνïεί και κλιµακωτές µειώσεις στις απïλαâέςτïυ πρïσωπικïύ. Ãι µειώσεις Þµως µας ανέæεραν øαρα-κτηριστικά υψηλÞâαθµες πηγές τïυ Συγκρïτήµατïς θαείναι σαæώς µικρÞτερες απÞ αυτές πïυ ανακïινώθηκανστη Λαϊκή Τράπεúα ïι ïπïίες êεκινïύσαν στï 4% και έæθα-ναν µέøρι τï 17%.

Την ίδια ώρα ήδη τÞσï ï CEO της Τράπεúας ΚύπρïυΓιάννης Κυπρή, Þσï και ïι υπÞλïιπïι γενικïί διευθυντέςέøïυν συναινέσει σε µείωση τïυ µισθïύ τïυς απÞ 10%-15%. Ãι ίδιες πηγές δεν απέκλεισαν να πρïσæερεί και σøέ-διï εθελïύσιας εêÞδïυ στï πρïσωπικÞ παρÞµïιï µε αυτÞπïυ εκπïνήθηκε για τη Λαϊκή Τράπεúα µε στÞøï να εêïικï-

νïµηθïύν και άλλïι πÞρïι.Η κίνηση αυτή να σηµειωθεί γίνεται και µε τις ευλïγίες

τïυ ∆ιïικητή της Κεντρικής Τράπεúας Πανίκïυ ∆ηµητριάδηï ïπïίïς έâαλε στÞøï να σµικρύνει τï τραπεúικÞ σύστηµατης Κύπρïυ µε στÞøï να γίνει πιï ανταγωνιστικÞ. Σε µιαάλλη εêέλιêη τï γεγïνÞς Þτι η ΤρÞικα συναίνεσε Þπως τïCore Tier 1 να αυêηθεί στï 9% αντί στï 10% πïυ ήθελεπρïηγïυµένως αυτÞ συνεπάγεται για τï ΣυγκρÞτηµα εêïι-κïνÞµηση 250 εκ. ευρώ απÞ τï συνïλικÞ πïσÞ της ανακε-æαλαιïπïίησης της.

Τέλïς σύµæωνα µε πληρïæïρίες µας τï τελικÞ πïσÞπïυ θα απαιτηθεί για την ανακεæαλαιïπïίηση της ΤράπεúαςΚύπρïυ απïτελεί κλειδί για τï ενδεøÞµενï αύêησης τηςσυµµετïøής τïυ Ρώσïυ κρïίσïυ Ντιµίτρι ΡυµπïλÞâλεâ ïïπïίïς για την ώρα κρατά στάση αναµïνής.

21 ΝÃΕΜΒΡΙÃΥ, 2012 ÌΡΗΜΑ&ΑΓÃΡΑ

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48ˆÚË ·ÂÚÁ›· ÙˆÓ ÔÈÎÔ‰fïÓΠαραλύει την Πέµπτη και την Παρασκευή ï ïικïδïµικÞς

τïµέας της Κύπρïυ, αæïύ ïι συντεøνίες των ïικïδÞµων κατέρ-øïνται σε 48 απεργία, µια κίνηση πïυ ïι Γενικïί Γραµµατείς τηςΣΕΚ και της ΠΕÃ øαρακτήρισαν ως µήνυµα πρïς τïυς εργïδÞ-τες ευρύτερα, ïι ïπïίïι, Þπως είπαν, εκµεταλλεύïνται τηνïικïνïµική κρίση για να πλήêïυν τα δικαιώµατα των εργαúïµέ-νων.

™ÙȘ 28/11 Û˘Ó‰ÚÈ¿˙ÂÈ Ë §·˚΋ Στις 28 Νïεµâρίïυ, 2012 θα συνέλθει τï ∆ιïικητικÞ της

Συµâïύλιï της Cyprus Popular Bank Public Co Ltd, για να εêε-τάσει, µεταêύ άλλων, τα Ãικïνïµικά Απïτελέσµατα για τηνπερίïδï Ιανïυαρίïυ - Σεπτεµâρίïυ 2012.

√ CIPA ‚Ú¿‚¢Û ‰ÈÂıÓ›˜ ÂȯÂÈÚ‹ÛÂȘà ΚυπριακÞς ÃργανισµÞς Πρïσέλκυσης Επενδύσεων

(CIPA) âράâευσε διεθνείς επιøειρήσεις πïυ δραστηριïπïιïύ-νται στην Κύπρï. ΠρÞκειται για τις εταιρείες Lidl Cyprus, H.M.Housemarket (Cypus) Ltd, Laureate International Universities,Alfa Capital Holdings (Cyprus) Ltd, Columbia ShipmanagementLtd, Bernhard Schulte Shipmanagement,(Cyprus) Ltd και NCR(Cyprus) Ltd. Ειδικά âραâεία απïνεµήθηκαν στην Noble EnergyInc και στï Μιøάλη ·αµπέλα.

°ÈÔÚÙ‹ Ù˘ ∑È‚·Ó›·˜Τï µήνα ·ιâανίας διïργανώνïυν απÞ κïινïύ η Εταιρεία

Ανάπτυêης και Πρïâïλής ΤρïÞδïυς, η Περιæερειακή ΈνωσηΣυνδέσµων Απïδήµων Πιτσιλιάς και ïι κïινÞτητες Άλωνας καιΠελενδρίïυ, µε υπïστηρικτή της ïργάνωσης την CTC-ARIAirports, η εταιρεία πïυ διαøειρίúεται τα καταστήµατα αδασµï-λïγήτων στα αερïδρÞµια Λάρνακας και Πάæïυ.

Ãι εκδηλώσεις για τïν µήνα ·ιâανίας θα êεκινήσïυν τηνΚυριακή 25 Νïεµâρίïυ στην πλατεία τïυ øωριïύ Άλωνα απÞ τις11:00 π.µ. µέøρι 16:00. ΣτÞøïς της εκδήλωσης είναι ïι επισκέ-πτες να µπïρïύν να παρακïλïυθήσïυν τη διαδικασία παραγω-γής úιâανίας, απÞ τï άλεσµα των σταæυλιών µέøρι την απÞστα-êή της, την κατασκευή παραδïσιακών εδεσµάτων απÞ øυµÞσταæυλιïύ.

Ãι εκδηλώσει κïρυæώνïνται την Κυριακή 2 ∆εκεµâρίïυστï ΠïλιτιστικÞ Κέντρï Πελενδρίïυ.

Ãι διïργανωτές παρέøïυν δωρεάν µεταæïρά σε Þσïυςθέλïυν απÞ την ΛεµεσÞ και την Λευκωσία. Για πληρïæïρίεςστα τηλέæωνα 22674264, 25323211.

∆Ô ‚ÈÔÏ› ÙÔ˘ ÁÈ· ÂÙ·ÈÚÈÎfi ÊfiÚÔ Ô ™fiÈÌÏÂΈøïντας στï πλευρÞ τïυ και τη Γαλλία ï ΓερµανÞς

ΥπïυργÞς Ãικïνïµικών ΒÞλæγκανγκ ΣÞιµπλε επιδιώκει ναπρïκαλέσει τριγµïύς στην Ευρωπαϊκή Ένωση µε την εµµïνήτïυ να θέσει µέσω των G20, δηλαδή των πλïυσιÞτερων ïικïνï-µιών τïυ πλανήτη, θέµα εναρµÞνισης τïυ συντελεστή æïρïλï-γίας επιøειρήσεων, κάτι πïυ εκ των πραγµάτων αγγίúει και τηνΚύπρï. ΣτÞøïς τïυ ΣÞιµπλε Þπως µας αναæέρθηκε αρµïδίωςαπÞ υψηλÞâαθµες πηγές στις Βρυêέλλες είναι η υιïθέτησηενÞς κïινïύ æïρïλïγικïύ συντελεστή κατά πάσα πιθανÞτητατï 15%, Μάλιστα µε âάση πληρïæïρίες æέρεται να έøει απï-στείλει και επιστïλή πρïς τïν αµερικανÞ ïµÞλïγÞ τïυ, úητώ-ντας τη συµâïλή και των Ηνωµένων Πïλιτειών για µια συνïλι-κή λύση, σε παγκÞσµια κλίµακα, γύρω απÞ τï æαινÞµενï τωνïύτω καλïύµενων æïρïλïγικών παραδείσων.

Πρακτικά παρά τï Þτι η Κύπρïς âρίσκεται αυτή τη στιγµήµε την πλάτη στïν τïίøï αæïύ τυøÞν συµæωνία µε την ΤρÞικαθα περάσει και απÞ τï γερµνατικÞ κïινïâïύλιï υπάρøïυναρκετές δυσκïλίες για να υλïπïιήθει άµεσα η πρïσπάθεια τïυκ. ΣÞιµπλε. Η κυâέρνηση πάντως έøει για την ώρα τη στήριêητης ΚïµισιÞν.

µ√C: ∂ÂÍÂÚÁ¿˙ÂÙ·È Û¯¤‰ÈÔ ·ÔÎÔÒÓ

∏ ¡oble ı¤ÏÂÈ ¤ÏÂÁ¯Ô ÙÔ˘ ÙÂÚÌ·ÙÈÎÔ‡ ·ÏÏ¿ ...Απαντήσεις στα ερωτήµατα για την ανάπτυêη των ανα-

γκαίων υπïδïµών, αγωγïί και τερµατικÞ , πρïς εκµετάλ-λευση τïυ æυσικïύ αερίïυ απÞ τï ÃικÞπεδï 12 αναúήτη-σε η υπïυργική επιτρïπή µε την ïµάδα διαπραγµάτευσηςµε την Noble Energy. Ùπως πληρïæïρείται η εæηµερίδαµας απÞ αναæïρές µέλïυς της ïµάδας αυτÞ πïυ θα επι-διωøθεί θα είναι να κλειδώσει ï έλεγøïς τïυ τερµατικïύαπÞ τï κράτïς έστω και αν σε αυτÞ συµµετέøïυν πïλλïίεπενδυτές.

Σύµæωνα µε πληρïæïρίες η αµερικανική εταιρείαπαρά τïυ Þτι ήθελε τïν έλεγøï τïυ τερµατικïύ κατανïεί

τις ανησυøίες της κυâέρνησης. Πρïς ικανïπïίηση τωναπαιτήσεων της εταιρείας η κυâέρνηση πρïσανατïλίúεταινα της δώσει δεσπÞúïυσα θέση στην πρώτη γραµµή παρα-γωγής ώστε να πρïøωρήσει µε την αêιïπïίηση τïυ κïιτά-σµατïς απÞ τï ïικÞπεδï 12.

Παράλληλα θα συνεøιστïύν εντÞς της âδïµάδας και ïιδιαπραγµατεύσεις για τα άλλα 4 ïικÞπεδα στï πλαίσιï τïυΒ γύρïυ αδειïδïτήσεων

Ãι κïινïπραêίες ΕΝΙ και ΤÃΤΑΛ ΝÃΒΑΤΕΚ κλήθηκαναπÞ τï Υπïυργείï Εµπïρίïυ να καταθέσïυν âελτιωµένεςπρïτάσεις τÞσï σε ïικïνïµικÞ Þσï και τεøνικÞ επίπεδï.

∆Ô ¿Ó ‰ÈηÛÙÈο ÔÈ Î¿ÙÔ¯ÔÈ ·ÍÈÔÁڿʈÓÙρïυς εντïλής σε δικηγÞρïυς

έδωσε ï Σύνδεσµïς ΚατÞøωνΤραπεúικών Αêιïγράæων.Συγκεκριµένα ï Σύνδεσµïς έδωσεεντïλή στïυς δικηγÞρïυς ΜάριïΗλιάδη, Αλέκï Μαρκίδη, ΚριςΤριανταæυλλίδη και Μάρκï ΓρηγÞρη∆ράκï, να πρïâïύν σε διαδικασίεςδιεκδίκησης ενώπιïν δικαστηρίïυτων δικαιωµάτων των κατÞøων τρα-πεúικών αêιïγράæων. Με αυτÞ τïντρÞπï, ï Σύνδεσµïς πρïøωρεί στηνυλïπïίηση της ïµÞæωνης απÞæασης της 4ης ΠαγκύπριαςΣυνέλευσης των ΚατÞøων Τραπεúικών Αêιïγράæων, πïυπραγµατïπïιήθηκε την περασµένη Παρασκευή.

Ãι Þρïι εντïλής τïυ Συνδέσµïυ πρïς τïυς δικηγÞρïυςείναι πρώτïν «να κινηθïύν νïµικά, περιλαµâανïµένων καιιδιωτικών πïινικών και αστικών αγωγών εναντίïν παντÞςυπευθύνïυ, ï ïπïίïς, άµεσα ή έµµεσα, εθελïυσίως ή αθε-λήτως, συµµετείøε στην καταδïλίευση και ή παραπλάνησητων καταθετών/µελών µας, µετατρέπïντας, εν µία νυκτί, τιςκαταθέσεις τïυς σε αêιÞγραæα».

à Σύνδεσµïς θεωρεί ως υπεύθυνïυς τïυς Πρïέδρïυςκαι τα µέλη των ∆ιïικητικών Συµâïυλίων των ΤραπεúώνΚύπρïυ και Λαϊκής, παρÞντων και απελθÞντων, τα διïικητι-κά στελέøη των δύï τραπεúών, τïυς διευθυντές και τïυςυπαλλήλïυς των καταστηµάτων των δύï τραπεúών, ïι ïπïί-ïι âρίσκïνται εν υπηρεσία ή έøïυν απïøωρήσει. Επίσης, τï∆ιïικητή και τα στελέøη της Κεντρικής Τράπεúας τηςΚύπρïυ, τïυς εσωτερικïύς και εêωτερικïύς ελεγκτές τωνδύï τραπεúών, πïυ ασκïύσαν έλεγøï στις δύï τράπεúεςÞταν εκδÞθηκαν/πωλïύνταν τα αêιÞγραæα, καθώς και ïπïι-

ïυσδήπïτε άλλïυς στïυς ïπïίïυςεπιρρίπτει ευθύνη τï πÞρισµα τηςέρευνας πïυ διεêήγαγε η ΚεντρικήΤράπεúα ύστερα απÞ ïδηγίες τηςΕπιτρïπής Θεσµών και Αêιών τηςΒïυλής των Αντιπρïσώπων.

Επίσης, µέσα στïυς Þρïυς εντï-λής της ïµάδας των δικηγÞρωνείναι και «να επιδιώêïυν αµέσως τηλήψη ασæαλιστικών µέτρων και τηνέκδïση ενδιάµεσïυ διατάγµατïς(interim order), τï ïπïίï να απαγï-

ρεύει την άµεση η έµµεση στï παρÞντα øρÞνï ή στï µέλλïνµετατρïπή των αêιïγράæων σε µετïøές, Þπως η πρÞθεσητων τραπεúών και της ΤρÞικας. Επίσης, να απαγïρεύει τηνανταλλαγή των αêιïγράæων της Λαϊκής µε κυâερνητικάïµÞλïγα. Για Þσï øρÞνï δεν καταâάλλεται τÞκïς για τααêιÞγραæα, να απαγïρεύει στις τράπεúες να øρεώνïυντÞκïυς στα δάνεια πïυ συνήæθησαν µε εêασæάλιση τα αêιÞ-γραæα και να επιâάλλει παγïπïίηση των δÞσεων των ενλÞγω δανείων».

Επιπλέïν, ïι δικηγÞρïι καλïύνται απÞ τï Σύνδεσµï ναµετακαλέσïυν απÞ την Αγγλία δικηγÞρïυς εγνωσµένïυκύρïυς, ïι ïπïίïι στï πρÞσæατï παρελθÞν κέρδισαν δίκεςεναντίïν τραπεúών για απερίσκεπτες/αµελείς πωλήσεις(misselling) αêιïγράæων και άλλων αêιών.

à Σύνδεσµïς εκæράúει την ετïιµÞτητά τïυ να αναστεί-λει τη λήψη νïµικών µέτρων, αν ïι τράπεúες, έστω και τηδωδεκάτη, συνετισθïύν και παρïυσιάσïυν σαæώς âελτιω-µένες πρïτάσεις âάσει των ïπïίων θα επιστραæεί τï κεæά-λαιï των καταθέσεων και ïι συσσωρευµένïι τÞκïι των κατÞ-øων αêιïγράæων.

ŒÚÌ·ÈÔ ÙˆÓ ‰È·Ú·ÁÌ·Ù‡ÛÂˆÓ ÙÔ Ã∞∫Aπώλειες κατέγραψε øθες τï Ìρηµατιστήριï Αêιών

Κύπρïυ, λÞγω της αâεâαιÞτητας πïυ επικρατεί σε σøέση µετις µαραθώνιες διαπραγµατεύσεις πïυ είναι σε εêέλιêη µετην τρÞικα και τις πληρïæïρίες πïυ διαρρέïυν Þτι µεταêύτων δύï πλευρών υπάρøïυν διαæωνίες σε κεæαλαιώδηθέµατα.

à ΓενικÞς ∆είκτης έκλεισε µε πτώση 2,08% και διαµïρ-æώθηκε στις 127,79 µïνάδες. Απώλειες, αν και øαµηλÞτε-ρες, σηµείωσε και ï δείκτης FTSE/CySE 20, ï ïπïίïς υπïøώ-ρησε κατά 1,94% και διαµïρæώθηκε στις 49 µïνάδες. ÃÞγκïς συναλλαγών ανήλθε σε 533.853,84 µïνάδες.

Τï µεγαλύτερï επενδυτικÞ ενδιαæέρïν συγκέντρωσανïι µετïøές της Τράπεúας Κύπρïυ µε Þγκï συναλλαγών317.004 ευρώ (τιµή κλεισίµατïς 0,283 ευρώ – πτώση 2,41%),της Λαϊκής Τράπεúας µε 148.991 ευρώ (τιµή κλεισίµατïς0,053 – πτώση 3,63), της CTO Public Company µε 38,323ευρώ – άνïδïς 3,33%), της Ελληνικής Τράπεúας µε 11.006

(τιµή κλεισίµατïς 0,176 ευρώ – άνïδïς 0,57%) και τηςCyprus Cement µε 7.638 ευρώ (τιµή κλεισίµατïς 0,150 –πτώση 6,25%).

√Úȷο Î¤Ú‰Ë ÛÙÔ Ã∞à γενικÞς δείκτης στï Ìρηµατιστήριï Αθηνών έκλεισε

σøεδÞν αµετάâλητïς, παρά τις πιέσεις πïυ σηµειώθηκανστïν τραπεúικÞ κλάδï, ïι ïπïίες στï µεγαλύτερï µέρïςτïυς απïδίδïνται σε κινήσεις κατïøύρωσης κερδών µετάτην έντïνα ανïδική κίνηση της ∆ευτέρας.

Στï ταµπλÞ, ï ΓενικÞς ∆είκτης έκλεισε µε ïριακά κέρδη0,04% στις 821,23 µïνάδες.

Για τïν δείκτη των τραπεúών, µε µïναδικÞ τίτλï σε θετι-κÞ έδαæïς αυτÞν της Eurobank, ïι απώλειες διαµïρæώθη-καν σε 2,53% (έως τï -5,00% ενδïσυνεδριακά) στις 276,54µïνάδες.

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Τï αêιÞλïγï σεµινάριï πïυ έλαâε øώρα στις 10/11/2012απÞ τïν Σύνδεσµï ΠïλεïδÞµων Κύπρïυ, ήταν µια εµπειρίαγια Þλïυς, παρευρισκÞµενïυς και µη.

Είµεθα παρÞντες και ως ïµιλητές (Α.Λ.) και υπïâάλαµε ταπιï κάτω:

- Η νέα γενεά έøει µεν καινïτÞµες, αλλά η νïïτρïπία τωνυπευθύνων της Πïλεïδïµίας παραµένει η ίδια.

Τα νέα και «αναâαθµισµένα» τïπικά σøέδια δεν λαµâά-νïυν υπÞψη ïύτε τα ïικïνïµικά δεδïµένα, ïύτε τις υæιστάµε-νες νïïτρïπίες και ïύτε την τïπική ïικïνïµική κατάσταση.

- Η έλλειψη απαντήσεων απÞ τï Υπïυργείï Εσωτερικώνείναι µια ένδειêη και υπïδείêαµε τï τεράστιï πρÞâληµα πïυδηµιïυργείται απÞ τï νέï µέτρï της µεµïνωµένης κατïικίας.

- Η µη απάντηση µας σε ερωτήµατα για την «νέα γενεά»,µας ïδήγησε να απευθυνθïύµε στïν Γραµµατέα τïυΥπïυργικïύ Συµâïυλίïυ, øωρίς να υπάρøει η ανάλïγη αντα-πÞκριση (µÞνï µε την παρέµâαση τïυ Γραµµατέα) απÞ τïΥπïυργείï.

- Η απÞσυρση τïυριστικών κλινών έøει απïτύøει πλήρως,

διÞτι και σε αντίθεση µε τις αρøικές δηλώσεις, εκ των υστέ-ρων άλλα ήταν τα δεδïµένα, µε απïτέλεσµα να µετατραπïύνêενïδïøεία σε παράνïµα διαµερίσµατα.

- Η απαίτηση για øώρïυς πρασίνïυ επιâάλλεται τώρα σεµικρά τεµάøια µε απïτέλεσµα να υπάρøïυν δηµÞσιïι øώρïιτων 30-50 τ.µ. πïυ καταλήγïυν σε σκïυπιδÞτïπïυς πïυ ïύτεïι ∆ήµïι δεν θέλïυν κÞστïς συντήρησης κλπ.

- Τï ανÞητï της ύπαρêης ελάøιστων τ.µ. για ïικιστικά δια-µερίσµατα πρïκαλεί úηµιά στην αγïρά, αυêάνει την ανάγκητης επιøïρήγησης απÞ τï Κράτïς και αναγκάúει τï Κράτïς ναøρησιµïπïιεί øαλίτικη γη (πïυ έøει κÞστïς) επιâαρύνïνταςτïυς υπÞλïιπïυς.

- Η µεµïνωµένη κατïικία µε την αψυøïλÞγητη απÞæασηπρïκαλεί τεράστια úηµιά στïυς πïλίτες, στïυς øρηµατïδÞτεςκαι µε απïτέλεσµα την περαιτέρω διαâάθµιση των øρηµατï-δïτών λÞγω µείωσης των εêασæαλίσεων (ιδιαίτερα τώρα µετην ΤρÞικα!!).

- Στα γήπεδα γκïλæ µε δυνατÞτητα ύπαρêης 400 σκαλώνøώρων πρασίνïυ, τïπïθέτησαν περιµετρικά µε απïτέλεσµανα µην µπïρïύν να øρησιµïπïιηθïύν αυτές ïι 400 σκάλες γιααθλïπαιδιές ως η πïλιτική της Κυâέρνησης.

- Η πïλεïδïµική αµνηστία έøει απïτύøει διÞτι τÞσï η δια-δικασία Þσï και η πληρωµή της απïúηµίωσης δεν âïηθά ιδιαί-τερα τώρα πïυ η απïúηµίωση θα πρέπει να είναι -40% (âάσειυæιστάµενης αêίας).

- Η ανÞητη απÞæαση για την µεταæïρά συντελεστή δÞµη-σης γύρω στï 1.0 εκ. δεν µπïρεί να απïρρïæηθεί και είναιτελείως θεωρητική. Με την παραøώρηση τïυ 15% για εµπïρι-

κά/τïυριστικά έργα και 3% στα ïικιστικά, η παραøώρηση είναιδώρï άδωρï. Επιπλέïν θα καταστρέψει την αγïρά για τα δια-τηρητέα κτίρια και άρα τα διατηρητέα θα παραµείνïυν ωςέøïυν – παλιï-κτίρια.

- Ενώ έγινε µια πρÞταση εêαίρεσης για καλυµµένες âερά-ντες (20%) δεν υπάρøει Þµως πρÞνïια για κïινÞøρηστïυς δια-δρÞµïυς, αναâαθµίúïντας την πïιÞτητα úωής.

- Τï κυριÞτερï είναι η αλλαγή νïïτρïπίας απÞ τïυς ιθύνï-ντες της πρïηγïύµενης και της υæιστάµενης νïµïθεσίας.Ùµως εάν είναι νέας η παλιάς γενιάς, η νïµïθεσία διïικείταιακÞµη απÞ τïυς υæιστάµενïυς δηµÞσιïυς υπαλλήλïυς ïιïπïίïι Þøι µÞνï δεν είναι âïηθητικïί, αλλά και αρνητικïί µεστÞøï πως θα εæαρµÞσïυν κατά γράµµα την νïµïθεσία µε τιςδικές τïυς νïïτρïπίες αντί να διακατέøïνται απÞ ένα ευρύκαι âïηθητικÞ πνεύµα

- ∆ηλώσαµε την στήριêη µας για τï τέλïς αναâάθµισηςτων πïλεïδïµικών úωνών, αλλά για να εæαρµÞσει øρειάúεταιτεράστια λεπτïµέρεια στην εκτέλεση/εæαρµïγή.

- Ùσïν αæïρά την æïρïλïγία των ακινήτων πïυ δεν ανα-πτύσσïνται/ διατίθενται (αδρανής πλïύτïς) σε επïøές δύσκï-λες, τï θέµα âρίσκεται στην δυσκïλία της εæαρµïγής.

Θεωρίες λïιπÞν αγαπητïί µας αναγνώστες απÞ τη µια καιπρακτική εæαρµïγή.

Μπïγιατίσαµε λïιπÞν ένα mini απÞ άσπρï σε κÞκκινï,âάλαµε και ένα αλïγάκι στην πρÞσïψη και τï ïνïµάσαµεMaserati. Ùµως παραµένει η ίδια µάρκα και ï ίδιïς ïδηγÞς. Καιερωτïύµε αυτή είναι η νέα γενεά είναι καλύτερη απÞ τηνπρïηγïύµενη - Þøι.

¡¤· ÁÂÓ¿ ÙÔÈÎÒÓ Û¯Â‰›ˆÓ

∫·Ù·Ù›ıÂÙ·È ·‡ÚÈÔ Ô ¶ÚÔ¸ÔÏÔÁÈÛÌfi˜ ÙÔ˘ 2013Στην ïλïµέλεια της Βïυλής των Αντιπρïσώπων κατατίθε-

ται αύριï Πέµπτη απÞ τïν ΥπïυργÞ Ãικïνïµικών ïΠρïϋπïλïγισµÞς τïυ κράτïυς για τï 2013.

ΣτÞøïς, Þλων είναι η Þσï τï δυνατÞν καλύτερη ενηµέρω-ση της Βïυλής για τïυς πρïϋπïλïγισµïύς Þλων των υπïυρ-γείων.

Να σηµειωθεί Þτι στην κατ’ άρθρïν συúήτηση τïυ πρïϋπï-λïγισµïύ δεν θα είναι παρÞντες ïι υπïυργïί αλλά ïι τεøνï-κράτες των υπïυργείων.

Ùπως δήλωσε ï Αναπληρωτής ΠρÞεδρïς τηςΚïινïâïυλευτικής Επιτρïπής Ãικïνïµικών Άγγελïς ΒÞτσης,

Þλïι έøïυν πλήρη επίγνωση της κατάστασης στην ïπïία âρι-σκÞµαστε και τïυ επείγïντïς σε Þ,τι αæïρά την κατάληêη σεµια συµæωνία τÞσï σε επίπεδï µνηµïνίïυ Þσï και σε επίπεδïπρïϋπïλïγισµïύ».

Ερωτηθείς εάν απïτελεί υπïâάθµιση τïυ Κïινïâïυλίïυ ησυúήτηση τïυ κïρυæαίïυ úητήµατïς ενÞς κράτïυς, Þπωςείναι ï πρïϋπïλïγισµÞς, µε τεøνïκράτες, ï κ. ΒÞτσης είπε Þτι«υπήρêε ενÞøληση στην Επιτρïπή απ’ αυτή την εêέλιêη. Ùµωςïι στιγµές πïυ úïύµε δεν είναι ïι καλύτερες, ï øρÞνïς πïυέøïυµε ενώπιïν µας δεν µας παρέøει άνεση να κινηθïύµεÞπως ενδεøïµένως θα θέλαµε».

∆Ô CIª ·ÓÙÈÚfiÛˆÔ˜ Ù˘ ∫‡ÚÔ˘ ÛÙÔ BUSINET

Ως αντιπρÞσωπïς της Κύπρïυ στï BUSINET (NetworkInternational Business Schools), επιλέγηκε τï CIM τï ïπïίïιδρύθηκε τï 1996 µε απώτερï σκïπÞ τη δικτύωση τωνBusiness Schools σε ένα παγκïσµιïπïιηµένï περιâάλλïνκαι αριθµεί πέραν των 100 µελών απÞ 25 øώρες. Η επίσηµηένταêη τïυ CIM στï BUSINET έγινε κατά τη διάρκεια τωνεργασιών τïυ ετήσιïυ συνεδρίïυ τïυ NIBS πïυ πραγµατï-πïιήθηκε æέτïς στη Μπρατισλάâα, Σλïâακία, 14-18Νïεµâρίïυ.

Τï CIM αντιπρïσώπευσε ï ΒïηθÞς ΓενικÞς ∆ιευθυντήςΓιάγκïς Ìατúηγιάννης.

Στï συνέδριï παρευρέθησαν πέραν των 300 συνέδρωνπïυ µελέτησαν διάæïρες πρïïπτικές συνεργασίας για τηνπαρïøή εκπαιδευτικών πρïγραµµάτων πïυ να ανταπïκρίνï-νται στις σύγøρïνες ανάγκες των æïιτητών. Ùπως αναæέ-ρεται, ï κ. Ìατúηγιάννης είøε την ευκαιρία να συúητήσει διά-æïρες πρïïπτικές συνεργασίας και να πρïάγει την Κύπρïως ένα διεθνές εκπαιδευτικÞ κέντρï.

∂ÓÈ·›Ô Ù¤ÏÔ˜ ÂÁÁÚ·Ê‹˜ €150 ·Ó¿ fi¯ËÌ·Πρïς ψήæιση στην Ãλïµέλεια της Βïυλής αύριï

Πέµπτη, παρέπεµψε η κïινïâïυλευτική ΕπιτρïπήÃικïνïµικών, την πρÞνïια τïυ νïµïσøεδίïυ για τα ïøήµατα,πïυ πρïâλέπει την κατάργηση τïυ æÞρïυ εγγραæής ÞπωςεæαρµÞúεται σήµερα και θεσµïθέτηση ενιαίïυ τέλïυςεγγραæής ύψïυς 150 ευρώ για κάθε Þøηµα.

Η εæαρµïγή της συγκεκριµένης πρÞνïιας απïτελεί υπï-øρέωση της Κύπρïυ πρïς την ΕΕ, ενώ εάν δεν υπάρêει συµ-µÞρæωση της κυπριακής νïµïθεσίας σε σøέση µε αυτÞ τïθέµα τÞτε θα µας επιâληθεί πρÞστιµï.

Ως γνωστÞ η Κυπριακή ∆ηµïκρατία κινδύνευε µε τηνεπιâïλή πρïστίµïυ απÞ την ΕΕ λÞγω της µη συµµÞρæωσηςτης µε τï ευρωπαϊκÞ κεκτηµένï γι’ αυτÞ τï νïµïσøέδιïπαρÞλï πïυ ετïιµάστηκε πρï πïλλïύ απÞ την κυâέρνησητώρα κατατέθηκε.

ΕκπρÞσωπïς της Νïµικής Υπηρεσίας δεν απέκλεισε τïενδεøÞµενï η ΕΕ να úητήσει εêηγήσεις για τη µετïνïµασίατïυ æÞρïυ εγγραæής σε διïικητικÞ τέλïς έγγραæης.

Με âάση αυτή την πρÞνïια, καταργείται ï æÞρïς εγγρα-æής Þπως εæαρµÞúεται σήµερα και εισάγεται ένα ενιαίï

τέλïς εγγραæής 150 ευρώ ανά Þøηµα, ανεêάρτητα αν αυτÞείναι καινïύργιï ή µεταøειρισµένï ή αν πρïέρøεται απÞκράτïς µέλïς της ΕΕ ή απÞ τρίτες øώρες.

Τï Υπïυργείï Ãικïνïµικών έøει δεσµευτεί εντÞς δύïµηνών να συµæωνήσει µε Þλα τα εµπλεκÞµενα µέρη και στιςυπÞλïιπες πρÞνïιες τïυ νïµïσøεδίïυ για να επιτευøθείψήæιση και τïυ υπïλïίπïυ µέρïυς τïυ νïµïσøεδίïυ».

ΣτÞøïς, Þλων είναι η πλήρης εναρµÞνιση της Κύπρïυ µετην ευρωπαϊκή πρακτική Þσïν αæïρά την æïρïλÞγηση τωναυτïκινήτων, σύµæωνα µε την ïπïία ï υπïλïγισµÞς τïυτέλïυς κυκλïæïρίας θα γίνεται µε âάση τις εκπïµπέςρύπων και Þøι µε âάση της ιππïδύναµης των ïøηµάτων.

Ùπως δήλωσε ï Αναπληρωτής ΠρÞεδρïς τηςΕπιτρïπής Άγγελïς ΒÞτσης, «Έøïυµε άµεση υπïøρέωσηνα πρïøωρήσïυµε στην κατάργηση τïυ æÞρïυ εγγραæήςÞπως εæαρµÞúεται σήµερα και θεσµïθέτηση ενιαίïυτέλïυς εγγραæής», είπε και πρÞσθεσε Þτι εάν δεν κατατε-θïύν σύντïµα στη Βïυλή πρïς ψήæιση και ïι υπÞλïιπεςπρÞνïιες τïυ νïµïσøεδίïυ τÞτε τï κράτïς θα øάσειέσïδα.

√È ƒÒÛÔÈ ÎÚ·ÙÔ‡Ó ¿Óˆ ÙÔÓ ÙÔ˘ÚÈÛÌfi

Αύêηση, για έκτï στη σειρά µήνα, πïυ ανήλθε στï 0,8%σηµείωσαν ïι αæίêεις τïυριστών τïν Ãκτώâριï τïυ 2012, æθά-νïντας σε 261.997, σε σύγκριση µε 259.863 τïν Ãκτώâριï τïυ2011, γεγïνÞς πïυ ïæείλεται στη σηµαντική αύêηση πïυσηµειώθηκε στις αæίêεις τïυριστών απÞ την Ρωσία

Σύµæωνα µετα στïιøεία πïυδηµïσιïπïίησε ηΣτατιστική Υπη-ρεσία, για την πε-ρίïδï Ιανïυαρίïυ– Ãκτωâρίïυ 2012ïι αæίêεις τïυρι-στών ανήλθαν σε2.326.116 σε σύγ-κριση µε 2.234.011την αντίστïιøη πε-ρίïδï τïυ 2011, σηµειώνïντας αύêηση 4,1%. Τïν Ãκτώâριï τïυ2012, µε âάση τα απïτελέσµατα της Έρευνας Ταêιδιωτών, σηµει-ώθηκε αύêηση 41,5% στις αæίêεις τïυριστών απÞ τη Ρωσία(απÞ 32.995 τïν Ãκτώâριï τïυ 2011 σε 46.690 τïν Ãκτώâριïτïυ 2012) και 6,7% αύêηση απÞ την Αυστρία (απÞ 3.318 σε3.539).

Αντίθετα µείωση 5,4% σηµειώθηκε στις αæίêεις τïυριστώναπÞ τï Ηνωµένï Βασίλειï (107.046 τïν Ãκτώâριï τïυ 2012 σεσύγκριση µε 113.205 τïν Ãκτώâριï τïυ 2011), 4,4% µείωση απÞτη Σïυηδία (12.037 σε σύγκριση µε 12.591), 14,3% µείωση απÞτη Γερµανία (18.998 σε σύγκριση µε 22.179 πέρσι) και 3,2% µεί-ωση απÞ την Ελλάδα (11.289 σε σύγκριση µε 11.665 πέρσι).

à Ãκτώâριïς είναι ï έκτïς στη σειρά µήνας - απÞ τïνπερασµένï Μάιï - κατά τïν ïπïίï καταγράæεται αύêηση στιςαæίêεις τïυριστών, σε ετήσια âάση.

Τï Σεπτέµâριï τïυ 2012 η αύêηση στις αæίêεις τïυριστώνείøε ανέλθει στï 10,2%, τïν Αύγïυστï στï 7,9%, τïν Ιïύλιïστï 3,4%, τïν Ιïύνιï στï 9,7% και τï Μάιï στï 3,5%.

∞∞ÓÓÙÙÒÒÓÓˢ §§ÔÔ˚˙ÔÔ˘∞ÓÙÒÓ˘ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿Ù˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘Í˘

21 ΝÃΕΜΒΡΙÃΥ, 2012 ÌΡΗΜΑ&ΑΓÃΡΑ

4/16 | ΕΙ∆ΗΣΕΙΣ

Ùπως λέει και µια λαϊκή ρύση της κυπριακής τïπïλαλιάς«Εγιώ στραώννω τúιαι πïυλώ τúιαί σïυ άµπλεπε τúι αγÞρα-úε», δηλαδή εγώ σε στραâώνω και σïυ πïυλώ Þτι θέλω, εσύνα πρïσέøεις τι αγïράúεις.

ΑυτÞ µας συµâïυλεύει και η ΚïµισιÞν πïυ παρïυσίασετï εργαλείï των κέντρων καταναλωτή της ΕΕ πïυ ελέγøειτïυς διαδικτυακïύς εµπÞρïυς. Μας πρïτρέπει να øρησιµï-πïιïύµε τï Howard Online Shopping(http://cy.theshoppingassistant.com/) ένα εργαλείï πïυ είναιδιαθέσιµï στις ιστïσελίδες τïυ Ευρωπαϊκïύ ΚέντρïυΚαταναλωτή για να ελέêετε έναν ιστÞτïπï πριν αγïράσετε.Τï σύστηµα έøει αναπτύêει τï ECC NET της ∆ανίας µε δικήτïυ πρωτïâïυλία και η Επιτρïπή πρïσπαθεί τώρα να τïαναâαθµίσει.

Τï ΕυρωπαϊκÞ Κέντρï Καταναλωτή θέλïντας να πρï-στατεύσει τα δικαιώµατα των καταναλωτών, δηµιïύργησετï ∆ίκτυï των Ευρωπαϊκών Κέντρων Καταναλωτή (ΕΚΚ) τïïπïίï λειτïυργεί σε 29 øώρες, σε Þλα τα κράτη µέλη τηςΕ.Ε. συµπεριλαµâανïµένων της Ισλανδίας και τηςΝïρâηγίας. Τï ∆ίκτυï παρέøει πληρïæïρίες και συµâïυλέςσε Þλα τα θέµατα πïυ αæïρïύν τïυς καταναλωτές σøετικάµε τα ïικïνïµικά τïυς συµæέρïντα.

Για την Κύπρï επισκεæθείτε την ιστïσελίδαhttp://www.ecccyprus.org.Η Επιτρïπή δίδει ïδηγίες για να είστε ενήµερïι, αæïύ ïι

αγïρές απÞ τï διαδίκτυï πρïσæέρïυν ευκαιρίες αλλά κρύ-âïυν και κινδύνïυς. Τα πρïηγïύµενα δύï øρÞνια έγινανκαταγγελίες απÞ 31.000 καταναλωτές στα κέντρα της ΕΕ(ECC Net) απÞ τις ïπïίες ïι µισές αæïρïύσαν online αγï-ρές.

∫∞¡√¡∂™- Να γνωρίúετε απÞ πïιÞν αγïράúετε: Πρïσπαθήστε να

ψωνίσετε σε µία γνωστή ή συνιστώµενη ιστïσελίδα καιâεâαιωθείτε Þτι έøετε τï Þνïµα και τα πλήρη στïιøεία επι-κïινωνίας. Θα πρέπει να êέρετε ταøυδρïµική διεύθυνση τηςιστïσελίδας. Μην âασίúεστε µÞνï σε ένα e-mail ή σε µίαηλεκτρïνική διεύθυνση.

Μην υπïθέτετε Þτι ένας ιστïøώρïς âασίúεται στην øώραπïυ υπïδεικνύεται απÞ π.ø. ηλεκτρïνική διεύθυνση τïυ.∆ηλαδή τï “.cy” δεν σηµαίνει απαραίτητα Þτι η ιστïσελίδα

έøει έδρα την Kύπρï.Να θυµάστε επίσης πως εάν ψωνίúετε απÞ δικτυακïύς

τÞπïυς µε έδρα εκτÞς της Ευρωπαϊκής Ένωσης τα δικαιώ-µατά σας ως πïλίτης της ΕΕ δεν θα έøïυν εæαρµïγή καιµπïρεί να αντιµετωπίσετε απρïσδÞκητες øρεώσεις ήæÞρïυς!

- ∆ιαâάστε πριν αγïράσετε: Πρïσïøή στις ιστïσελίδεςπïυ έøïυν µÞλις πρÞσæατα δηµιïυργηθεί.Yπάρøïυν πïλλέςιστïσελίδες πïυ εµæανίúïνται και εêαæανίúïνται πïλύ γρή-γïρα.

ΑκÞµα να ερευνάτε πάντα τï ιστïρικÞ των άγνωστωνεµπÞρων πριν απÞ την αγïρά. Μια απλή αναúήτηση στï δια-δίκτυï µπïρεί να απïκαλύψει πïλλά. Πρïσïøή σε αρνητικά

σøÞλια για έµπïρï πïυ άæησε άλλïυς καταναλωτές εκτε-θειµένïυς αλλά και σε ψευδή θετικά σøÞλια πïυ έµπï-ρïι γράæïυν για τïν εαυτÞ τïυς, ειδικά στις δικές τïυς

ιστïσελίδες.Να êέρετε επίσης Þτι πïλλïί πληρώνïυν, έτσι

ώστε να εµæανίúïνται στην κïρυæή της αναúήτησης.Μην êεγελιέστε απÞ την κατάταêη και κάντε την δική

σας έρευνα.

- Πληρωµές µε ασæάλεια: Πïτέ µην στείλετε µετρητάή επιταγή, γιατί δεν θα µπïρείτε να πρïσæύγετε αν κάτι

πάει στραâά. Συνήθως έøετε µεγαλύτερη πρïστασία, ανøρησιµïπïιείτε µια πιστωτική κάρτα. Σιγïυρευτείτε ακÞµαÞτι øρησιµïπïιείτε µια ασæαλή ιστïσελίδα για να εισάγετετα στïιøεία της πιστωτικής κάρτας. Ψάêτε για ένα κλειστÞλïυκέτï στην κάτω δεêιά γωνία τïυ παραθύρïυ τïυ πρï-γράµµατïς περιήγησης και για τη διεύθυνση της ιστïσελί-δας πïυ πρέπει να αρøίúει µε «https://». Βεâαιωθείτε Þτι ïυπïλïγιστής σας έøει anti-virus λïγισµικÞ.

- Απïæύγετε τις απάτες: Πïτέ µα πïτέ, µην απαντήσετεσε ανεπιθύµητα µηνύµατα ηλεκτρïνικïύ ταøυδρïµείïυ(spam) και να είστε πρïσεκτικïί Þταν κάνετε κλικ σε συνδέ-σεις σε µηνύµατα ηλεκτρïνικïύ ταøυδρïµείïυ. Πρïσέêτευπïσøέσεις για τεράστιες ανταµïιâές, Þπως κέρδη λαøείων.Να είστε επιæυλακτικïί και να θυµάστε Þτι αν κάτι ακïύγε-ται πïλύ καλÞ για να είναι αληθινÞ, συνήθως δεν είναι.

ΥπÞψη σας πως δεν πρέπει να απïκαλύπτετε πρïσωπι-κές πληρïæïρίες πïυ δεν είναι αναγκαίες για την ïλïκλή-ρωση µιας συναλλαγής. Ãρισµένες πρïσωπικές λεπτïµέρει-ες, σε συνδυασµÞ µε τïν αριθµÞ της πιστωτικής σας κάρ-τας, θα µπïρïύσε να ïδηγήσει σε κλïπή ταυτÞτητας. Τέλïςαπïæύγετε την αγïρά παραπïιηµένων πρïϊÞντων. ΤέτïιαπρïϊÞντα είναι συøνά επικίνδυνα ή κακής πïιÞτητας καιµπïρεί να είναι πïλύ δύσκïλï να λάâετε απïúηµίωση σεπερίπτωση πïυ κάτι πάει στραâά. Η πώληση των πρïϊÞντωναπïµίµησης είναι παράνïµη και είναι συøνά συνδέεται µε τïïργανωµένï έγκληµα.

- Κατανïήστε τη δέσµευσή σας: Είναι σηµαντικÞ να δια-âάúετε πάντα τα ψιλά γράµµατα και να êέρετε ακριâώς τιαπïδέøεστε πριν πρïøωρήσετε µε τη σύµâαση. ΒεâαιωθείτεÞτι έøετε επίγνωση της πïλιτικής επιστρïæής. ΦρïντίστεακÞµα να κρατήσετε αντίγραæï της συναλλαγής.

∂ÁÒ ÛÙÚ·ÒÓÓˆ Ù˙È·È Ô˘ÏÒ, ÂÛ‡ ¿ÌÏ Ù˙È’ ·ÁfiÚ·˙Â

27% ÙÒÛË ÛÙÔ ÎfiÛÙÔ˜ ·Ó¿ ‰È·Ó˘ÎÙ¤Ú¢ÛË ÛÙËÓ ∫‡ÚÔΤï µεγαλύτερï πïσïστÞ µείωσης για τï µήνα Νïέµâριï

παρïυσίασε η Κύπρïς Þσïν αæïρά τï κÞστïς ανά διανυκτέ-ρευση σε σøέση µε τα êενïδïøεία σε άλλες ευρωπαϊκέςπÞλεις.

Η πτώση πïυ καταγράæηκε στην Κύπρï είναι της τάêηςτïυ 27% και µε µέση τιµή ανά διανυκτέρευση στα 86 ευρώ,ενώ ακïλïυθεί η Ãυγγαρία µε 25% και µέση τιµή για δίκλι-νï δωµάτιï στα 67 ευρώ. Αµέσως επÞµενη στη λίστα τωνµεγαλύτερων µειώσεων έρøεται η Ιταλία µε 21% (110 ευρώανά διανυκτέρευση) και η Τσεøία µε τï ίδιï πïσïστÞ µείω-σης (21% σε σøέση µε τïν πρïηγïύµενï µήνα) µε µέση τιµήανά διανυκτέρευση στα 87 ευρώ.

Η Πάæïς παρïυσιάúει τï µεγαλύτερï πïσïστÞ µείωσηςτης τάêεως τïυ 55% (µέση τιµή 87 ευρώ) σε σøέση µε τïνπρïηγïύµενï µήνα και µÞλις 2% σε σøέση µε τï 2011.õïίως στη ΛεµεσÞ τï πïσïστÞ µείωσης σε σøέση µε πέρυ-σι είναι 4%, ενώ σε σøέση µε τïν πρïηγïύµενï µήνα εκτï-êεύεται στï 48% (µέση τιµή ανά διανυκτέρευση στα 95ευρώ). Η µÞνη Κυπριακή πÞλη πïυ παρïυσιάúει µεγάλη µεί-ωση τιµών και σε σøέση µε τïν πρïηγïύµενï µήνα και σεσøέση µε τï 2011 είναι η ΠÞλις µε µέση τιµή διανυκτέρευ-

σης στα 76 ευρώ (µείωση 39% σε σøέση µε τïν πρïηγïύµε-νï µήνα και 30% σε σøέση µε τï πρïηγïύµενï έτïς).

Τα πïσïστά αυτά πρïκύπτïυν απÞ τα απïτελέσµατα τïυΚαταλÞγïυ ¥ενïδïøειακών τιµών της www.trivago.gr για τïµήνα Νïέµâριï. Η trivago είναι ένα online meta search πïυσυγκρίνει τιµές êενïδïøείων απÞ περισσÞτερα απÞ 100 δια-æïρετικά sites κρατήσεων για 600.000 êενïδïøεία ανά τïνκÞσµï. Σύµæωνα µε τα απïτελέσµατα Þλες ïι µεγάλες ελλη-νικές πÞλεις και ïι κυρίως øειµερινïί πρïïρισµïί παρïυσιά-úïυν αισθητή µείωση των τιµών σε σøέση µε τïν πρïηγïύ-µενï µήνα αλλά και σε σøέση µε τï πρïηγïύµενï έτïς. Πιï

αναλυτικά, στην Αθήνα και παρά τï γεγïνÞς Þτι ταÌριστïύγεννα είναι πρï των πυλών, ïι τιµές παρïυσιάúïυνπτωτική τάση µε µέση τιµή διανυκτέρευσης για δίκλινïδωµάτιï στα 76 ευρώ

Τέλïς στï Παρίσι η µείωση αγγίúει τï 23% (µέση τιµήδιανυκτέρευσης τα 165 ευρώ), στη Ρώµη η µέση τιµή για έναδίκλινï δωµάτιï τη âραδιά είναι στα 114 ευρώ (µείωση 31%σε σøέση µε τïν πρïηγïύµενï µήνα). Στη Βιέννη τï πïσï-στÞ µείωσης σε σøέση µε τïν πρïηγïύµενï µήνα είναι τηςτάêεως τïυ 18% µε τη µέση τιµή ανά διανυκτέρευση γιαδίκλινï δωµάτιï να αγγίúει τα 111 ευρώ.

∏ ∫ÔÌÈÛÈfiÓ Û˘Ì‚Ô˘Ï‡ÂÈ ·ÊÔ‡ ÔÈ ·ÁÔÚ¤˜ ·fi ÙÔ ‰È·‰›ÎÙ˘Ô ÚÔÛʤÚÔ˘Ó Â˘Î·Èڛ˜ ·ÏÏ¿ ÎÚ‡‚Ô˘Ó Î·È ÎÈÓ‰‡ÓÔ˘˜

¶ÚfiÙ·ÛË Ù˘ ∫˘Úȷ΋˜ ¶ÚÔ‰ڛ·˜ ÁÈ· ÙËÓ ÙÚ·Â˙È΋ ÂÓÔÔ›ËÛËΣυµâιâαστική πρÞταση µε στÞøï την άρση τïυ αδιεêÞδïυ

στις διαπραγµατεύσεις στï Συµâïύλιï Υπïυργών ECO-FINγια την τραπεúική ενïπïίηση και ειδικÞτερα τï ρÞλï πïυ θαπαίúει η Ευρωπαϊκή Κεντρική Τράπεúα, υπέâαλε η ΚυπριακήΠρïεδρία.

Ãι διαπραγµατεύσεις πïυ γίνïνται µε âάση την πρÞτασητης ΚïµισιÞν για την σύσταση ενÞς ενιαίïυ µηøανισµïύ επï-πτείας των ευρωπαϊκών τραπεúών υπÞ την αιγίδα της ΕΚΤδεν πρïøωρïύν, εêαιτίας των διαæωνιών κυρίως απÞ τηνπλευρά τïυ Ηνωµένïυ Βασιλείïυ, της Γερµανίας, τηςÃλλανδίας και τïυ Λïυêεµâïύργïυ, καθώς και άλλων øωρώνπïυ δεν µετέøïυν στï ευρώ (Σïυηδία, ∆ανία, Πïλωνία).

Ãι âασικές ενστάσεις των παραπάνω øωρών έøïυν να

κάνïυν µε τï ρÞλï της ΕΚΤ. Για παράδειγµα τï ΗνωµένïΒασίλειï δεν θέλει να δïθïύν ïι αρµïδιÞτητες επïπτείαςστην Ευρωπαϊκή Κεντρική Τράπεúα, γιατί δεν µετέøει στïευρώ. Η Γερµανία απÞ την πλευρά της αντιδρά για διαæïρε-τικïύς λÞγïυς, πιστεύει Þτι η ΕΚΤ δεν µπïρεί να αναλάâειτην επïπτεία øιλιάδων τραπεúών της ΕΕ γιατί τεøνικά είναιπïλύ δύσκïλï.

Η συµâιâαστική πρÞταση της Κυπριακής Πρïεδρίας, επι-διώκει να καθησυøάσει τις øώρες πïυ δεν µετέøïυν στïευρώ, µέσω της øαλάρωσης της δέσµευσης στην εæαρµïγήτων απïæάσεων της ΕΚΤ. Ετσι µια øώρα εκτÞς Ευρωúώνης θαµπïρεί να αρνηθεί να εæαρµÞσει µια εντïλή της ΕΚΤ øωρίςνïµικές επιπτώσεις.

Τï µÞνï πïυ θα µπïρïύσε να υπïστεί είναι η ΕΚΤ ναøαλαρώσει ή να αναστείλει τη συµµετïøή της øώρας αυτήςστη διαδικασία της τραπεúικής ενïπïίησης. Θα µπïρεί επίσηςη εν λÞγω øώρα να απïøωρήσει µÞνη της.

Σύµæωνα µε την πρÞταση της Κυπριακής Πρïεδρίας, ταπαραπάνω θα µπïρïύν να γίνïυν µέσω της σύστασης ενÞςµηøανισµïύ πïυ θα αæïρά τις øώρες εκτÞς Ευρωúώνης, πïυεπιθυµïύν να συµµετάσøïυν στην τραπεúική ενïπïίηση.

Η πρÞταση της Κυπριακής Πρïεδρίας πρïâλέπει ταυτÞ-øρïνα την ενίσøυση των αρµïδιïτήτων των εθνικών αρøώνεπïπτείας τïυ τραπεúικïύ τïµέα, ωστÞσï η ΕΚΤ θα εêακï-λïυθήσει να έøει την γενική επïπτεία.Την αύêηση των αρµï-διïτήτων των εθνικών αρøών επïπτείας úητïύσε η Γερµανία.

21 ΝÃΕΜΒΡΙÃΥ, 2012

ΕΥΡΩΠΑΪΚΗ ΕΝΩΣΗ | 5/17

ÌΡΗΜΑ&ΑΓÃΡΑ

™™øø™™∆∆∂∂ ™™øø™™∆∆∂∂ ÙÙÔÔ ÚÚfifiÁÁÚÚ··ÌÌÌÌ··EErraassmmuuss

ΠρïσωπικÞτητες απÞ Þλες τις øώρες της Ευρώπης κινη-τïπïιήθηκαν για τη σωτηρία τïυ πρïγράµµατïς ErasmusαπÞ τï ïπïίï øρηµατïδïτïύνται υπïτρïæίες æïιτητών σεάλλες øώρες.

Σε ανïιøτή επιστïλή τïυς πρïς τïυς Ευρωπαίïυς ηγέ-τες, άνθρωπïι τïυ πïλιτισµïύ, τïυ αθλητισµïύ και τωνγραµµάτων υπενθυµίúïυν Þτι απÞ τï 1987 τï πρÞγραµµαErasmus επέτρεψε σε περίπïυ 3 εκατïµµύρια νέïυς νασπïυδάσïυν στï εêωτερικÞ και να επιµïρæωθïύν για ναâρïυν “καλύτερη δïυλειά”.Υπïγραµµίúïυν Þτι η ïικïνïµικήκρίση πλήττει κυρίως τïυς νέïυς και Þτι ένας στïυς πέντενέïυς Ευρωπαίïυς είναι άνεργïς. Η Ευρωπαϊκή Επιτρïπήέøει úητήσει απÞ τïυς “27” να εγκρίνïυν µια πρÞσθετη øρη-µατïδÞτηση ύψïυς 8,9 δις ευρώ πρïκειµένïυ να στηρι-øθïύν διάæïρα πρïγράµµατα, µεταêύ των ïπïίων και τïErasmus για τï ïπïίï απαιτïύνται λιγÞτερα απÞ 100 εκ. γιανα ανταπïκριθεί στις υπïøρεώσεις.

∞∞··ÈÈÛÛÈÈfifi‰‰ÔÔÍÍÔÔÈÈ µµÚÚÂÂÙÙ··ÓÓÔÔ››,,°°ÂÂÚÚÌÌ··ÓÓÔÔ›› Îη·ÈÈ °°¿¿ÏÏÏÏÔÔÈÈ

ΑπαισιÞδïêïι είναι ïι Βρετανïί, ïι Γερµανïί και ïι Γάλλïιγια τï µέλλïν της Ευρωπαϊκής Ένωσης µε âάση δηµïσκÞ-πηση. Στην πλειïψηæία τïυς ïι κάτïικïι και στις τρειςαυτές øώρες, εµæανίúïνται απαισιÞδïêïι για την ευρωπαϊκήπρïïπτική.

Παράλληλα, η πλειïψηæία των Βρετανών πïλιτών τάσ-σεται υπέρ της απïøώρησης της øώρας απÞ την ΕυρωπαϊκήΈνωση, µε τï 49% των Βρετανών να δηλώνει Þτι θα ψήæιúευπέρ της απïøώρησης της øώρας απÞ την ΕΕ, ενώ τï 28%υπέρ της παραµïνής της και τï 17% αναπïæάσιστï.

Αντιθέτως, τï 57% των Γερµανών τάσσïνται υπέρ τηςπαραµïνής της øώρας στην ΕΕ, τï 25% επιθυµεί την απï-øώρησή της και τï 9% εµæανίúεται αναπïæάσιστï.

Στη Γαλλία, τï 43% των ερωτηθέντων δήλωσε Þτι επιθυ-µεί να παραµείνει η øώρα στην ΕΕ, τï 32% να απïøωρήσεικαι τï 10% είναι αναπïæάσιστï.

√√˘ÛÛÈÈÒÒ‰‰ËË ÛÛÊÊ¿¿ÏÏÌÌ··ÙÙ·· ÛÛÙÙÈȘ ÏÏËËÚÚˆÌ̤¤˜

Ãι ελεγκτές των ïικïνïµικών ΕΕ úητïύν απÞ τα κράτηµέλη και την Ευρωπαϊκή Επιτρïπή να âελτιώσïυν τη δια-øείριση των δαπανών τïυς, αæïύ συµπέραναν Þτι για τï2011 ïι πληρωµές πïυ έγιναν περιείøαν πïσïστÞ σæάλµα-τïς πïυ ανέρøεται στï 3,9% τïυ συνÞλïυ τïυ πρïϋπïλï-γισµïύ της ΕΕ. Σύµæωνα µε τï ΕυρωπαϊκÞ ΕλεγκτικÞΣυνέδριï (ΕΕΣ) πïυ ελέγøει τα ïικïνïµικά της ΕΕ ïι λïγα-ριασµïί τïυ 2011 παρέøïυν ακριâïδίκαιη εικÞνα τÞσï τηςïικïνïµικής κατάστασης της ΕΕ Þσï και των απïτελεσµά-των των πράêεων και των ταµειακών ρïών της για τï ενλÞγω ïικïνïµικÞ έτïς.

Σηµειώνει µεν Þτι τα έσïδα και ïι αναλήψεις υπïøρε-ώσεων δεν περιείøαν ïυσιώδη σæάλµατα, αλλά αναæέρειÞτι αντιθέτως, ïι πληρωµές περιείøαν ïυσιώδη σæάλµατακαι τï εκτιµώµενï πïσïστÞ σæάλµατïς ανέρøεται σε 3,9%για τï σύνïλï τïυ πρïϋπïλïγισµïύ της ΕΕ.

Nα µην αæήσïυν τα κράτη µέλη πïυ είναι“καθαρïί πληρωτές” (Βρετανία, Γαλλία,Γερµανία, Αυστρία, ∆ανία, Σïυηδία καιΦινλανδία) να ïδηγήσïυν στην επίτευêη µιαςκακής συµæωνίας κατά τη σύνïδï κïρυæήςπïυ θα πραγµατïπïιηθεί αύριï 22 και 23Νïεµâρίïυ, θα πρïσπαθήσïυν ïι ευρωâïυ-λευτές, ï ΠρÞεδρïς της ΕυρωπαϊκήςΕπιτρïπής ·ïúέ Μανïυέλ ΜπαρÞúï και ïΚύπριïς ΥæυπïυργÞς για Ευρωπαϊκά ΘέµαταΑνδρέας ∆. Μαυρïγιάννης.

ΣτÞøïς Þλων είναι η επίλυση τïυ αδιεêÞ-δïυ πïυ έøει πρïκύψει στις διαπραγµατεύ-σεις για τις πρÞσθετες δαπάνες τïυ ευρωπαϊ-κïύ πρïϋπïλïγισµïύ 2012, έπειτα απÞ τηναπειλή τïυ âρετανικïύ âέτï και την άρνησηάλλων øωρών να συµæωνήσïυν σε επιµέρïυςθέµατα, Þπως την ïικïνïµική âïήθεια στïυςσεισµÞπληκτïυς στην Ιταλία.

Η Επιτρïπή θα υπïâάλει νέï σøέδιï πρï-ϋπïλïγισµïύ για τï 2013, καθώς τïΣυµâïύλιï και τï Κïινïâïύλιï δεν κατάæε-ραν να συµæωνήσïυν πριν απÞ τη λήêη τηςπρïθεσµίας στις 13 Νïεµâρίïυ.

¢π∞ºø¡π∂™Τï ΕΚ είøε τÞτε απïæασίσει να απέøει απÞ

την τελική διαπραγµάτευση για τïν πρïϋπï-λïγισµÞ τïυ 2013, λÞγω της απïυσίας συµæω-νίας µεταêύ των κρατών µελών για τïν κρίσι-µï συµπληρωµατικÞ πρïϋπïλïγισµÞ τïυ2012, πïυ είναι απαραίτητïς για να καταâάλ-λει η ΕΕ øρήµατα στα κράτη µέλη για δαπά-νες πïυ έøïυν ήδη κάνει για πρïγράµµαταÞπως τï “Εrasmus”.

Στις διαπραγµατεύσεις για τïν πρïϋπï-λïγισµÞ τα τελευταία øρÞνια έøïυν κυριαρ-øήσει ïι διαæωνίες για τïυς τρÞπïυς υπïλï-γισµïύ τïυ ύψïυς των πληρωµών.

Τï ΕΚ úητά απÞ την ïµάδα διαπραγµάτευ-σής τïυ, να πρïæυλάêει τα κïνδύλια τïυ πρï-ϋπïλïγισµïύ πïυ αæïρïύν την ανάπτυêη και

την απασøÞληση, και σηµειώνει Þτι ïι πÞρïιπρέπει να συγκεντρωθïύν σε εκείνïυς τïυςτïµείς στïυς ïπïίïυς ï πρïϋπïλïγισµÞς τηςΕΕ µπïρεί να πρïσæέρει πρÞσθετη αêία, ενώθα µπïρïύσαν να µειωθïύν σε τïµείς πïυπαρïυσιάúïυν αδικαιïλÞγητες καθυστερή-σεις και øαµηλή απïρρÞæηση. Ãι ευρωâïυ-λευτές πιστεύïυν Þτι η ΕΕ, στï σηµερινÞπλαίσιï των πïλιτικών λιτÞτητας, ïæείλει ναεπιδείêει υπευθυνÞτητα και να λάâει άµεσα,συγκεκριµένα µέτρα για την καθιέρωση µιαςενιαίας έδρας για τï ΕυρωπαϊκÞ Κïινïâïύλιï.

Τï σøέδιï πρïϋπïλïγισµïύ της ΕΕ για τï2013 πïυ πρïτείνεται απÞ την Επιτρïπήανέρøεται σε 151 δισ. ευρώ σε πιστώσεις ανα-λήψεων υπïøρεώσεων (ΠΑΥ) (δηλ. +2% σεσύγκριση µε τïν πρïϋπïλïγισµÞ τïυ 2012)και σε 138 δισ. ευρώ σε πιστώσεις πληρωµών(ΠΠ) (δηλ. +6,8% σε σύγκριση µε τïν πρïϋπï-λïγισµÞ τïυ 2012.

Η αύêηση των πληρωµών είναι σøετικάυψηλή, Þøι µÞνï επειδή τα επίπεδα πληρω-µών διατηρήθηκαν σε τεøνητά øαµηλά επίπε-δα κατά τα πρïηγïύµενα έτη, λÞγω της ανα-âïλής των πληρωµών των λïγαριασµών,αλλά και λÞγω της πραγµατικής εκτέλεσηςπρïγραµµάτων, πïυ αναµένεται Þτι θα απï-κτήσει σταθερή ταøύτητα στï τελευταίï έτïςτïυ τρέøïντïς Πïλυετïύς ∆ηµïσιïνïµικïύΠλαισίïυ.

∆π £∞ °π¡∂π ∞¡...;à πρÞεδρïς της επιτρïπής Πρïϋπï-

λïγισµών και επικεæαλής της διαπραγµατευ-τικής ïµάδας τïυ ΕΚ, Γάλλïς ευρωâïυλευτήςτïυ ΕΚ, Αλέν Λαµασïύρ, εêήγησε απÞ τηνπλευρά τïυ Þτι “ήδη απÞ τïν Ãκτώâριï δενυπάρøïυν πια κïνδύλια για σηµαντικά πρï-γράµµατα Þπως τï Έρασµïς, η ανθρωπιστικήâïήθεια, τï ΚïινωνικÞ Ταµείï, τï ΤαµείïΣυνïøής, η ανάπτυêη της υπαίθρïυ και ηέρευνα”. “∆υστυøώς παρÞτι πïλλά κράτη

µέλη συµæωνïύν µαúί µας, υπάρøïυν ïρισµέ-να πïυ αρνïύνται” αυτή την πραγµατικÞτητα.Μια συνέπεια αυτïύ είναι κράτη µέλη πïυøρειάúïνται τη âïήθειά µας, Þπως η Ελλάδα,η Ισπανία, η Ιταλία, η Πïρτïγαλία ή η Ιρλανδίανα âρεθïύν øωρίς (ευρωπαϊκά) κïνδύλια στïτέλïς τïυ έτïυς. Επιθυµία µας είναι σε κάθεπερίπτωση να αρøίσïυµε και πάλι τη διαπραγ-µάτευση επί πιï ικανïπïιητικής âάσεως µεσκïπÞ να æτάσïυµε σε συµæωνία πριν απÞ τïτέλïς ∆εκεµâρίïυ”.

£∂ª∞ ∞•π√¶π™∆π∞™Η πρÞταση των κρατών µελών για µείωση

των κïνδυλίων για την έρευνα κατά 15%στïν πρïϋπïλïγισµÞ της ΕΕ για τï 2013,θέτει υπÞ αµæισâήτηση την αêιïπιστία ακÞµακαι των πλέïν επίσηµων απïæάσεων τωνσυνÞδων κïρυæής, δήλωσε ï πρÞεδρïς τηςεπιτρïπής Πρïϋπïλïγισµών τïυ ΕΚ, AlainLamassoure, σηµειώνïντας Þτι µÞλις στις 29Ιïυνίïυ ïι ηγέτες της Ένωσης συµæώνησανστï Σύµæωνï Ανάπτυêης συµπεριλαµâανïµέ-

νης της διάθεσης 55 δις επιπλέïν για τηνέρευνα και την καινïτïµία ως µηøανές ανά-πτυêης.

Μετά τη σύνïδï κïρυæής, ïι κυâερνήσειςεπανήλθαν στï πλαίσιï τïυ συµâïυλίïυυπïυργών µε εντελώς αντίθετες πρïτάσεις,úητώντας µείωση των κïνδυλίων για τηνέρευνα κατά 15%, των κïνδυλίων για τιςµικρïµεσαίες επιøειρήσεις κατά 28% και τωνκρίσιµων κïνδυλίων συνïøής κατά 1,6 δισ.ευρώ, κατήγγειλε ï Alain Lamassoure (Γαλλία,ΕΛΚ).

à επικεæαλής διαπραγµατευτής τïυ ΕΚγια τïν πρïϋπïλïγισµÞ τïυ 2013, ΙταλÞςευρωâïυλευτής τïυ ΕΛΚ, Giovanni La Via(ΕΛΚ, Ιταλία) σηµείωσε Þτι πρÞκειται για ένααντικρïυÞµενï µήνυµα πïυ στέλνïυν αυτέςïι περικïπές σε πïλίτες και αγïρές: “πïλύ θαήθελα να καταλάâω γιατί ïρισµένες κυâερνή-σεις απÞ τη µία úητïύν απÞ την ΕυρωπαϊκήΕπιτρïπή να διαθέσει κïνδύλια στη øώρατïυς και απÞ την άλλη απαντïύν µε ένα “Þøι”Þταν τïυς úητηθεί øρηµατïδÞτηση για τα ίδιααυτά έργα”.

OÈ “ηı·ÚÔ› ÏËÚˆÙ¤˜” Ì·˜ Ô‰ËÁÔ‡Ó Û η΋ Û˘Ìʈӛ·∂∫: ¶ÚÔÊ˘Ï¿ÍÙ ٷ ÎÔÓ‰‡ÏÈ· ÁÈ· ·Ó¿Ù˘ÍË Î·È ··Û¯fiÏËÛË

ŒŒÌÌÊÊ··ÛÛËË ÛÛÙÙËËÓÓ ÏÏËËÚÚÔÔÊÊÔÔÚÚÈÈÎ΋‹Έκθεση της ΚïµισιÞν στï εκπαιδευτικÞ

σύστηµα 31 øωρών δείøνει Þτι η διδασκαλίατης τεøνïλïγίας των πληρïæïριών, των επι-øειρηµατικών δεêιïτήτων και της αγωγής τïυπïλίτη έøει θεµελιώδη σηµασία για τη σηµε-ρινή αγïρά εργασίας, αλλά τα σøïλεία δενδίνïυν επαρκή πρïσïøή σ’ αυτές τις ïριúÞ-ντιες δεêιÞτητες σε σύγκριση µε τις âασικέςδεêιÞτητες στα πεδία της γλώσσας, τωνµαθηµατικών και της æυσικής.

Σύµæωνα µε την ΚïµισιÞν, µÞνïν 11

ευρωπαϊκές øώρες (τï Βέλγιï-æλαµανδικήκïινÞτητα, η Βïυλγαρία, η Εσθïνία, ηΙρλανδία, η Γαλλία, η Λετïνία, η Λιθïυανία, ηΜάλτα, η Πïλωνία, η Σλïâενία και ηΦινλανδία) έøïυν τυπïπïιηµένες διαδικασίεςγια την αêιïλÞγηση των δεêιïτήτων στïντïµέα της αγωγής τïυ πïλίτη, πïυ έøει ωςσκïπÞ την ανάπτυêη της κριτικής σκέψης καιτης ενεργïύ συµµετïøής στï σøïλείï και τηνκïινωνία.

Αντίθετα, τέτïιïυ είδïυς αêιïλÞγηση δεν

υæίσταται καθÞλïυ για την επιøειρηµατικÞτη-τα και τις δεêιÞτητες στïν τïµέα της τεøνï-λïγίας των πληρïæïριών σε καµία απÞ τις 31øώρες πïυ πήραν µέρïς στην έρευνα (τα 27κράτη µέλη της ΕΕ, την Κρïατία, τηνΙσλανδία, τη Νïρâηγία και την Τïυρκία).

Η έκθεση περιγράæει επίσης την πρÞïδïπïυ έøει συντελεστεί σε έêι απÞ τις ïκτώâασικές ικανÞτητες πïυ ïρίúïνται σε επίπεδïΕΕ για τη διά âίïυ µάθηση σε Þ,τι αæïράγνώση, δεêιÞτητες και συµπεριæïρές.

21 ΝÃΕΜΒΡΙÃΥ, 2012 ÌΡΗΜΑ&ΑΓÃΡΑ

6/18 | ∆ΙΕΘΝΗ

Τï ευρωπαϊκÞ νÞµισµα κατέγραψε στις αρøές της εâδïµά-δας υψηλÞ ($1,2820) 14 ηµερών έναντι τïυ δïλαρίïυ επηρεα-úÞµενï θετικά απÞ τη σηµαντική âελτίωση τïυ επενδυτικïύκλίµατïς ενÞψει της αναµενÞµενης εκταµίευσης της νέαςδÞσης πρïς την Ελλάδα.

Η σύσκεψη των Υπïυργών Ãικïνïµικών της Ευρωúώνηςαναµένεται να δώσει τï πράσινï æως για την εκταµίευσηπïσïύ συνïλικïύ ύψïυς έως 44 δις ευρώ έως τï α’ δεκαήµε-ρï τïυ ∆εκεµâρίïυ για τη øρηµατïδïτική στήριêη τηςΕλλάδας. Εκτιµάται Þτι η εκταµίευση της δÞσης θα πραγµατï-πïιηθεί εæÞσïν η Ελλάδα έøει εκπληρώσει Þλα τα πρïαπαι-

τïύµενα ενώ θα συνεøιστïύν ïι συúητήσεις επί πρïτεινÞµε-νων µεθÞδων διαøείρισης τïυ δηµïσίïυ øρέïυς της øώρας.

Η αισιïδïêία Þτι θα επιτευøθεί συµæωνία στï κïγκρέσï γιατη διαøείριση της δηµïσιïνïµικής κατάστασης στις ΗΠΑ επι-δρά θετικά στη διάθεση για ανάληψη κινδύνïυ και στï ευρώ.

à ΠρÞεδρïς των ΗΠΑ εêέæρασε την αισιïδïêία τïυ Þτι θαεπιτευøθεί συµæωνία σøετικά µε την πïλιτική δηµïσιïνïµικήςπρïσαρµïγής πρïκειµένïυ να απïτραπïύν ïι αυτÞµατεςαυêήσεις æïρïλïγίας και περικïπές δαπανών στις αρøές τïυ2013 ύψïυς $607 δις.

Πρïσωρινή αρνητική επίπτωση είøε στην ισïτιµίαευρώ/δïλάριï η υπïâάθµιση της πιστïληπτικής ικανÞτηταςτης Γαλλίας απÞ τïν ïίκï αêιïλÞγησης Moody?s κατά µία âαθ-µίδα, απÞ Αaa σε Aa1 µε αρνητική πρïïπτική.

Στην έκθεση τïυ ïίκïυ αêιïλÞγησης αναæέρεται Þτι η εêέ-λιêη της δηµïσιïνïµικής κατάστασης της Γαλλίας είναι αâέ-

âαιη, κυρίως λÞγω της επιδείνωσης της ïικïνïµικής πρïïπτι-κής σε âραøυπρÞθεσµï και µακρïπρÞθεσµï ïρίúïντα.

à ïίκïς επισηµαίνει Þτι η µακρïπρÞθεσµη ïικïνïµικήπρïïπτική της Γαλλίας επηρεάúεται αρνητικά απÞ τις διαρ-θρωτικές πρïκλήσεις πïυ θα πρέπει να αντιµετωπισθïύν.Τïνίúει επίσης, τη µεγάλη έκθεση της Γαλλίας στις περιæερει-ακές ïικïνïµίες της Ευρώπης και τις υπïøρεώσεις πïυ πρï-κύπτïυν απÞ την ανάγκη στήριêης ïικïνïµιών τηςΕυρωúώνης.

Σε µια άλλη εêέλιêη, θετικά επηρεάστηκε τï γιεν απÞ τïνπεριïρισµÞ της διάθεσης για ανάληψη κινδύνïυ µετά την ïλï-κλήρωση της διήµερης σύσκεψής της Τράπεúας της Ιαπωνίας.

Στην εν λÞγω σύσκεψη η Τράπεúα της Ιαπωνίας διατήρησεαµετάâλητα τï επιτÞκιï αναæïράς (0-0,10%) και τï ύψïς τωνπρïγραµµάτων αγïράς τίτλων (66 τρις γιεν) και παρïøής ρευ-στÞτητας (25 τρις γιεν).

H ‚ÂÏÙ›ˆÛË ÙÔ˘ ÂÂÓ‰˘ÙÈÎÔ‡ Îϛ̷ÙÔ˜ ÛÙËÚ›˙ÂÈ ÙÔ Â˘ÚÒ

Fitch: ∞ÈÛÈfi‰ÔÍÔÈ ÔÈ ∂˘Úˆ·›ÔÈ ÂÂÓ‰˘Ù¤˜

Συγκρατηµένα αισιÞδïêïι για την επίλυση της κρίσης øρέïυς στην ευρωúώνη,εµæανίúïνται ïι Ευρωπαίïι επενδυτές, καθώς θεωρïύν πως ïι πρÞσæατες πïλιτικέςπρωτïâïυλίες δείøνïυν πως έøïυν γίνει σηµαντικά âήµατα παρά τïυς κινδύνïυςπïυ παραµένïυν. Τï συµπέρασµα αυτÞ πρïέκυψε απÞ την τριµηνιαία έρευνα τηςFitch,

ΕιδικÞτερα, τï 86% των ερωτηθέντων δήλωσε πως ïι πρÞσæατες πρωτïâïυλίεςπïυ έøïυν αναληæθεί, Þπως αυτή της υπÞ πρïϋπïθέσεις αγïράς ïµïλÞγων των κρα-τών της ευρωúώνης απÞ την ΕΚΤ και τα σøέδια για τραπεúική ενïπïίηση, απïτελïύνσηµαντικά âήµατα πρïς την επίλυση της κρίσης øρέïυς στην ευρωúώνη.Τï 81% τωνσυµµετεøÞντων στην έρευνα αναγνωρίúει ωστÞσï πως παραµένïυν σηµαντικïί ïικï-νïµικïί, øρηµατïπιστωτικïί και πïλιτικïί κίνδυνïι.

Τï υπÞλïιπï 14% των Ευρωπαίων επενδυτών πïυ έλαâαν µέρïς στη δηµïσκÞπη-ση, εµæανίστηκαν περισσÞτερï απαισιÞδïêïι, καθώς σύµæωνα µε αυτïύς ïι πρωτï-âïυλίες πïυ έøïυν αναληæθεί θα έøïυν περιïρισµένη επίδραση, ενώ εκτιµïύν πωςθα επανέλθïυν ïι πιέσεις των αγïρών σε Ισπανία και Ιταλία.

Σηµειώνεται Þτι η τριµηνιαία έρευνα διεêήøθη µεταêύ 2 Ãκτωâρίïυ και 6Νïεµâρίïυ και σε αυτήν ερωτήθηκαν managers ιδρυµάτων µε συνïλικά κεæάλαιαπερί τα 7,4 τρις. δïλάρια.

Σταθερïπïιητικά κινήθηκε την εâδïµάδα πïυ µας πέρασεη ισïτιµία Ευρώ - ∆ïλαρίïυ η ïπïία Þµως συνεøίúει να δια-πραγµατεύεται κάτω απÞ τα πïλύ κρίσιµα σηµεία τïυ 1.28.

Συγκεκριµένα η ισïτιµία απÞ τα 1.2700 της περασµένηςεâδïµάδïς αν και αρøικά υπïøώρησε µέøρι και τα 1.2660 στηνσυνέøεια ενισøύθηκε µέøρι και τα 1.2780 Þπïυ και κινείται τιςτελευταίες ηµέρες.

Βασικά θα λέγαµε πως ï τÞνïς αισιïδïêίας πïυ âγαίνειαπÞ τα λεγÞµενα Ευρωπαίων αêιωµατïύøων για τελεσίδικηλύση στï ΕλληνικÞ úήτηµα κρατάει τï Ευρώ κïντά στα 1.2800.

Η âιωσιµÞτητα τïυ ελληνικïύ øρέïυς είναι τï æλέγïν θέµαπλέïν για τïυς Ευρωπαίïυς ïι ïπïίïι αæïύ εδώ και τρία øρÞ-νια âύθισαν την Ελλάδα σε ένα πηγάδι øρέïυς και ύæεσηςøωρίς πάτï τώρα θυµήθηκαν κατÞπιν εïρτής πως τï øρέïςδεν είναι âιώσιµï.

Ίσως ïι Ευρωπαίïι πρïσæέρïυν στην Ελλάδα µια δίøρïνηεπιµήκυνση ακÞµα και µειωµένα επιτÞκια αλλά αυτÞ δεν είναιπαρά µÞνï µια σταγÞνα στïν ωκεανÞ. Τï παιøνίδι Þσï αæïράτην Ελλάδα έøει øαθεί πρï πïλλïύ και πλέïν τï µÞνï πïυσώúει την Ελλάδα είναι ένα πïλύ επιθετικÞ κïύρεµα τïυ øρέ-ïυς και σταδιακή απεµπλïκή απÞ τα εγκληµατικά µνηµÞνιασκληρής λιτÞτητας. Επειδή Þσï και να µειωθεί τï øρέïς µιαςøώρας αν η øώρα αυτή δεν αναπτύσσεται είναι απλÞς θέµαøρÞνïυ να παράγει και πάλι νέï øρέïς. Και η Ελλάδα Þøι µÞνïδεν αναπτύσσεται αλλά συρρικνώνεται µε ρυθµïύς τριτïκï-σµικής øώρας.

Βεâαίως η γενική διευθύντρια τïυ ∆ιεθνïύς ΝïµισµατικïύΤαµείïυ Κριστίν Λαγκάρντ πρïερøÞµενη στï Eurogroup δηλώ-

νει απïæασισµένη να θέσει τï πλαίσιï για ïριστική λύση σταúητήµατα πïυ αæïρïύν την Ελλάδα, τη στιγµή πïυ εντÞς τïυΕκτελεστικïύ Συµâïυλίïυ αλλά και µεταêύ των εµπειρïγνω-µÞνων τïυ Ταµείïυ, επικρατεί πρïâληµατισµÞς για τη διαøείρι-ση της ελληνικής υπÞθεσης και τη âιωσιµÞτητα τïυ øρέïυςτης øώρας

Ùπως µεταδίδïυν êένα ΜΜΕ επικαλïύµενα πληρïæïρίεςαπÞ την Ãυάσιγκτïν, η κα Λαγκάρντ æέρεται να επιµένει µενστην επίτευêη τïυ στÞøïυ, τï ελληνικÞ øρέïς να âρίσκεται στï120% τïυ ΑΕΠ έως τï 2020, αλλά µπρïστά στïν κίνδυνï µιαςευρύτερης απïσταθερïπïίησης πïυ θα πρïκαλïύσε η ευθείασύγκρïυση µε την Ευρώπη και µια νέα απïτυøία στη λήψηαπÞæασης για την Ελλάδα, συúητεί την απïδïøή µιας λύσηςπïυ, σε πρώτη æάση, δεν θα περιλαµâάνει «κïύρεµα» τïυ øρέ-ïυς, κάτι πïυ εκτιµάται Þτι θα επανεêετασθεί µετά τις γερµα-νικές εκλïγές, Þταν θα είναι πïλιτικά εæικτÞ υπÞ την πρïϋπÞ-θεση Þτι η Ελλάδα θα έøει αρøίσει να εæαρµÞúει µε επιτυøία τιςµεταρρυθµίσεις.

Σε περίπτωση πïυ επιτευøθεί συµæωνία, τï ΕκτελεστικÞΣυµâïύλιï τïυ ∆ΝΤ θα συνεδριάσει για να εκταµιεύσει τηνεπÞµενη δÞση στις αρøές ∆εκεµâρίïυ, τï πιθανÞτερï στις 7τïυ µηνÞς, ενδεøïµένως και λίγες ηµέρες αργÞτερα, εάν ηïριστική απÞæαση τïυ Eurogroup πρïκύψει τελικά την άλλη∆ευτέρα.

Μια εêέλιêη πïυ σαæώς δίνει και πάλι πρïσωρινές ανάσεςσε øρηµαταγïρές και Ευρώ.

ΑπÞ την άλλη Þµως δεν απïτελεί τελεσίδικη λύση και ηαâεâαιÞτητα και ïι ανησυøίες πέριê âιωσιµÞτητας τïυ ελληνι-κïύ øρέïυς θα επανέλθïυν λεία συντÞµως.

ΕκτÞς τïυ ελληνικïύ úητήµατïς αισιÞδïêα µηνύµατα æαί-νεται να âγαίνïυν και απÞ ΗΠΑ για λύση τïυ περίæηµïυ úητή-µατïς τïυ «δηµïσιïνïµικïύ γκρεµïύ». ΘετικÞ κλίµα πïυ δηµι-ïύργησε η πρώτη συνάντηση των ηγετών τïυ κïγκρέσïυ.

«Πιστεύω πως τï πλαίσιï πïυ σκιαγραæήσαµε στη σηµερι-νή συνάντηση είναι σύµæωνï µε τï κάλεσµα τïυ πρïέδρïυ για

µία δίκαιη και ισïρρïπηµένη πρïσέγγιση,» δήλωσε ï επικεæα-λής των Ρεπïυµπλικάνων στη Βïυλή John Boehner µετά τησυνάντηση της Παρασκευής στï ΛευκÞ Ãίκï. ΑπÞ την πλευράτης η επικεæαλής των ∆ηµïκρατικών στην Βïυλή Nancy Pelosiσηµείωσε πως η συνάντηση ήταν επïικïδïµητική και πως πρέ-πει να τεθïύν τα Ìριστïύγεννα ως διïρία για την επίτευêησυµæωνίας.Την αισιïδïêία τïυ για την πïρεία των διαπραγµα-τεύσεων εêέæρασε και ï πρÞεδρïς των ΗΠΑ Barrack Obama ïïπïίïς την Κυριακή δήλωσε σε συνέντευêη Τύπïυ στηνΜπανγκÞγκ πως είναι âέâαιïς πως η δηµïσιïνïµική κατάστα-ση της øώρας µπïρεί να αντιµετωπιστεί.

Τεøνικά Þσï η ισïτιµία σε εâδïµαδιαία âάση κρατάει ταεπίπεδα τïυ 1.28 η âραøυπρÞθεσµη πτωτική τάση της ισïτι-µίας διατηρείται.

Βεâαίως Þπως αναæέραµε και στï τελευταίï µας άρθρï ïιπïλιτικïïικïνïµικές εêελίêεις τρέøïυν και η µεταâλητÞτηταστην ισïτιµία Þσï πλησιάúïυµε τï τέλïς τïυ έτïυς θα αυêάνε-ται και ïι ακραίες διακυµάνσεις στην ισïτιµία δεν µπïρïύν νααπïκλειστïύν.

ªÂ ÙÔ ‚ϤÌÌ· Û Eurogroup Î·È ∏¶∞ ÙÔ Â˘ÚÒ ™Ù¿ÛË ·Ó·ÌÔÓ‹˜ Á‡Úˆ ·fi Ù· 1,28 ÁÈ· ÙËÓ ÈÛÔÙÈÌ›· ∂˘ÚÒ – ¢ÔÏ·Ú›Ô˘ ·Ó·Ì¤ÓÔÓÙ·˜ Î·È ¿ÏÈ ÙȘ ÂÍÂÏ›ÍÂȘ ·fi ∂˘ÚÒË Î·È ∏¶∞ fiÛÔ ·ÊÔÚ¿ Eurogroup Î·È Fiscal Cliff

Foreign Exchange AnalystEmail: michailidisn@aol.com

MfiÓÙÈ: ∏ Â˘Úˆ˙ÒÓË ÍÂÂÚÓ¿ÂÈ ÙËÓ ÎÚ›ÛË ¯Ú¤Ô˘˜

à ΙταλÞς πρωθυπïυργÞς Μάριï ΜÞντι δήλω-σε Þτι η ευρωúώνη êεπερνάει την κρίση øρέïυςκαι Þτι ïι øώρες µέλη είναι απïæασισµένες ναδιατηρήσïυν τï ενιαίï νÞµισµα. “Τï ευρώ είναικάτι περισσÞτερï απÞ ένα νÞµισµα, είναι ένασύµâïλï της ευρωπαϊκής ïλïκλήρωσης πïυ ïιευρωπαϊκές κυâερνήσεις είναι απïæασισµένεςνα διατηρήσïυν και να ενισøύσïυν”, σηµείωσε.

“Τï τελευταίï εêάµηνï, έøïυµε σταθερïπïι-ήσει τις øρηµατïπιστωτικές αγïρές δηµιïυργώ-ντας ένα στέρεï και διαρκές ταµείï αρωγής, τïνΕυρωπαϊκÞ ΜηøανισµÞ ΣταθερÞτητας”, πρÞσθε-σε ï ΙταλÞς πρωθυπïυργÞς.

“ΑπÞ την πλευρά της, η Ευρωπαϊκή ΚεντρικήΤράπεúα δηµιïύργησε ένα πρÞγραµµα αγïράςïµïλÞγων για να διασæαλιστεί Þτι τï κÞστïς τηςøρηµατïδÞτησης των κυâερνήσεων είναι ανάλï-γï µε τα ïικïνïµικά θεµέλια και τις πρïσπάθειεςµεταρρύθµισης” πïυ καταâάλλïυν, πρÞσθεσε.

“Τïν ερøÞµενï µήνα, θα υιïθετήσïυµε ένανσυγκεκριµένï ïδικÞ øάρτη για να ενισøυθεί ηδïµή της ïικïνïµικής και νïµισµατικής µας ένω-σης, αρøίúïντας απÞ έναν µηøανισµÞ ενιαίας επί-âλεψης για τις τράπεúες για να µπïρïύµε στησυνέøεια να αναγνωρίúïυµε και να ρυθµίúïυµενωρίτερα τα πρïâλήµατα”, κατέληêε ï ΙταλÞςπρωθυπïυργÞς.

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Treasury Division, Alpha Bank Cyprus Ltd

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21 ΝÃΕΜΒΡΙÃΥ, 2012

ΕΛΛΑ∆Α | 7/19

ÌΡΗΜΑ&ΑΓÃΡΑ

«Η Ελλάδα έøει εκπληρώσει τις υπïøρε-ώσεις της και πιστεύω πως µÞλις ρυθµι-στïύν κάπïιες απïµένïυσες εκκρεµÞτητεςθα λάâει την επÞµενη δÞση των δανείων»,δήλωσε ï πρÞεδρïς τïυ Eurogroup, κ. ·ανΚλïντ Γιïύνκερ, την ώρα πïυ γίνïνταν πρï-σπάθειες πρïς την εêεύρεσης µιας συµâι-âαστικής λύσης ανάµεσα στï ∆ιεθνέςΝïµισµατικÞ Ταµείï (∆ΝΤ) και τις øώρες τηςΕυρωúώνης για τη âιωσιµÞτητα τïυ ελληνι-κïύ øρέïυς.

à κ. Γιïύνκερ ανέµενε να επιτευøθεί µιασυµæωνία επί τïυ θέµατïς της âιωσιµÞτη-τας τïυ ελληνικïύ øρέïυς, για τï ïπïίï, ωςγνωστÞν, υπάρøει διάσταση απÞψεων τηςΕυρώπης µε τï ∆ΝΤ, αναæïρικά µε τις øρη-µατïδïτικές ανάγκες.

Ãι εµπειρïγνώµïνες των ïικïνïµικώνεπιτελείων των øωρών της Eυρωúώνης στηντελευταία τïυς συνεδρία αναúήτησαν ένανσυνδυασµÞ «τεøνικών λύσεων» για τηνκάλυψη τïυ λεγÞµενïυ øρηµατïδïτικïύκενïύ, ύψïυς 32,5 δισ. ευρώ ως τï 2016,αλλά και για την ελάæρυνση των δανείωνπρïς την Ελλάδα.

Αναæïρικά µε την αντιπαράθεση τïυ∆ΝΤ µε τις øώρες της Ευρωúώνης για τïθέµα της âιωσιµÞτητας τïυ ελληνικïύδηµÞσιïυ øρέïυς, στην ΕυρωπαϊκήΚεντρική Τράπεúα εκτιµïύν Þτι Þλες ïιπλευρές θα υπïøωρήσïυν, ως πρïς τιςαπαιτήσεις τïυς και τελικά θα επέλθει ïσυµâιâασµÞς. Επιπλέïν, στην ΕΚΤ εκτιµïύνÞτι η λύση τïυ Eurogroup για τï ελληνικÞøρέïς θα περιέøει «λίγï απÞ Þλα».

Σε Þ,τι αæïρά στην έγκριση της επÞµε-νης δÞσης, θεωρείται Þτι θα δïθεί η τελικήέγκριση, µέσω τηλεδιάσκεψης, στις 26Νïεµâρίïυ ή και αργÞτερα. Η απÞæαση θαπρέπει να λάâει την έγκριση ïρισµένωνεθνικών κïινïâïυλίων, εκ των ïπïίων καιτης Γερµανίας, ïύτως ώστε να εκταµιευθείπερί τις αρøές ∆εκεµâρίïυ.

™∆π™ 5 ¢∂∫∂ªµƒπ√À ∏ ¢√™∏Η εκταµίευση της δÞσης των 44 δις

ευρώ πρïς την Ελλάδα, πιστεύεται Þτι θαγίνει στις 5 ∆εκεµâρίïυ µε την πρïϋπÞθεσηÞτι θα πληρïύνται Þλïι ïι εναπïµείναντες

Þρïι, σύµæωνα µε ευρωπαϊκές πηγές.Η Ελλάδα θα πρέπει επίσης να απïδείêει

τη δέσµευσή της να υιïθετήσει «τις πρïη-γïύµενες ενέργειες», ένα λεπτïµερέςπακέτï ïικïνïµικών µεταρρυθµίσεων, πρï-τïύ δïθεί στη øώρα η δÞση τïυ δανείïυ.

Τέλïς, σε Þ,τι αæïρά στï ενδεøÞµενïπεραιτέρω αναδιάρθρωσης τïυ ελληνικïύøρέïυς, στï ïπïίï επιµένει τï ∆ΝΤ, ïικïνï-µικïί και πïλιτικïί αναλυτές εκτιµïύν Þτιείναι ακÞµα πïλύ νωρίς για να ληæθïύντέτïιïυ είδïυς πïλιτικές απïæάσεις.

™˘Ì‚È‚·ÛÙÈ΋ χÛË ÁÈ· ÙËÓ ∂ÏÏ¿‰· ÛÙÔ Eurogroup

Στï υψηλÞτερï πïσïστÞ πïυ έøει σηµει-ωθεί æτάνει ï αριθµÞς των «λïυκέτων»στην Ελλάδα. Τï 2013 εκτιµάται Þτι θα κλεί-σïυν 20% λιγÞτερες επιøειρήσεις καθώς τïπρώτï κύµα των επιπτώσεων της κρίσηςδείøνει να ïλïκληρώνεται και πλέïν ïιπερισσÞτερες απÞ τις εταιρείες πïυ παρέ-µειναν «úωντανές», έøïυν πρïσαρµïστεί.

Εν τïύτïις, τα πρïâλήµατα παραµένïυνµεγάλα, µε την έλλειψη ρευστÞτητας και τησυνεøιúÞµενη κάµψη των πωλήσεων να απï-τελïύν τïυς σηµαντικÞτερïυς κινδύνïυςγια τη âιωσιµÞτητα των εταιρειών.

ΩστÞσï, η πρÞâλεψη για λιγÞτερα λïυ-κέτα πρïκύπτει απÞ τις απαντήσεις τωνίδιων των εταιρειών σε έρευνα, σύµæωνα µετην ïπïία, σε πïσïστÞ 79% ïι µικρές επιøει-ρήσεις (ïµÞρρυθµες επιøειρήσεις- ετερÞρ-ρυθµες επιøειρήσεις) και σε πïσïστÞ 88%ïι µεγάλες επιøειρήσεις (ΑΕ-ΕΠΕ), θεωρïύναπίθανï να κλείσïυν µέσα στï 2013.

Τï 45,8% των επιøειρήσεων πρïâλέπïυνπάντως Þτι δεν θα καταæέρïυν να εκπλη-ρώσïυν τις υπïøρεώσεις τïυς µέøρι τïτέλïς τïυ øρÞνïυ, ένα στïιøείï πïυ δείøνειÞτι τï πρÞâληµα της έλλειψης ρευστÞτητας

παραµένει ακÞµη έντïνï.Σηµειώνεται Þτι την περίïδï 2011-2012,

εκτιµάται Þτι «κατέâασαν ρïλά» συνïλικά68.000 επιøειρήσεις. Για να αντιµετωπίσïυντις συνέπειες της κρίσης, ïι περισσÞτερεςαπÞ τις εταιρείες περιïρίúïυν τï κÞστïςλειτïυργίας (17,8%) πρïøωρïύν σε πρï-σæïρές και εκπτώσεις τιµών (15,2%), αλλά-úïυν πρïµηθευτές (13,2%).

Σύµæωνα µε την έκθεση æαίνεται Þτι ηανεργία πλέïν σαρώνει τï ελληνικÞ εµπÞ-ριï, καθώς ï τïµέας είναι αυτÞς πïυ τρïæï-δïτεί πλέïν τις απώλειες θέσεων εργασίας.

Μέσα στï 2012 øάθηκαν συνïλικά93.500 θέσεις απασøÞλησης στï εµπÞριï,αριθµÞς πïυ αντιστïιøεί στï 24% των συνï-λικών θέσεων πïυ øάθηκαν στην ελληνικήïικïνïµία, µεταêύ â’ τριµήνïυ 2011-â΄ τρι-µήνïυ 20122,(361.000 θέσεις εργασίαςσυνïλικά).

Ãι πρïâλέψεις των εταιρειών για τηνκερδïæïρία τïυ 2013 είναι ιδιαίτερα απαι-σιÞδïêες, καθώς επτά στις 10 µικρές επιøει-ρήσεις και τέσσερις στις 10 µεγάλες, πρï-âλέπïυν ακÞµη øειρÞτερα µεγέθη για τηνεπÞµενη øρïνιά.

«∫·Ù¤‚·Û·Ó ÚÔÏ¿» 68.000 ÂȯÂÈÚ‹ÛÂȘ

Λïυκέτï στα δέκα καταστήµατα CostaCoffee στην Ελλάδα âάúει η εταιρεία «TheGreek Coffee Company A.E.» πïυ αντιπρï-σώπευε στη øώρα τη γνωστή âρετανικήαλυσίδα.

ΤÞσï τï κατάστηµα της ΛεωæÞρïυΚηæισίας, στï Monumental Plaza, στïΜαρïύσι, στï εµπïρικÞ κέντρï Avenue αλλάκαι τα υπÞλïιπα στï κέντρï της Αθήνας και

στα νÞτια πρïάστια είναι ήδη κλειστά.ΕκπρÞσωπïι της εταιρείας επιâεâαίω-

σαν την αναστïλή λειτïυργίας των Costa,αναæέρïντας πως τï εγøείρηµα δεν ήτανπλέïν âιώσιµï παρÞτι έγινε κάθε πρïσπά-θεια να συνεøίσει να λειτïυργεί και ήδηέøïυν êεκινήσει διαδικασίες για την πώλησηπαγίων. Τα Costa Coffe êεκίνησαν να λει-τïυργïύν στην Ελλάδα απÞ τï 2007.

Στην Ελλάδα η ïπïία δεν κάνει παιδιά,κατïικïύν ïι περισσÞτερïι καπνιστές στηνΕυρώπη ενώ έøει αριθµÞ ρεκÞρ και σταθανατηæÞρα τρïøαία δυστυøήµατα. ΑυτÞέδειêε έρευνα τïυ ÃÃΣΑ “ Η υγεία στηνΕυρώπη µε µια µατιά” σε 35 κράτη.

Συγκεκριµένα, µε τï 19,1% τïυ πληθυ-σµïύ της øώρας έøει êεπεράσει τï 65ï έτïςτης ηλικίας τïυ, ïι Έλληνες κατακτïύν τïøάλκινï µετάλλιï µετά τη Γερµανία και τηνΙταλία. Αντίστïιøα, ανησυøητικά είναι και ταστïιøεία για τις γεννήσεις, καθώς τï 2010καταγράæτηκαν 10,1 γεννήσεις ανά 1000ανθρώπïυς, ενώ σε κάθε Ελληνίδα αναλï-γïύν µÞλις 1,5 γεννήσεις.

ΤαυτÞøρïνα, 13,6 ανά 1000 ανθρώπïυςøάνïυν τη úωή τïυς ετησίως απÞ τρïøαίαδυστυøήµατα, αριθµÞς πïυ κατατάσσει τηνΕλλάδα στη δεύτερη θέση µετά τηΡïυµανία.

Ùµως τι και αν ïι Έλληνες είναι ïι πιïθεριακλήδες; Τα πïσïστά καρκίνïυ τωνπνευµÞνων δεν αγγίúïυν πρωτιές στη λίστατων 35 øωρών. Σύµæωνα µε τα στïιøεία, 73άνθρωπïι ανά 100.000 πεθαίνïυν κάθεøρÞνï απÞ καρκίνï των πνευµÞνων. Ùσïναæïρά τις θανατηæÞρες περιπτώσεις καρκί-νïυ τïυ µαστïύ, η Ελλάδα âρίσκεται στη 7ηθέση απÞ τï τέλïς της λίστας µε 21,1 γυναί-κες στις 100.000 να øάνïυν ετησίως τηµάøη.

Την ίδια ώρα ïι δαπάνες για την υγείαµειώθηκαν στï 6,9%. ΠαρÞλα αυτά κατέ-øïυµε την υψηλÞτερη αναλïγία γιατρών καιπληθυσµÞ στην Ευρώπη, µε 6,1 ειδικïύς ανάøίλιïυς κατïίκïυς. Βέâαια ïι κλίνες πïυαναλïγïύν σε 1000 κατïίκïυς αγγίúïυνµÞλις τις 4,9 δείøνïντας Þτι η Ελλάδα âρί-σκεται πïλύ πιï κάτω απÞ τïν ευρωπαϊκÞµέσï Þρï.

∫Ï›ÓÔ˘Ó Ù· Costa Coffee ÛÙËÓ ∂ÏÏ¿‰·

Aegean: ¶Ù‹ÛÂȘ Ì Singapore AirlinesΑπÞ την 1η ∆εκεµâρίïυ 2012 ïι πελάτες της Singapore Airlines θα µπïρïύν να πετïύν

πρïς Αθήνα και Θεσσαλïνίκη, øάρη στη συµæωνία συνεργασίας για πτήσεις κïινïύ κωδι-κïύ µε την Aegean Airlines, η ïπïία συµµετέøει µαúί µε τη Singapore Airlines στï δίκτυï της

Star Alliance.Στï πλαίσιï της συµæωνίας η SIA θα πρï-

σθέσει τα διακριτικά «SQ» στις πτήσεις τηςAegean µεταêύ Αθήνας και Φρανκæïύρτης,Λïνδίνïυ, Μιλάνï και Μïνάøïυ, καθώς καιστις πτήσεις µεταêύ Θεσσαλïνίκης καιΦρανκæïύρτης και Μïνάøïυ.

Αντίστïιøα, τα διακριτικά της Aegean «A3»θα τïπïθετηθïύν στις πτήσεις της SIA µεταêύΣιγκαπïύρης και Φρανκæïύρτης, Μιλάνïυ και

Μïνάøïυ, καθώς και στις πτήσεις µέσω Σιγκαπïύρης πρïς Μελâïύρνη και Σύδνεϋ. Ãι πτή-σεις κïινïύ κωδικïύ µετά την πρïσθήκη των διακριτικών της Aegean στις πτήσεις της SIAθα êεκινήσïυν µÞλις εêασæαλιστïύν ïι πρïâλεπÞµενες εγκρίσεις.

Η έκδïση εισιτηρίων για πτήσεις κïινïύ κωδικïύ έøει êεκινήσει και αæïρά τις πτήσειςπïυ θα πραγµατïπïιïύνται απÞ 1ης ∆εκεµâρίïυ 2012.

√√™∞: ¶ÚÒÙË Ë ∂ÏÏ¿‰· Û ηÓÈÛÙ¤˜ Î·È ÙÚÔ¯·›·

ŒÎÏÂÈÛ 16 ηٷÛÙ‹Ì·Ù· Ë Citibank

Στην απÞæαση να κλείσει 16 υπïκατα-στήµατα στην Ελλάδα, περιïρίúïντας τιςδραστηριÞτητές της στην ελληνική αγïρά,πρïøώρησε η Citibank. Παράλληλα, εδώ καιαρκετÞ καιρÞ “τρέøει” πρÞγραµµα εθελïυ-σίας εêÞδïυ µε στÞøï τη µείωση άνω των 200θέσεων.

Η απÞæαση της διïίκησης κινείται, σύµ-æωνα µε πληρïæïρίες, στï πλαίσιï µείωσηςτων λειτïυργικών δαπανών, σε µια πρïσπά-θεια να παραµείνει η τράπεúα ενεργή και ναεêυπηρετεί απρÞσκïπτα τïυς πελάτες της.

Με τï κλείσιµï των 16 υπïκαταστηµάτωνη Citibank περιïρίúει τις δραστηριÞτητές της

στην Αθήνα, αæïύ τï µÞνï υπïκατάστηµαεκτÞς Αθηνών πïυ θα συνεøίσει να λειτïυρ-γεί είναι αυτÞ της Θεσσαλïνίκης. Στα 16καταστήµατα συµπεριλαµâάνïνται καισηµεία εêυπηρέτησης στην Αθήνα, τα ïπïίαθα “συγøωνευθïύν” µε πιï κεντρικά κατα-στήµατα. Μετά την ïλïκλήρωση τïυ σøεδί-ïυ, η τράπεúα θα διαθέτει συνïλικά 21 κατα-στήµατα στην Ελλάδα, εκ των ïπïίων τα 20στην Αθήνα.

Σηµειώνεται εêάλλïυ, Þτι τα τελευταία 2øρÞνια η Citi έøει επικεντρώσει τις λειτïυρ-γίες της στα επενδυτικά και καταθετικά πρïϊ-Þντα, καθώς και στις πιστωτικές κάρτες.

Τï νέï πακέτï πρïπληρωµένης τηλεæωνίας, απïκλειστικά αæιερωµέ-νï στïυς æίλïυς τïυ AΠÃΕΛ παρïυσίασε τï ΑΠÃΕΛ ΠïδÞσæαιρï Λτδ καιη ΜΤΝ.

Τï νέï πακέτï πρïπληρωµένης τηλεæωνίας APOEL FC Mobile περι-λαµâάνει απïκλειστικά πρïνÞµια για τïυς συνδρïµητές τïυ:

- 200ΜΒ Þγκï δεδïµένων ∆ΩΡΕΑΝ, για πρÞσâαση στï internet Þτανï συνδρïµητής êεπεράσει τα 15 ευρώ øρήσης τïν πρïηγïύµενï µήνα

- ∆ωρεάν goal alerts για Þλα τα παιøνιδια τïυ ΑΠÃΕΛ σε κυπριακÞπρωτάθληµα και ευρώπη.

- 5 SMS δώρï κάθε æïρά πïυ σκïράρει ï ΑΠÃΕΛ, για øρήση εντÞςΚύπρïυ

- Συµµετïøή σε διαγωνισµïύς και κληρώσεις για πλïύσια δώρα Þπωςδωρεάν εισιτήρια αγώνων, υπïγραµµενες æανέλες, 1 µέρα µε τïν αγαπη-µένï παίøτη και πïλλά άλλα

- Μέøρι και 15% έκπτωση για αγïρές απÞ τï Orange shop.Τï πακέτï APOEL FC Mobile συµπεριλαµâάνει ήδη 5 ευρώ øρÞνï ïµι-

λίας και 20 SMS και διατίθεται πρïς πώληση στï Orange shop και OrangeOnline, στα MTN Stores και επιλεγµένα περίπτερα.

Γνωρίστε τα πρïϊÞντα περιπïίησης και σώµατïς Bioten της εταιρεί-ας X.A Παπαέλληνας σε Þλα τα καταστήµατα Beauty Line και σε υπερα-γïρές. ∆ερµατïλïγικά ελεγµένα øωρίς Parabens και παραæίνη και σεεκπληκτικές τιµές.

H Bioten σας πρïσæέρει µία ευρεία γκάµα καλλυντικών για τï πρÞ-σωπï και τï σώµα πïυ ικανïπïιïύν τις ανάγκες κάθε ηλικίας και κάθετύπïυ δέρµατïς.

Τα πρïϊÞντα Bioten είναι δερµατïλïγικά ελεγµένα για να διασæαλί-σïυν τη συµâατÞτητα µε τï δέρµα καθώς και την απïτελεσµατικÞτητατïυ κάθε πρïϊÞντïς.

H Bioten επενδύει στην κλινική έρευνα και την κïσµετική τεøνïλï-γία για να δηµιïυργεί ïλïένα και πιï απïτελεσµατικά και ασæαλή για τïδέρµα πρïϊÞντα. Αυτές ïι κλινικές δïκιµές επιâεâαιώνïυν τα απïτελέ-σµατα πïυ αναγράæïνται στη συσκευασία κάθε πρïϊÞντïς, διασæαλίúï-ντας την εγκυρÞτητά τïυς.

Για περισσÞτερες πληρïæïρίες, επισκεæθείτε τï sitewww.biotencosmetics.com

Αρøές ∆εκεµâρίïυ εγκαινιάúεται ένα ακÞµα κατάστηµα αντρικήςµÞδας CELIO στην Κύπρï, στïν πρώτï Þρïæï τïυ The Mall of Cyprus,στη Λευκωσία.

Τα CELIO ανήκïυν σε µια απÞ τις πλέïν εδραιωµένες εταιρείεςστï øώρï της ανδρικής µÞδας παγκïσµίως, µε 850 καταστήµατα σεπερισσÞτερες απÞ 40 øώρες στïν κÞσµï.

Tα αντρικά ρïύøα CELIO είναι γνωστά για την ιδιαίτερη και νεανι-κή αισθητική και πïιÞτητά τïυς. Επικεντρώνïνται στην πïικιλία τωνøρωµάτων, στη æινέτσα και στη διακριτικÞτητα, πρïσæέρïντας έτσιστïυς άντρες, µÞδα άνετη και συγøρÞνως καλαίσθητη, πάντα σε πρï-σιτές τιµές.

Η æιλïσïæία των καταστηµάτων CELIO είναι να πρïσæέρïυν στïνσύγøρïνï άντρα µïντέρνα και ευκïλïæÞρετα κïµµάτια πïυ πρïσæέ-ρïυν άνεση και στιλ, σε øαµηλές τιµές.

Ãι συλλïγές CELIO ακïλïυθïύν πάντα τις τελευταίες τάσεις τηςµÞδας, είναι πάντα πλïύσιες σε πïικιλία και στïøεύïυν πάντα στï ίδιïαπïτέλεσµα: σε ανεπιτήδευτα εντυπωσιακές εµæανίσεις για τïν σύγ-øρïνï άντρα, για κάθε ώρα της ηµέρας.

21 ΝÃΕΜΒΡΙÃΥ, 2012ÌΡΗΜΑ&ΑΓÃΡΑ

8/20 | ΑΓΟΡΑ

¡¡¤¤ÔÔ Îη·ÙÙ¿¿ÛÛÙÙËËÌÌ·· CCEELLIIOO ÛÛÙÙÔÔ TThhee MMaallll

∫∫··ÚÚÙÙÔÔÎÎÈÈÓÓËËÙÙ‹‹ ÁÁÈÈ·· ÙÙÔÔ˘˜ ÊÊ››ÏÏÔÔ˘˜ ÙÙÔÔ˘ ∞∞¶¶√√∂∂§§

NN¤¤·· ÀÀÂÂÚÚ··ÁÁÔÔÚÚ¿¿ ∂∂&&SSÛÛÙÙËË ¢¢ÂÂÚÚ‡‡ÓÓÂÂÈÈ··

ΑπÞ την Παρασκευή 16 Νïεµâρίïυ ακÞµη µιαΥπεραγïρά E&S ενισøύει την παρïυσία τïυσυνεργατισµïύ στην ελεύθερη ΑµµÞøωστï. Ãικάτïικïι της ∆ερύνειας και των γύρω περιïøών,µπïρïύν πλέïν να επωæεληθïύν των πραγµατι-κών πρïσæï-ρών και τωνøαµηλών τι-µών των Υπε-ραγïρών Ε&S.Σε ένα øώρï650 τετραγω-νικών µέτρων,τï κïινÞ έøει την επιλïγή ïλÞæρεσκων æρïύτωνκαι λαøανικών απÞ την æρïυταρία, µεγάλη επιλï-γή τυριών και αλλαντικών απÞ τï τµήµαdelicatessen και να επιλέêει απÞ µια µεγάλη πïικι-λία τρïæίµων και Þτι άλλï øρειάúεται ένα σπίτι.Αêίúει να δïκιµάσετε τα πρïϊÞντα απÞ τïΣυνεργατισµÞ της Ιταλίας COOP και τïυΗνωµένïυ Βασιλείïυ THE CO-OPERATIVE ταïπïία είναι ανώτερης πïιÞτητάς και σε απίστευταøαµηλές τιµές.

¡¡¤¤ÔÔ ÚÚÔÔ˚fifiÓÓ ··fifi ÙÙËËÓÓ CCNNPP LLaaiikkii IInnssuurraannccee

Η CNP Laiki Insurance Holdings Ltd στηνΕλλάδα, µέλïς τïυ Γαλλικïύ ΑσæαλιστικïύΚïλïσσïύ CNP Assurances, ανακïίνωσε τη διάθε-ση τïυ νέïυ πρïϊÞντïς ΠρωτïâάθµιαςΠερίθαλψης Bonjour PRIMARY, τï ïπïίï και θαπρïωθείται απï-κλειστικά στην ελ-ληνική αγïρά µέ-σω τïυ δικτύïυανεêάρτητων ασæα-λιστικών διαµε-σïλαâητών της Εταιρείας.

Τï Bonjour PRIMARY, είναι ένα ïλïκληρωµένïκαι σύγøρïνï πρïϊÞν Πρωτïâάθµιας Περίθαλψης,µέσω τïυ ïπïίïυ ï πελάτης έøει τη δυνατÞτητα νααêιïπïιήσει πρïς ÞæελÞς τïυ υπηρεσίες και παρï-øές πρωτïâάθµιας ιατρικής περίθαλψης.

Τï Bonjour PRIMARY απïτελεί τï δεύτερïπρïϊÞν υγείας, µετά τï Bonjour Health, για τïδίκτυï ανεêάρτητων ασæαλιστικών διαµεσïλαâη-τών της Εταιρείας, ïι ïπïίïι ως εêειδικευµένα στε-λέøη της ασæαλιστικής αγïράς, αναµένεται ναέøïυν πρωταγωνιστικÞ ρÞλï στην ενηµέρωση τωνπελατών για νέες και διαæïρετικές λύσεις.

™™¯Â‰‰fifiÓÓ ¤¤ÙÙÔÔÈÈÌÌËËËË ˘ÂÂÚÚ··ÁÁÔÔÚÚ¿¿ √√ÚÚÊÊ··ÓÓ››‰‰ËË

Συνεøίúïνται µε γïργïύς ρυθµïύς ïι εργασίεςστη µεγάλη υπεραγïρά Ãρæανίδη στï Nicosia CityMall στïν ΣτρÞâïλï. Η ανακαίνιση πρïøωρά σύµ-æωνα µε τï πρÞγραµµα, έτσι ώστε τέληΝïεµâρίïυ να λειτïυργήσει µια υπεραγïρά µευπερσύγøρï-νïυς και αισθη-τά πιï âïλι-κïύς øώρïυς.Θα περιλαµâά-νει τα πιï εκλε-κτά πρïϊÞντα στα τµήµατα æρïυταρίας, τυριών καιαλλαντικών, κρεïπωλείïυ, ψαραγïράς, æïύρνïυ-úαøαρïπλαστείïυ και ψησταριάς.

Ãι καταναλωτές θα επωæεληθïύν µε τις καλύ-τερες τιµές στï παντïπωλείï, κάâα, κïυúινικά,είδη πρïίκας, είδη σπιτιïύ, παιøνίδια, ηλεκτρικά,DIY, καλλυντικά, παιøνίδια, ανθïπωλείï και minishop.

Θα διαθέτει 15 ταµεία και άνετïυς øώρïυςστάθµευσης. Μέσα στïν øώρï τïυ Nicosia CityMall, ïι καταναλωτές θα µπïρïύν να απïλαύσïυντην άψïγη εêυπηρέτηση στην µïντέρνα καæετέ-ρια και παράλληλα, ïι γïνείς να ψωνίúïυν êέγνïι-αστα, καθώς τα παιδιά θα διασκεδάúïυν στïν παι-δÞτïπï.

Τις πρïτεινÞµενες επιλïγές κρασιών για τï æετινÞ Ìριστïυγεννιάτικïτραπέúι παρïυσίασαν σε ειδική εκδήλωση ïι κάâες La Maison Du Vin, êεκι-νώντας έτσι τις πρïετïιµασίες για να υπïδεøθïύν την ïµïρæÞτερη γιïρ-τή τïυ øρÞνïυ, τα Ìριστïύγεννα. Σε ένα γιïρτινÞ τραπέúι παρïυσιάστη-καν ïι 8 απÞ τις 75 øριστïυγεννιάτικες επιλïγές κρασιών της κάâας. Σταπλαίσια της εκδήλωσης ïι πρïσκεκληµένïι είøαν την ευκαιρία να δïκιµά-σïυν και αæρώδεις διεθνείς ïίνïυς πïυ εκπρïσωπïύνται απïκλειστικάστην Κύπρï απÞ τις κάâες La Maison Du Vin Þπως Ruinart Champagne,Mandois Champagne, Zardetto Prosecco και άλλα.

Σε λευκïύς ïίνïυς ïι κάâες πρïτείνïυν, τï Κτήµα Άλæα – Μαλαγïυúιά2011, τï A. Bichot - Chablis 2011, τï Zenato – Pinot Grigio 2011, σε ρÞúε τïChateau Les Valetines Rose 2011, σε ερυθρïύς ïίνïυς τï ZenatoValpolicella Classico Superiore 2010, τï Chateau La Croix Meunier St.Emilion Grand Cru 2009, τï Marques de la Concordia Rioja 2010, και τïΚτήµα Κατσαρïύ ΚÞκκινï 2007, εγκαινιάúïντας και την καινïύργια συνερ-γασία µεταêύ των δυï.

Για περισσÞτερες πληρïæïρίες µπïρείτε να επισκεæτείτε την ιστïσε-λίδα www.lamaisonduvin.com.cy

ÃÃÚÚÈÈÛÛÙÙÔÔ‡‡ÁÁÂÂÓÓÓÓ·· ÛÛÙÙÈȘ Îο¿‚‚˜ LLaa MMaaiissoonn DDuu VViinn

°°ÓÓˆÚÚ››ÛÛÙÙÂÂ ÙÙ·· ÚÚÔÔ˚fifiÓÓÙÙ·· BBiiootteenn

November 21 - 27, 2012FinancialMirror.com

COMPANY NEWS | 21

PrimeTel, the first private telecommunica-tion company in Cyprus, has begun its collab-oration with “Sonus Networks”, a global leaderin SIP communications, afterwhich many business and corpo-rate customers have been migrat-ed to the new “Sonus” voice plat-form.

This partnership enhances thecompany’s capability to providenew, advanced and quality telephony servicesin the Cyprus market and improve its existingsecure and reliable network.

During the second stage of this project,PrimeTel’s home customers will also enjoy theadvanced services from the first quarter of 2013

and will be able to use calling fea-tures such as call forwarding, callwaiting, conference calling, bar-ring, find-me and call transfer.

Meanwhile, PrimeTel’s billingon the Sonus network will bereal-time allowing the company

and its customers to keep track of bills and helpcustomers to manage their spending, as well asdetect and limit bad debt and fraud.

PrimeTel runs new “Sonus”voice platform

InterContinental Aphrodite Hills ResortHotel was awarded Best Resort Hotel, Cyprusat the International Property Awards 2012Gala ceremony held at the London MarriottHotel in London earlier this month.

Developed to identify, highlight andreward excellence throughout the globalhospitality industry, the International HotelAwards in association with BloombergTelevision, seek to recognise the finestoperations throughout a wide range of areas.In addition to categories for all manner of

different sized and specifically targetedhotels, there are also sections for the besthotel architecture, interior design, marketingand website.

On behalf of Aphrodite Hills this year’sawards were accepted by the Hotel’s GeneralManager, Andreas Christodoulides, who said:“We are very proud to receive this prestigiousaward for a second consecutive year. Thankyou for this huge recognition and like allInterContinental properties we will continueto offer A Great Hotel that Guests Love!”

Aphrodite Hills wins 2012 Best Resort award

The Legal Resources Centre, an affiliatepartner of the law office of Christodoulos G.Vassiliades & Co. LLC, has forged a strategicalliance and exclusive representation arrange-ment with Forensic Healthcare Services(FHC), a UK-based organisation which offers aspecialised resource for the provision of expertwitnesses for criminal and civil courts. FHCaims, wherever possible, to identify appropri-ate, experienced, authoritative and independ-ent experts for those agencies seeking expertopinion and testimony from witnesses.

Advocates, legal consultants, crime investi-gators, police authorities, Ministries and otherentities associated with the medico-legalsphere in Cyprus, will be able to have access toan established network of highly skilled spe-cialists, offering invaluable resources, cutting-edge technology, a wealth of experience andunrivalled expertise in a diverse range of disci-

plines in the forensics field. The LegalResources Centre will also offer FHC trainingcourses tailored to the needs of individualclients in the areas of medical practice, crimeprevention and law enforcement.

The co-operation between FHC and LRC isan important development and a significantstep for those in Cyprus who are exposed toand involved in diverse disciplines which areencountered in the intriguing field of forensicscience.

The inauguration ceremony and receptionto mark LRC’s exclusive collaborative arrange-ment with FHC, was held at the LedraBusiness Centre where invited guests whereaddressed by LRC’s founder, Christodoulos G.Vassiliades, Consulting Director, Peter Pafitis,FHC’s Medical Director, Dr. Jason Payne-James and the British High Commissioner,Matthew Kidd.

Legal Resources Centre in strategic alliancewith Forensic Healthcare Services

November 21 - 27, 2012 FinancialMirror.com

World stock markets and commoditiessurged on Monday, recovering some of theprevious week’s sharp losses as tradersfocused on politicians’ comments indicatingreadiness to compromise to avoid the U.S.“fiscal cliff.”

Wall Street stocks climbed almost 2%,extending a rally that began on Friday, whilecrude oil was up almost 3%. The S&P 500closed above its 200-day moving average forthe first time in the past eight sessions.

U.S. lawmakers indicated compromiseswere possible in negotiations to avert $600 blnin tax increases and spending cuts due to startin January - the “fiscal cliff” that threatens tosend the U.S. economy back into recession.

Legislators from both parties have indicat-ed in recent days compromise was possible onkey issues like raising tax rates for wealthyindividuals, which previously seemed unlikely.

MSCI’s world equity index jumped 2%,more than erasing the 1.8% drop it posted lastweek. Monday was the best day for the indexsince July 27.

“At this point, we haven’t seen any of thedetails, so we’re still a bit cautious but opti-mistic that we will see an agreement reachedsome time,” said Joseph Tanious, global mar-ket strategist at J.P. Morgan Funds in NewYork. “It’s become fairly clear that both sidesof the aisle are willing to compromise andwant to negotiate.”

Optimism in Europe over the prospects ofa deal this week to release much-needed aidfor Greece also lent support.

European officials are expected to discuss atwo-year funding plan for Athens at a meetingin Brussels, which would postpone anylonger-term solution until after a September2013 German general election.

ECB policymaker Joerg Asmussen said atthe weekend that the ministers were likely toagree to the deal and leave resolution of alonger-term debt stabilization plan for Greece,which is at the heart of a disagreement withthe IMF, until later.

The euro rose 0.5% to $1.28, well above thetwo-month low of $1.2661 hit last week and

near the top end of its recent range, suggest-ing the foreign exchange market expects anagreement on Greece.

“This message from the ECB would tell methat, yes, what we are heading to this week isan agreement that would keep Greece out oftrouble for the next year or so,” said GillesMoec, senior European economist atDeutsche Bank.

The rising hopes of a deal on closing theU.S. budget gap, which has clouded the out-look for global growth, spread through com-modity markets, lifting oil, copper and gold.

Copper rallied 2.3% to $7,803.75 a ton onthe London Metal Exchange, and gold rose$18.11 to $1,731.6 an ounce.

24 | MARKETS

The yen hovered near a seven-month lowagainst the dollar on Tuesday and was likelyto stay under pressure in the near term, deal-ers said, amid mounting political calls formore aggressive monetary expansion.

The yen showed little reaction after theBank of Japan held off from additional mone-tary stimulus, in line with expectations, afterhaving eased in September and October. Thedollar last traded at 81.28 yen. The greenbackwas within sight of the previous day’s high of81.59 yen, the dollar’s highest level versusthe yen since late April.

The yen has slid over the past week onmarket expectations that a likely newJapanese government after a December elec-tion would push the BOJ toward more force-ful monetary stimulus, and analysts said the

dollar may have more room to rise againstthe Japanese currency in the near term.

Japan’s opposition Liberal DemocraticParty (LDP), which has a commanding leadin opinion polls ahead of the election on Dec.16, has become increasingly vocal in its calls

for more monetary stimulus.Shinzo Abe, the leader of the LDP, has

called on the BOJ for bolder policy action,including “unlimited easing”, pushing inter-est rates to zero or below zero and directlyunderwriting bonds issued to fund publicworks spending.

In the latest sign of the LDP’s stance onmonetary policy, the Nikkei newspaperreported that the party is likely to include inits campaign platform a pledge to considerrevising a law guaranteeing central bankindependence.

While there is the possibility of the LDPtoning down its rhetoric after the election,such calls for forceful BOJ easing are likely topersist for now and support the dollar againstthe yen, said Rob Ryan, a strategist at RBS.Against this backdrop, the dollar may findsupport against the yen on any pull-back.

Some Japanese importers and investorsmay have been caught off guard by the dol-lar’s recent surge against the yen, said a trad-er for a Japanese bank in Singapore.

“So, downside dips will be bought into,”the trader said. At the same time, some

traders are looking to sell the dollar if itrises towards 82.00 yen, the trader added.

The euro dipped 0.2 percent to$1.2790, having eased after Moody’s cut

France’s sovereign rating by one notch to Aa1from Aaa, citing an uncertain fiscal outlookand deteriorating economy.

The single currency’s losses were limited,however. Analysts said the downgrade did notcome as a surprise, with Standard & Poor’shaving already downgraded France inJanuary.

JPY at 7-month low vs. USD

Disclaimer: The commentary appearing on this page is for indication purposes only and Eurivex does not take any responsibility for investment action taken. Nothing in this report should be considered to constitute investment advice. It is not intended, and should not be considered, as an offer, invitation, solicitation or recommendation to buy or sell any of the financial instruments described herein. Trading on leverage is very risky and may lead to losses.

Risk assets soar on US fiscal cliff hopes

Brent crude held steady above $111 abarrel on Tuesday, on hopes a U.S. budgetcrisis will be averted and on supply worriestriggered by tensions in the Middle East. Oilprices found additional support from thegrowing Israeli-Palestinian conflict.

Investors are waiting to find out if it willbe truce or war. Mediator Egypt says a dealto end the fighting could be close. Israelsays it is prepared to move troops into Gazabut prefers a diplomatic solution.

Optimism that debt-laden Greece will getmore funding also helped brighten the out-look for oil demand, but price gains were

checked as the euro fell after Moody’sstripped France of its prized triple-A rating.

A stronger dollar makes commoditiespriced in the greenback less appealing toholders of other currencies.

Promising data from the U.S., theworld’s top oil consumer, also helped keepoil prices near the peak reached in the previ-ous session.

U.S. home resales rose in October and agauge of homebuilder sentiment climbed toa six-year high in November, signs of sur-prising vigor in the country’s still-strug-gling housing market.

China’s foreign direct investment is ontrack to top $100 bln in 2012 even as thelongest run of year-on-year declines ininflows since 2009 extended into October,dragged down by an uncertain outlook forcorporate spending as global trade sags.

The Commerce Ministry said that Chinadrew $91.7 bln in FDIs between January andOctober, down 3.45% on the same period ayear ago, marking the tenth month thataggregate year-to-date flows fell comparedwith the previous period.

China’s economy is acutely sensitive toexternal demand, despite a gradual

rebalancing towards domestic consumption.Total exports were worth about 31% of

GDP in 2011, according to World Bank data,and an estimated 200 mln Chinese jobs arein the export sector or supported directly byforeign investment, making FDI aparticularly important gauge of prospects forChina’s vast factory sector.

Despite the slowing rate of inflow, Chinaremains firmly on course to secure morethan $100 bln of FDIs for the thirdsuccessive year, according to the UnitedNations Conference on Trade andDevelopment.

Brent steady above $111 China FDI inflows on track for $100 bln

FOREX COMMENTARY & TECHNICAL ANALYSIS

November 21 - 27, 2012FinancialMirror.com

MARKETS | 25

LIBOR rates

CCY CCY/Period 1mth 2mth 3mth 6mth 1yr 2yr 3yr 4yr 5yr 7yr 10yr

USD USD 0.21 0.26 0.31 0.53 0.86 0.37 0.45 0.58 0.77 1.16 1.65GBP GBP 0.50 0.51 0.52 0.68 1.04 0.66 0.71 0.82 0.97 1.32 1.84EUR EUR 0.06 0.09 0.13 0.25 0.50 0.39 0.50 0.66 0.85 1.23 1.67JPY JPY 0.13 0.15 0.19 0.30 0.51 0.25 0.24 0.26 0.30 0.43 0.74CHF CHF 0.00 0.01 0.03 0.12 0.31 0.05 0.08 0.16 0.27 0.53 0.88

CCY1\CCY2 1 USD 1 EUR 1 GBP 1 CHF100JPY

CCY\Date 23.10 30.10 06.11 13.11 20.11 Today Last Week %Change

USD 1.2790 1.5910 1.0620 1.2321 USD 1.3020 1.2868 1.2752 1.2646 1.2764 1.5910 1.5869EUR 0.7819 1.2439 0.8304 0.9634 GBP 0.8131 0.8025 0.7977 0.7971 0.8018 1.2790 1.2686GBP 0.6285 0.8039 0.6675 0.7744 JPY 103.91 102.20 101.95 100.13 103.60 81.16 79.29CHF 0.9416 1.2043 1.4981 1.1602 CHF 1.2060 1.2034 1.2026 1.1999 1.1997 0.9416 0.9496JPY 81.16 103.80 129.13 86.19

JPY +2.36CHF -0.84

CCY

GBP -0.26EUR -0.82

0-0,25% CHF

Exchange Rates

Major Cross Rates Opening Rates Weekly movement of USD

0.75% EUR0-0,1% JPY

CCY/Period

0-0,25% USD0.50% GBP

The Financial MarketsInterest Rates

Base Rates Swap Rates

Disclaimer: This information may not be construed as advice and in particular not as investment, legalor tax advice. Depending on your particular circumstances you must obtain advice from your respective pro-fessional advisors. Investment involves risk. The value of investments may go down as well as up. Past per-formance is no guarantee for future performance. Investments in foreign currencies are subject to exchangerate fluctuations. Marcuard Cyprus Ltd is regulated by the Cyprus Securities and Exchange Commission(CySec) under License no. 131/11.www.marcuardheritage.com

Sayonara Deflation, Konnichiwa Yen Carry-Trade?Marcuard’s Market update by GaveKal Research

Jesper Koll of JP Morgan once wrote thatthere are two simple rules to remember wheninvesting in Japan. The first is to never under-estimate the amount of pain that the Japanesepopulation can endure. The second is to neverunderestimate the Japanese policymakers’ability to test the first rule. Nothing that hasoccurred in recent years challenges this obser-vation. From the Japanese government’s hap-less reaction to last year’s tsunami, to theinability to check the yen’s rise against most ofits trade competitors, to the debacle surround-ing the use of nuclear energy, to the inabilityof fostering an engaging relationship withChina and Korea (two of Japan’s biggest tradepartners), the ruling DPJ has hardly covereditself in glory.

This probably explains why, with news ofsnap elections set for December 16, the marketseems to be cheering a likely change of leader-ship. The Nikkei has risen smartly just as allother global equity markets continued theirpost-US election and post-QE3 slump. So isthis the start of a new trend? One of the majorhurdles for Japanese risk assets in recent yearshas been the almost open conflict between theBank of Japan and the Ministry of Finance. Inessence, the dialogue has gone something likethis

The BoJ: “Our tax receipts have fallen fromY60tr to Y35tr in the past 20 years. We need tomove away from a reliance on corporate taxesand instead tax consumption, assets andinheritance at higher rates.” To which theelected officials at the MoF would typicallyreply: “That sounds great, but more than halfof voters are either retired or will be soon.They’ve paid income taxes their whole work-ing lives. If we increase the taxes on theirassets, on which they already get meagerreturns, and tax their consumption, I am notgoing to hold on to my job past the end of thisweek. I have a better idea, why don’t you printa bunch of yen, monetize my debt and weak-en the yen, thereby boosting returns in ourexporting industries and allowing the tax officeto collect more money.” To which the BoJ, atleast under Governor Masaaki Shirakawa, hastypically replied: “We have tried this in the pastand it does not work.”

This is how Japan has been in limbo, with a

yen creeping higher against other currenciessuffering debasement, a bond market that didvery little and an equity market that driftedback down to 1982 levels.

The big question for investors is whetherthe above dynamic is about to change. If noth-ing else, the rhetoric from Shinzo Abe, theLDP leader, is pointing in another direction.Abe is proposing a two-front (fiscal and mone-tary policy) attack on deflation with the launchof a JPY 200trn public works program to re-build roads and re-enforce public buildingsagainst earthquakes and tsunamis: i.e.: a“shovel ready” arrangement equivalent toabout 4% of GDP a year for a decade. Thiswould be funded by issuing bonds that the BoJ

would buy in size as soon as April whenShirakawa-san has to leave, most likely bereplaced (under an Abe premiership) by thedovish ex-MoF Vice Minister Katsu. Of course, there are many potential hurdles tothis two-pronged attack on deflation. Themost obvious one is that the LDP needs to winnext month’s election in the face of a growingchallenge from smaller, more reformist andsometimes more nationalist parties (national-ism is playing well as tensions with China keepratcheting up). The other is that, even if theLDP does well in the upcoming election, itmay not control the upper-chamber and willthus be forced to embrace some compromises.

Still, however one cuts it, the odds seem tofavor the following:

The yen is potentially heading much lower.Not just against the US dollar but also againstJapan’s true competitors, namely Korea (thewon is up 11% this year against the yen),China (up 6% against the yen ytd), Switzerlandand Germany.

A weaker yen should have a big impact onthe equity market where the valuation gapbetween domestic plays boosted by the strongyen (retail, pharmas, railways, staples, etc.) andexporters has never been this wide. This valu-ation gap could close quite quickly and provideterrific opportunities for Japan long-shortfunds (and we are not just saying that because

we happen to manage one!).Finally, a weaker yen could have implica-

tions for other asset classes around the world.The last time that Japan embarked on a deter-mined QE program (2002-2004), Japaneseinvestors (who remain amongst the most assetrich in the world) saw the BoJ policy as aninvitation to seek yield overseas, safe in theknowledge that whatever returns they couldharvest abroad would not be eaten up by yenappreciation. Instead, returns were oftenenhanced by yen depreciation. This raises thequestion of what Japanese investors will do ifsuch an opportunity comes along again. Buyfunds packed with AUD/BRL/NZD/RMB

bonds for the yield pick-up? Buy Indian orASEAN equities for the growth story? Playthe European convergence trade once again?At this stage, it is hard to say, but monitor-ing the funds that Nomura, Daiwa andMizuho sell over the coming quarters mayturn out to be important!

Our conclusion is that something is start-ing to unfold in Japan: policymakers willchange for sure, with very likely changes in fis-cal and monetary policies, and in the value ofthe currency. The combination should logical-ly lead to a repricing of a number of assets; inJapan obviously, but potentially around theworld as well.

CURRENCY CODE RATE

EUROPEAN

Belarussian Ruble BYR 8530British Pound * GBP 1.591Bulgarian Lev BGN 1.529Czech Koruna CZK 19.8264Danish Krone DKK 5.8313Estonian Kroon EEK 12.2363Euro * EUR 1.279Georgian Lari GEL 1.655Hungarian Forint HUF 220.25Latvian Lats LVL 0.54355Lithuanian Litas LTL 2.6994Maltese Pound * MTL 0.3356Moldavan Leu MDL 12.2785Norwegian Krone NOK 5.7466Polish Zloty PLN 3.2318Romanian Leu RON 3.5447Russian Rouble RUB 31.4286Swedish Krona SEK 6.7433Swiss Franc CHF 0.9416Ukrainian Hryvnia UAH 8.188

AMERICAS & PACIFIC

Australian Dollar * AUD 1.0405Canadian Dollar CAD 0.9969Hong Kong Dollar HKD 7.7517Indian Rupee INR 55.03Japanese Yen JPY 81.16Korean Won KRW 1082.1New Zeland Dollar * NZD 1.2225Singapore Dollar SGD 1.224

MIDDLE EAST & AFRICA

Bahrain Dinar BHD 0.3770Egyptian Pound EGP 6.0973Iranian Rial IRR 12143.90Israeli Shekel ILS 3.9236Jordanian Dinar JOD 0.7059Kuwait Dinar KWD 0.2819Lebanese Pound LBP 1501.00Omani Rial OMR 0.3850Qatar Rial QAR 3.6407Saudi Arabian Riyal SAR 3.7501South African Rand ZAR 8.8580U.A.E. Dirham AED 3.6728

ASIA

Azerbaijanian Manat AZN 0.7837Kazakhstan Tenge KZT 150.23Turkish Lira TRY 1.8016

Note: * USD per National Currency

WORLD CURRENCIES PER US DOLLAR

November 21 - 27, 2012 FinancialMirror.com

26 | WORLD MARKETS

Bankers prep $7 bln debt for buyoutsl Leveraged M&A pipeline upbeat for 2013

Bankers are working on debt packages totalling around5.5 bln euros for a string of buyouts which are a welcomerelief after a dearth of M&A activity this year.

The buyouts - which include motoring services group AA,academic book publisher Springer Science & Business Media,and meter-reading company ista International - are part of agrowing pipeline of deals set for 2013.

M&A loan volume is down 53% to $20.9 bln year-to-date,according to Thomson Reuters LPC data.

“All of a sudden, within a few weeks, sponsors are think-ing about buying and selling assets. The pipeline is buildingfor 2013 and these are not just straightforward refinancingslike we have seen recently but proper new deals that requireunderwriting. It is very good for the market,” a banker said.

Bankers said they have been asked to provide indicativedebt and leveraged levels needed to back a buyout of the AA.

The 107-year-old AA and over-50’s insurance and travelcompany Saga are owned by Acromas, which appointedErnst & Young to carry out vendor due diligence earlier thisyear as its private equity owners Charterhouse, CVC andPermira explored valuations for the companies as two sepa-rate entities.

Banks are working on AA or Saga to discuss buyout andpre or post-IPO financing, respectively, as Saga is a likely can-didate for flotation, bankers said.

Debt for an AA buyout will be approximately 2 bln poundsvia the leveraged loan and high yield bond market, they said.

Acromas was formed in 2007 though the 6.2 bln poundprivate equity-backed merger of AA and Saga, which wasfunded with a 4.8 bln pound leveraged loan.

GERMAN ACTIVITYPrivate equity firms EQT and GIC Special Investments of

Singapore were expected to sell German Springer Science,bankers said, after previously considering options to sell thecompany or refinance it.

JP Morgan has been mandated to advise on the process,which could also result in an IPO, and an information mem-orandum is being put together to send to potential buyers,bankers said.

The company could attract interest from private equity ortrade buyers including German media group Bertelsmann asthe company has performed well and EBITDA has risen toaround 330 mln euros, from 310 mln in 2011, bankers said.

Bankers are putting together debt packages in excess of 1bln euros to back a potential buyout if a private equity firmwere successful, the bankers said.

EQT and GIC acquired Springer Science & Business Mediain 2009 for 2.3 bln euros from Candover and Cinven, backedby 1.72 bln euros debt, according to TRLPC data.

Springer Science is the world’s second-largest publisher ofscientific research journals in science, technology and medi-cine and is the largest publisher of books in the field, accord-ing to EQT.

Elsewhere, Charterhouse, which bought German firm istain 2007 for 2.4 bln euros backed with 2.1 bln debt, is set tosell, bankers said.

Potential buyers are lining up and bankers are working ondebt packages of around 2 bln euros to back any buyout, theysaid, adding Goldman Sachs will likely run the sales process.

Banks to shrink for good as lay-offs near 160,000l More cuts likely as industry restructures, while investment bankers, equities traders bear brunt of lay-offs

Major banks have announced some 160,000 job cuts sinceearly last year and with more lay-offs to come as the industryrestructures, many will leave the shrinking sector for good asredundancies outpace new hires by roughly two-to-one.

A Reuters analysis of job cuts announced by 29 major banksshowed the lay-offs were much bigger in Europe than in Asia orthe United States. That is a particular blow to Britain where thefinance industry makes up roughly 10% of the economy.

The tally of nearly 160,000 job cut plans, meanwhile, is like-ly to be a conservative estimate as smaller banks and brokers arealso cutting staff or shutting up shop, and bigger banks have notalways disclosed target numbers of lay-offs.

The tally also does not include reports of 6,000 job cuts tocome at Commerzbank, for example, which the German groupwould not confirm last week.

Well-paid investment bankers are bearing the brunt of costcuts as deals dry up and trading income falls. That is particular-ly the case in some activities such as stock trading, where lowvolumes and thin margins are squeezing banks.

The job cuts eat into tax revenues usually reaped from thesector at a time when the global economic recovery is slowing.

This year’s tax income from the industry in Britain coulddrop to around 40 bln pounds ($63 bln), compared to 70 bln in2007/08, when the financial crisis hit, the Centre for Economics

and Business Research (CEBR) think-tank said this week.The job cuts announced since the beginning of 2011 come

on top of job cuts already carried since 2009.Of the 29 banks, from Europe’s biggest bank HSBC to U.S.

investment bank Morgan Stanley, just over 83,700 net jobshave been lost since 2009, with 167,200 jobs axed and 83,500created.

Squeezed by regulations forcing banks to store up more cap-ital in their trading businesses, firms are likely to shrink theirinvestment banking units even further, as they overhaul theirmodels to survive.

“It is structural as well as in response to cycles in the market.The market is still over-broked,” said Zaheer Ebrahim atrecruiters Kennedy Group.

Swiss bank UBS last month outlined a further 10,000 lay-offsafter announcing a plan for 3,500 job cuts last year. It said inOctober it had decided to exit most of its rates and debt tradingunits.

Workers in retail banking operation will not be immune tojob cuts either, particularly in slowing European economies. InFrance for instance, bank executives predict retail revenues willfalter.

“There are still 300,000 too many full-time employees in thetop financial services players in Europe,” said Caio Gilberti from

the financial services practice of consultancy AlixPartners.Gilberti said cutting those jobs could lop just over 20 bln eurosoff banks’ collective cost base.

LEAVING FOR GOODAs banks shrink, fewer of those leaving are able to find equiv-

alent jobs at rivals, head-hunters and bankers said, and only asmall proportion of those are qualified to move into other jobsat hedge funds, for instance, which look for specialised, skilledtraders.

Mergers and acquisition dealmakers are now also comingunder pressure, with fees in that area down 21% worldwide to$13.9 bln in the first nine months, Thomson Reuters datashowed.

More senior investment bankers are among those in the lineof fire. Those ranking as managing directors (MDs), who cancommand base salaries of around 350,000 pounds ($556,000),are becoming costly to keep - and difficult to take on.

“At MD level, it is tougher to accept smaller jobs, and they donot have the same drive and ambition as the young bankers whohave just graduated,” Ebrahim from the Kennedy Group said.

Many of those that have enjoyed lucrative careers in the fat-ter years are instead leaving big banks for good, setting up theirown small consultancies or different types of businesses.

UK finance bonuses to plummet as London losesBonuses for 2012 in London’s financial sector will more

than halve to 1.6 bln pounds in total, a study found, andsome shareholders are urging banks to cut pay even more.

The handouts will keep falling until 2015, the Centre forEconomics and Business Research (CEBR) said, reflectingthe impact of tougher financial market conditions and publicdisquiet over the size of banker payouts.

Yet the impact of the squeeze on the sector goes furtherthan bonus payments and the researchers also said employ-ment in London’s banks, brokerages and other financial sec-tor firms - collectively known as the City - will keep shrink-ing.

They said this would allow rival centre Hong Kong toovertake London by size in the next three years.

Banking job cuts have hit London hard in the past threeyears as euro zone woes and regulation eat into firms’income, and a further slowdown in stock trading and merg-

ers and acquisitions is expected to affect pay levels for 2012.Payouts have also fallen after a public backlash over big

bonuses, blamed for helping create the climate which led tothe financial crisis which started in 2008. Shareholders upsetabout poor returns are becoming more demanding too.

Shareholder activist group Hermes Equity OwnershipServices (EOS) on Monday called on the industry to basebonus payouts on a performance period of three to five years,rather than annual performance, echoing earlier proposals onhow payouts should be calculated.

Hermes EOS, which is owned by Hermes Fund Managerswhich is owned by the BT Pension Scheme, B ritain’s biggestprivate sector pension fund, also recommended banks payonly up to a quarter of their revenue to staff, rather than thecurrent 40 to 50%.

Earlier this year several banks including Barclays were hitby a bigger than usual backlash from shareholders over pay

when they sought approval for payout plans.“The money that governments intend the banks to use to

rebuild their balance sheets has been in large part siphonedoff into individuals’ pockets,” Hermes EOS said in a report.

Hermes EOS, which has over $120 bln of assets underadvice, said pay changes were one of the overhauls needed tomake banks investible again.

THE TAXMAN LOSESLondon financial sector bonuses for 2012 - likely to be

paid in January or February next year - will be more than 86%down on the 11.5 bln pounds worth of payouts in 2007-2008,when dealmaking was booming just before the financial cri-sis, the CEBR data showed.

Base salaries have risen since then, partly in response tocontroversy over incentive-related bonuses, meaning overalllevels of pay have not dropped by quite so much.

November 21 - 27, 2012FinancialMirror.com

WORLD MARKETS | 27

Looking hard for reasons to give thanksl Euro zone in fresh crisis talks over Greece, as budget wrangling in US, EU could sour sentiment

With every year that passes, fewer and fewer people lead a lifethat is poor, nasty, brutish and short. So it is only right to stepback, as America does this Thursday, to appreciate the bountiesbestowed by economic progress.

Yet this Thanksgiving, with the impact of the 2008 globalfinancial crisis refusing to fade, will not feel like a time to cele-brate.

In Europe, another week brings another meeting of financeministers to try to ‘save’ Greece as well as another set of surveyslikely to show the euro zone heading for another quarter ofrecession.

And in the United States, despite warm words after talks onFriday, worries about the capacity of politicians to put the pub-lic finances on a sustainable footing are sure to persist.

Ward McCarthy, chief financial economist at Jefferies in NewYork, said he was sceptical of the consensus that Democratsand Republicans would strike a budget bargain by the year-enddeadline for the two sides had painted themselves into corners.

He said it was important to distinguish between the com-promises needed to dodge the immediate ‘fiscal cliff’ - a mix oftax increases and spending cuts set to take effect in January -and a long-term deal to slash the deficit.

“It’s virtually impossible to get a long-term budget deal donebefore the end of the year. The fiscal cliff doesn’t end theprocess; it’s just the beginning. So we still have the threat ofanother credit downgrade hanging over our head,” McCarthysaid.

Joe Carson, an economist at AllianceBernstein in New York,shares those concerns; a short-term fix would not provide theclarity that businesses and consumers need.

“And without a legislative solution to the federal deficit andever-rising federal debt problem, the U.S. runs the risk of anoth-er credit rating downgrade, with the added costs and uncertain-ty that could also weigh on economic growth prospects foryears to come,” Carson said in a note.

EUROPE’S TROUBLESLeaders of the 27-member European Union will hold a two-

day meeting in Brussels this week to try to thrash out a long-term budget of their own. Tempers can be expected to fray.

Of greater immediate importance, however, will be talksamong euro zone finance ministers to try to agree with theIMF on a stop-gap financing programme for Greece.

Athens is drowning in debt and needs a new write-off, theIMF and virtually all private economists say. But that is politi-

cally taboo before German elections next September. Hencethe need to keep drip-feeding aid to Athens - something theFund is reluctant to do on the basis of debt sustainability pro-jections it considers unrealistic.

The European Central Bank has reduced the risk of a disor-derly break-up of the euro by promising in principle to buy thebonds of big indebted countries such as Spain and Italy.

But the wrangling over Greece is a constant reminder of thesingle currency’s shaky foundations, and that weighs heavilyon Europe’s economy.

“The financial stability that has been created by the meas-ures that the ECB has taken over the summer is not translatinginto a better economic outlook,” said Bert Colijn, an economistin Brussels with the Conference Board, a research outfit.

GIVING SOME THANKSThe euro zone went into the fourth quarter with industrial

output slumping, and a November survey of the area’s pur-chasing managers due on Thursday is likely to offer scantrelief.

Economists polled by Reuters expect the index derived from

the survey to tick up to just 45.8 from 45.7 in October - stillwell below the boom-bust threshold of 50.

A parallel poll of procurement executives from Germanindustry is forecast to show no change, while on FridayMunich’s IFO institute is expected to report a deterioration inthe business climate in Europe’s biggest economy.

Colijn said concern over the prospects for China, a big cus-tomer, was affecting Germany. “You see in declining ordersand business confidence that the global weakening in manu-facturing is a concern to Germany as well,” he said.

But there should also be reasons this week to give some sortof thanks. Several banks expect China’s HSBC/Markit purchas-ing managers’ index (PMI) to regain the neutral mark of 50after a reading of 49.5 in October.

And even the dark cyclical cloud enveloping the euro zone’sPMIs has a silver structural lining, according to a GoldmanSachs study. Although pointing to a second straight quarter ofrecession, the recent surveys are consistent with the econom-ic rebalancing that the single currency area needs, the banksaid.

Germany is gradually stimulating domestic services, whileSpain’s export sector is faring better at the expense of con-struction and public services.

In sum, Goldman suggests, “Spain is an economy wherethe all too obvious pain of the current recession may beobscuring an ongoing, necessary and broadly effective restruc-turing.”

As for the United States, October data on housing starts andbuilding permits due on Tuesday might show some paybackafter a strong September.

But McCarthy with Jefferies said he was confident thathousing was in the early stages of a long-term rebound.

“What I like about it is that it’s balanced and a gradualprocess, not a boom, which means it’ll probably have longerlegs. Housing typically leads recoveries. This time it haslagged, which means as a consequence that the recovery itselfcould have longer legs,” he said.

Amen to that.

November 21 - 27, 2012 FinancialMirror.com

28 | WORLD MARKETS

Task force says global shadow banking hits $67 trlnl G20 group charts rise of sector blamed for aggravating crisis

The system of so-called “shadow banking,”blamed by some for aggravating the global finan-cial crisis, grew to a new high of $67 trln global-ly last year, a top regulatory group said, calling fortighter control of the sector.

A report by the Financial Stability Board (FSB)appeared to confirm fears among policymakersthat shadow banking is set to thrive, beyond thereach of a regulatory net tightening around tradi-tional banks and banking activities.

The FSB, a task force from the world’s top 20economies, also called for greater regulatory con-trol of shadow banking.

“The FSB is of the view that the authorities’approach to shadow banking has to be a targetedone,” the group wrote in a report, noting the cur-rent lax regulation of the sector.

“The objective is to ensure that shadowbanking is subject to appropriate oversight andregulation to address bank-like risks to financialstability,” it said.

Officials at the European Commission inBrussels also see closer oversight of the sector as important inpreventing a repeat of the financial crisis that has toppledbanks over the past five years and rocked the euro zone.

The study by the FSB said shadow banking around theworld more than doubled to $62 trln in the five years to 2007before the crisis struck.

But the size of the total system had grown to $67 trln in2011 - more than the total economic output of all the coun-tries in the study.

The multitrillion-dollar activities of hedge funds and pri-vate equity companies are often cited as examples of shadow

banking.But the term also covers investment funds, money market

funds and even cash-rich firms that lend government bondsto banks, which in turn use them as security when takingcredit from the European Central Bank.

Even the man credited with coining the term, formerinvestment executive Paul McCulley, gave a catch-all defini-tion, saying he understood shadow banking to mean “thewhole alphabet soup of levered up non-bank investment con-duits, vehicles and structures,” such as the special invest-ment vehicles that many blamed for the financial crisis.

The United States had the largest shadowbanking system, said the FSB, with assets of$23 trln in 2011, followed by the euro area -with $22 trln - and the U.K. - at $9 trln.

The U.S. share of the global shadow bankingsystem has declined in recent years, the FSBsaid, while the shares of the United Kingdomand the euro area have increased.

The FSB warned that tighter rules that forcebanks to hoard more capital reserves to coverlosses could bolster shadow banking.

It advocated better controls, although cau-tions that shadow banking reforms should bedealt with carefully because the sector can alsobe a source of credit for business and con-sumers.

Forms of shadow banking can include secu-ritization, which can transform bank loans intoa tradeable instrument that can then be used torefinance credit, making it easier to lend.

In the run-up to the crisis, however, bankssuch as Germany’s IKB stored billions of euros

of such instruments in off-balance sheet vehicles, which laterunravelled.

Another example is a repurchasing agreement, or repo,where a player such as a hedge fund could sell governmentbonds it owns to a bank, agreeing to repurchase them later.

The bank may then lend those bonds onto another hedgefund, taking a position on the government debt. Such agree-ments are used by banks to lend and borrow. A risk couldarise if one of the parties in the chain collapses.

The European Commission is expected to propose EU-wide rules for shadow banking next year.

By Alan Wheatley

Global EconomicsCorrespondent, Reuters

November 21 - 27, 2012FinancialMirror.com

GREECE | 29

Banks face extra monitoring in return for aidGreece’s international lenders will enforce additional

supervision on the country’s troubled banks along with thebillions of euros they will provide to shore them up, seniorbankers said on Friday.

The so-called troika of the European Commission, EuropeanCentral Bank and International Monetary Fund lenders wants itsown monitors at each bank receiving state support to overseecredit policies and restructuring plans.

“The supervision by monitoring trustees has been demandedby the troika and the EU Competition Commission,” one of thebankers told Reuters.

“The trustees will not only be looking at new credit, they willalso have a say on how lenders are managing their entire loanbook and their follow-up on existing loans.”

They will also oversee any lending to top management, boardmembers and staff, and their families, the banker said.

Of Greece’s second 130 bln euro bailout package, 50 bln isearmarked to recapitalise the battered banking sector, andinternational lenders want better supervision to ensure banksfollow best practice.

In 2012 Reuters published several in-depth reports on allegedmismanagement at Greek and Cypriot banks, including ProtonBank, Piraeus Bank and Marfin Popular Bank, now renamedCyprus Popular Bank.

In May, Piraeus announced it was suing Reuters over a reportabout the bank renting properties owned by companies run byits chairman and his family.

RECAP TERMSLast week, Athens unveiled a long-awaited framework to

recapitalise its banks, whose equity base was nearly wiped out byhuge losses from a sovereign debt swap and rising loanwritedowns in a deep recession.

Under the plan, banks will have to issue new shares toachieve at least a 6% core Tier 1 capital adequacy ratio plusbonds that can be converted into shares - so-called CoCos - toboost it up to 9%. The private sector will have to take up at least10% of the new shares to be issued to keep lenders privately run.Failure will mean nationalisation.

The remainder will be taken up by a bank support fund, theHellenic Financial Stability Fund (HFSF), which is funded fromthe country’s bailout and has already injected 18.5 bln euros intothe four biggest banks.

The HFSF, which will provide most of the new capital bybuying most of the new shares and all of the convertible bonds,will become the banks’ biggest shareholder.

“Adding an extra layer of supervision will mean less flexibilityfor bank managements,” said Euroxx Securities analyst Maria

Kanellopoulou. “The troika does not want banks to benationalised. But given the large amounts that will be pumpedinto them, it wants to have a say.”

Bankers expressed reservations on the troika’s demand fortighter scrutiny, saying it might prove cumbersome forcommercial banking operations.

The independent monitors will be picked from credibleauditing firms and will have to be approved by the EuropeanCommission. They will report to the troika and have full accessto banks’ books, the bankers said.

According to Kathimerini newspaper, the tighter supervisionalso aims to cut the umbilical cord between banks and thepolitical system and big media organisations, some of whichhave received loans that might not have been granted understrict banking criteria.

The paper said all loans would come under the microscope -credit extended to banks’ staff, shareholders and topmanagement, including their spouses, children and relatives.

In the state-financed political system, big political partiespledged future state funding as collateral to get bank loans. Theparties, with debt of more than 200 mln euros, now face muchlower income to service their loans, as falling popular support inrecent elections means they will get less from the state, whichbases its funding on the proportion of votes won.

NBG to hold new vote on Eurobank Nov 23

Greece’s largest lender National Bank will holda third and final shareholder meeting next week tovote on its offer to take over rival Eurobank aftertwo previous assemblies did not achieve a quorum.National Bank made a share-swap offer in earlyOctober to buy all of rival Eurobank, offering 58new shares for every 100 Eurobank shares. “Therewill be a third and final shareholder meeting onNovember 23,” a National Bank official toldReuters. Completion of the deal will give NBGshareholders 75% of the combined entity, withEurobank shareholders owning the rest.

OPAP quarterly net down 20%Profit at Greek gaming monopoly OPAP is expected to drop by a fifth in the third quarter,

hit by the country’s deep recession.Net profit at the state company, which reports quarterly results this week and is slated for

privatisation, was expected to fall to 108.9 mln euros on average, a Reuters poll of eight banksand brokerages showed.

Austerity measures taken as part of the country’s international bailout have crimped Greeks’income, dampening their appetite for gambling.

OPAP sales were seen down 11% to 893.2 mln euros amid lower turnover from its flagshipKino game. The company makes the bulk of its revenue from Kino, and its second-biggestgame, Stihima.

Greece has launched the sale of its stake in OPAP, one of Europe’s biggest listed gamingcompanies with a total market value of 1.5 bln euros. The company’s shares trade at about 3times estimated 2012 earnings, compared with a multiple of about 12 for U.K.-based bettingfirm William Hill, according to ThomsonReuters I/B/E/S estimates.

OPAP shares have dropped 31% so far this year, underperforming a 16% rise in the Athensgeneral index over the same period.

Greece sells 500K carbon credits

Greece sold 500,000 EU carbonpermits from the second phase ofthe EU’s emissions trading scheme(2008-2012) on Monday at 6.64euros ($8.48) each, totalling 3.32mln euros, according to the AthensStock Exchange, which hosted theauction.

C/A balance shrinks Greece’s current account deficit in January-September fell

by EUR 11.3 bln to 3.46 bln, (-76.5% YoY), while theSeptember current account balance showed for a third consec-utive month a surplus of EUR 775 mln compared to a deficit ofEUR 1.07 bln in the same month last year, according to Bankof Greece data.

“The trade deficit in the 9-month period decreased by EUR5.3 bln (-25.4% YoY) due to a 3.1 bln decline in the trade deficitexcluding oil and ships, a 2.0 bln fall in net payments for pur-chases of ships and a lower net oil bill by 257 mln,” explainedVassilis Roumantzis, analyst at the Investment Bank of Greece,a Laiki Popular Bank subsidiary.

Receipts from exports of goods (excluding oil and ships)rose modestly by 1.8% YoY to EUR 10 bln, while the correspon-ding import bill declined by 15% YoY to 16.7 bln due to the eco-nomic recession. In September, exports (excluding oil andships) were down 16% YoY to EUR 1.1 bln, while imports(excluding oil and ships) were down 30% YoY to 2.4 bln.

In the 9-month period, the surplus of the services balancerecorded an increase of 4.9% YoY to EUR 12.6 bln. InSeptember, travel spending in Greece by non-residents wasmarginally up by 0.7% YoY to EUR 1.62 bln.

Most want the euro, oppose austerityMost Greeks want their country to stay in the euro zone even

though they are increasingly angry about the job losses, pay cutsand other sacrifices demanded by international lenders, a pollshowed.

The survey, conducted last week after parliament approved anew wave of austerity, shows that about 63% want Athens tostay in the single currency bloc at all cost, significantly lowerfrom 81.6% just before a June 17 election. “The tough austeritymeasures are weighing on Greeks,” Takis Theodorikakos of theGPO poll company told Reuters. “The price they are paying forstaying in the euro is very high.”

More than 40% of those polled said they were angry and dis-appointed with their politicians, the judicial system and labourunions. About 63% said they viewed the government’s handlingof the crisis negatively.

If elections were held now, the radical leftist SYRIZA party,

which opposes tough austerity measures, would win with22.3%, the poll for MEGA TV found. It said the ruling conserva-tive New Democracy party would get 20.1%. Both parties havedropped supporters since the election. New Democracy won thevote with 29.6% while SYRIZA came second with 26.9%.

The ultra-nationalist Golden Dawn party, which entered par-liament for the first time, has ridden a wave of public angeraimed at corrupt politicians, austerity measures and illegalimmigration. The poll said it would come third with 10.3%, upfrom 6.9% in the election.

More than half of those polled said their income had droppedand that they struggle to make ends meet. Most Greeks said theydo not want a snap election, but 50.4% said a cabinet reshufflewas necessary. Government officials told Reuters on Mondaythat Samaras would reshuffle his cabinet once he secured thenext loan tranche to try to make his government more effective.

Jumbo 3Q “better than expected”Financial results for toys retailer Jumbo came in above esti-

mates in the first quarter of FY12/13 (July 2012 – September2013), due to lower distribution costs. The company reportedsales of EUR 124 mln (+2.84% y-o-y), gross profits came in at57.5 mln (-0.6% y-o-y), EBITDA settled at 24.5 mln (-4.4%y-o-y), while net profits reached 17.2 mln (-4.2% y-o-y, 10%above estimates).

Revenues at home and other countries rose by 1.6% y-o-y inthe quarter thanks to the operation of six new stores in Greece.Revenue from the Greek operation declined by a double-digitrate in 1Q13, reflecting the deteriorating consumer sentimentin the home market. Sales from Cyprus grew by 2.9% y-o-y,

while sales from Bulgaria increased by 24% y-o-y due to thecontribution of the new store in Rousse.

Operating expenses came in at EUR 37.3 mln compared toestimates of 40 mln. Operating cash flow settled at EUR 30.2mln compared to cash outflows of 1.4 mln due to the decreaseof working capital by 7.0 mln. “On the whole, Jumbo deliveredresilient financial results despite the tough economic environ-ment in Greece. We feel comfortable with our revenue esti-mates for FY13, while we should increase our gross margin esti-mate and net profits of EUR 86.0 mln, 11% above our currentestimate,” said Dimitris Birbos, analyst at the Investment Bankof Greece, a Laiki Popular Bank subsidiary.

November 21 - 27, 2012 FinancialMirror.com

30 | CSE PRICES

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) 6M 6M Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2010 2011 2012 2011 2011 Per Per Yield High Low Close 31/12/2011 since('000) euro ('000) euro Times EUR ('000) EUR ('000) EUR ('000) EUR ('000) Share Share % EUR EUR EUR EUR 31/12/2011

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2011 2011 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2011 2012 φορολ. Cents Cents 31/12/2011 31/12/2011

Index performanceCSE General Index 385.85 84.53 127.79 295.94 -56.82FTSE/CySE 20 134.85 34.56 49.00 104.60 -53.15FTSE/XA & XAK Banking 365.45 116.68 207.16 196.84 5.24MAIN MARKETMAIN MARKET INDEX 2010 9M '11 9M '12 2011 Cents Cents % 377.70 75.13 117.58 286.83 -59.01BANK OF CYPRUS BOCY ΤΡΚΥ 1 795 141 1.00 508 025 1.25 0.23 306 000 -1 371 000 n/a -76.37 0.755 0.160 0.283 0.61 -53.61CYPRUS POPULAR BANK CPB ΛΑΙΚ 3 411 086 0.10 180 788 0.00035 151.43 87 100 -3 650 380 n/a -107.02 0.390 0.030 0.053 0.30 -82.15HELLENIC BANK HB ΕΛΗΤ 595 436 0.43 104 797 0.78 0.23 8 889 -100 658 n/a -16.90 0.356 0.165 0.176 0.36 -51.25LOGICOM LOG ΛΟΤΖ 74 080 0.35 19 261 0.81 0.32 3 274 3 024 3 026 3 585 5.37 4.84 2.50 9.62 0.340 0.240 0.260 0.27 -3.35A. TSOKKOS HOTELS TSH ΤΣΟΚ 246 214 0.35 11 326 0.52 0.09 -17 397 -6 894 n/a -2.80 0.080 0.046 0.046 0.05 -9.80LOUIS LTD LUI ΛΟΥΗ 460 547 0.17 8 290 0.24 0.08 -10 243 -82 674 n/a -17.95 0.037 0.018 0.018 0.04 -51.35ORPHANIDES ORF ΟΡΦΑ 80 966 0.35 4 048 1.68 0.03 3 328 -8 648 n/a -10.68 0.120 0.047 0.050 0.12 -58.68SECTOR TOTAL / OΛIKO 836 534 0.75 21.77 380 951 3 024 3 026 -5 216 669 0.12PARALLEL MARKET

PARALLEL MARKET INDEX 2010 6M '11 6M '12 2011 Cents Cents % 704.24 573.37 614.55 656.6 -6.40WOOLWORTH (CYPRUS) PROP FWW ΓΟΥΛ 114 252 0.34 114 320 1.76 0.15 8 848 3 010 1 535 6 674 4.52 5.84 5.80 21.97 0.340 0.230 0.264 0.32 -17.24VASSILIKO CEMENT VCW ΤΣΙΒ 71 936 0.43 30 213 3.07 0.14 1 310 1 038 1 906 -1 174 n/a -1.63 0.570 0.350 0.420 0.35 21.74A&P (ANDREOU&PARASKEV.) APE ΑΝΠΑ 182 725 0.17 30 150 0.28 0.59 4 108 448 386 4 122 7.31 2.26 0.200 0.150 0.165 0.18 -7.82ERMES DEPARTMENT STORES ERME ΕΡΜΕ 175 000 0.34 21 875 0.45 0.28 6 309 245 89.29 0.14 0.167 0.120 0.125 0.167 -25.15LAIKI CAPITAL PUBLIC CO LI ΛΕΠΕ 282 213 0.27 14 111 0.26 0.19 -47 -27 -2 638 -1 734 n/a -0.61 0.070 0.047 0.050 0.06 -20.63K. ATHIENITIS CONTR. - DEV. ACD ΑΘΗΕ 13 416 0.35 14 087 4.69 0.22 25 987 2 069 3 665 2 133 6.60 15.90 1.100 0.280 1.050 1.00 5.00G.A.P VASSILOPOULOS GAP ΒΑΣΙ 38 750 0.17 5 038 0.30 0.43 -1 903 -1 021 -570 -1 600 n/a -4.13 0.180 0.130 0.130 0.18 -27.78MITSIDES MIT ΜΙΤΣ 8 200 1.03 4 100 3.16 0.16 2 574 258 -919 -947 n/a -11.55 0.650 0.500 0.500 0.63 -20.63PHIL. ANDREOU PHIL ΦΙΛΑ 45 000 0.17 4 275 0.09 1.06 -1 453 -727 -448 -1 333 n/a -2.96 0.099 0.090 0.095 0.10 -3.06LORDOS HOTELS HOLDINGS LHH ΛΟΞΕ 35 000 0.35 3 710 1.91 0.06 456 -414 -691 759 4.89 2.17 0.120 0.080 0.106 0.08 27.71LIBERTY LIFE INSURANCE LIB ΛΙΠΕ 122 804 0.10 4 175 0.05 0.72 -8 419 -398 -1 747 -2 667 n/a -2.17 0.047 0.020 0.034 0.05 -27.66LORDOS UNITED PLASTIC LPL ΛΟΡ∆ 48 006 0.35 2 352 0.53 0.09 71 -383 -981 -1 302 n/a -2.71 0.070 0.049 0.049 0.06 -18.33SECTOR TOTAL / OΛIKO 248 405 1.38 0.34 37 841 3 853 -502 3 176 9.82ALTERNATIVE MARKETALTERNATIVE INDEX 2010 6M '11 6M '12 2011 Cents Cents % 740.44 635.55 647.61 738.87 -12.35A. PANAYIDES CONTRACTING APC ΑΠΑΝ 36 572 0.35 5 852 0.88 0.18 1 767 840 111 373 1.02 0.16 0.17 -5.88ALKIS HADJ. (FROU-FROU) FBI ΦΡΟΥ 98 861 0.26 15 818 0.49 0.32 4 363 1 121 887 2 334 2.36 0.91 5.69 0.16 0.16 0.00A.L. PROCHOICE FIN. SERV. PROP ΠΡΟΠ 158 660 0.09 1 587 0.02 0.56 -5 724 -332 -325 -2 594 -1.63 0.01 0.02 -50.00AMATHUS PUBLIC LTD ANC ΑΜΑΘ 110 358 0.35 5 518 0.49 0.10 -1 339 -2 979 -3 979 -2 121 -1.92 0.05 0.10 -50.00ATLANTIC INSURANCE ATL ΑΤΑΣ 39 109 0.35 25 421 0.73 0.89 4 108 2 240 1 457 2 306 5.90 7.00 10.77 0.65 0.83 -21.69BLUE ISLAND FISH FARMING BLUE ΜΠΛΕ 15 438 0.17 2 933 0.80 0.24 257 417 455 570 3.69 1.20 6.32 0.19 0.21 -9.52CCC TOURIST ENT. CCCT ΣΙΤΟ 141 692 0.43 5 668 0.49 0.08 -6 512 -3 664 -2 768 -3 519 -2.48 0.04 0.07 -42.86CHRIS JOANNOU LTD CJ ΙΟΑΝ 10 070 0.35 201 0.42 0.05 -622 -189 -184 -375 -3.72 0.02 0.02 0.00CLARIDGE INVESTMENTS CLA ΚΛΑΡ 108 163 0.35 5 408 0.39 0.13 -3 641 -2 493 -3 871 -3 942 -3.64 0.05 0.05 0.00CLR INVESTMENT FUND CLL ΣΛΕΠ 288 141 0.08 2 881 0.07 0.14 -7 007 -2 739 -2 043 -7 654 -2.66 0.01 0.01 0.00CPI ENTER. DEVELOPMENT CPIH ΚΕΑΕ 24 379 0.17 7 314 0.65 0.46 -157 -6 -6 -65 -0.27 0.30 0.31 -3.23C.T.O. PUBLIC CO CTO ΣΤΟ 208 700 0.87 6 261 0.09 0.33 1 211 805 -186 -3 921 -1.88 0.03 0.05 -40.00CYPRINT LTD. CYP ΣΑΙΠ 5 140 0.43 1 388 0.27 1.00 -1 031 -234 -282 -513 -9.98 0.27 0.32 -15.63CYPRUS CEMENT CCC ΚΕΤΣ 137 611 0.43 23 394 2.20 0.08 -6 432 -3 125 -2 970 -4 630 -3.36 0.17 0.18 -5.56CYPRUS FOREST IND. CFI ∆ΒΚ∆ 3 059 1.73 4 160 6.13 0.22 568 -463 -1 653 -4 127 -134.91 1.36 3.20 -57.50CYPRUS TRADING CORP. CTC ΣΤΣ∆ 92 079 0.85 34 069 1.84 0.20 13 270 1 448 -1 778 5 693 6.18 0.37 0.32 15.63CYVENTURE CAPITAL EXE ΒΕΝΤ 14 973 0.43 2 096 0.47 0.30 1 157 1 239 43 1 104 7.37 0.14 0.17 -17.65DIMCO PLC DES ΝΤΙΜ 80 999 0.09 5 670 0.28 0.25 2 183 940 597 1 604 1.98 0.07 0.09 -22.22DISPLAY ART LTD DISP ΝΤΙΑ 13 506 0.35 810 0.29 0.20 -380 -210 -208 -526 -3.89 0.06 0.06 0.00ELLINAS FINANCE ELF ΕΛΛΗ 16 000 0.62 6 240 0.67 0.58 575 215 -684 -257 -1.61 0.39 0.38 2.63ELMA HOLDINGS ELMA ΕΛΕΠ 348 333 0.09 3 483 0.04 0.26 -5 602 -2 944 -3 487 - 0.01 0.02 -50.00EUROPROFIT CAPITAL ERP ΓΙΟΥ 31 344 0.09 627 0.20 0.10 -980 -111 -75 -212 -0.68 0.02 0.03 -33.33EXELIXIS INVESTMENT EXIN ΕΞΕΠ 34 000 0.29 4 760 0.32 0.43 1 048 -161 -1 223 -15 562 -45.77 0.14 0.15 -6.67FILOKTIMATIKI PES ΦΙΛΟ 4 805 0.87 2 306 2.55 0.19 614 1 028 -210 1 608 33.47 0.48 0.48 0.00K & G COMPLEX KG ΚΚΟΜ 100 000 0.17 11 000 0.97 0.11 -1 668 3 742 -1 012 5 130 5.13 0.45 4.09 0.11 0.12 -8.33KARAOLIS GROUP KARA 22 343 0.34 447 -0.05 -0.43 -844 -940 -1 393 -2 198 -9.84 0.02 0.03 -33.33KARKOTIS MANUFACTURING KARK ΚΑΡΚ 7 967 0.35 956 0.09 1.28 -738 -89 -160 -110 -1.38 0.12 0.14 -14.29KEO LTD KEO ΚΕΟ 30 978 0.43 11 462 3.55 0.10 -3 358 -6 279 -2 674 -3 948 -12.74 0.37 0.70 -47.14KOSMOS INSURANCE COS ΚΟΣΑ 17 985 0.31 1 619 0.41 0.22 -760 323 -233 -804 -4.47 0.09 0.09 0.00KRONOS PRESS DIST. KRO ΚΡΟΝ 20 400 0.43 12 036 0.68 0.87 969 276 -1 095 100 0.49 0.59 0.65 -9.23JUPITER PORTFOLIO INV. ARI ΤΖΕΠ 62 446 0.20 4 371 0.36 0.20 -2 094 -1 396 -840 -1 392 -2.23 0.07 0.09 -22.22LEPTOS CALYPSO HOTELS LCH ΛΕΠΤ 101 683 0.35 5 084 0.80 0.06 -3 469 -4 233 -4 478 -6 299 -6.19 0.05 0.08 -37.50MALLOUPAS & PAPACOSTAS MPT ΜΑΠΑ 43 211 0.35 7 346 0.64 0.27 -1 746 36 -964 1 345 3.11 0.17 0.19 -10.53MINERVA INSURANCE MINE ΜΙΝΕ 78 415 0.17 1 568 0.10 0.20 -4 952 -761 -302 -3 185 -4.06 0.02 0.04 -50.00MODESTOU SOUND & VISION MSV ΜΟ∆Ε 14 900 0.14 149 0.02 0.43 -594 -191 -140 -281 -1.89 0.01 0.01 0.00PANDORA INVESTMENTS PND ΠΑΝ∆ 424 435 0.17 25 466 0.20 0.30 -9 238 -8 696 -8 419 -16 880 -3.98 0.06 0.11 -45.45PIPIS FARM PIPF ΠΙΠΗ 9 660 0.35 773 0.18 0.44 313 -426 -311 -1 314 -13.60 0.08 0.08 0.00PETROLINA HOLDINGS PHL ΛΙΝΑ 87 500 0.35 68 250 1.31 0.59 8 617 4 281 2 536 10 753 12.29 1.90 2.44 0.78 0.52 50.00PIERIDES HOLDINGS PGE ΠΙΕΡ 22 100 0.34 1 768 0.40 0.20 11 -631 -171 -868 -3.93 0.08 0.06 33.33PRIMETEL PLC PTL ΠΤΕΛ 382 440 0.17 19 122 0.01 4.07 -5 231 -2 464 -2 165 -6 352 -1.66 0.05 0.06 -16.67PROODOS AGROS AGRO ΑΓΡΟ 3 590 1.73 5 421 3.35 0.45 362 -191 -396 73 2.03 1.51 1.62 -6.79RENOS HADJIOANNOU FARMS FRH ΡΕΝΟ 297 915 0.03 2 979 0.04 0.25 14 -347 -372 151 0.05 0.01 0.01 0.00ROYAL HIGHGATE LTD ROY ΡΟΧΑ 33 000 0.17 1 650 0.12 0.42 344 234 -1 427 546 1.65 0.05 0.08 -37.50SALAMIS TOURS SAL ΣΑΛΑ 36 529 0.43 2 192 0.48 0.13 131 1 094 -1 506 964 2.64 0.06 0.09 -33.33SFS GROUP PUBLIC CO. SFS ΕΣΕΦ 66 520 1.00 3 991 1.59 0.04 -9 983 -3 875 -4 416 -19 100 -28.71 0.06 0.10 -40.00STADEMOS HOTELS SHL ΣΤΑ∆ 32 500 0.69 7 475 2.36 0.10 1 165 -787 -1 074 1 577 4.85 2.00 8.70 0.23 0.23 0.00TOP KINISIS TRAVEL TOP ΤΟΚΙ 12 212 0.34 3 175 0.41 0.64 -181 -151 -132 -689 -5.64 0.26 0.26 0.00TOXOTIS INVESTMENTS COV ΤΟΕΠ 20 700 0.03 414 0.04 0.50 -25 -16 -133 11 0.05 0.02 0.02 0.00UNIFAST FIN. & INV. UFI ΦΑΣΤ 9 788 0.05 196 0.11 0.18 -43 -22 -13 -37 -0.38 0.02 0.02 0.00VISION INTL PEOPLE GROUP VIP ΒΙΖΝ 75 000 $ 0.10 75 000 0.20 5.08 -330 2 280 1 661 2 753 3.67 1.00 1.00 0.00SECTOR TOTAL / OΛIKO 447 775 0.78 0.48 -41 634 -28 586 -52 011 -74 480

2012

November 21 - 27, 2012FinancialMirror.com

CSE PRICES | 31

CSE ΟΑΣΗΣ Number Nominal Market Book Value Price to Profit/(Loss) 6M 6M Profit/(Loss) P/E ratio Earnings Dividend Dividend Last Price % Change

CODE Shares Value Cap. Per Share Book Value 2010 2011 2012 2011 2011 Per Per Yield High Low Close 31/12/2011 since('000) euro ('000) euro Times EUR ('000) EUR ('000) EUR ('000) EUR ('000) Share Share % EUR EUR EUR EUR 31/12/2011

OASIS Kωδ. Aριθµός Aξία Kεφαλ. Λογιστική Tιµή προς Κέρδη µετά Kέρδη Kέρδη Κέρδη µετά Results 2011 Aνώτατο Kατώτατο Kλείσιµο Tιµή Ποσ. Μετ.µετοχών EUR EUR αξία λογιστ. αξ. φορολ. 2011 2012 φορολ. Cents Cents 31/12/2011 31/12/2011

2012

EMERGING MARKET (N.E.A.) CSE Code No. of Shares Market Cap Latest price Nominal Listing(000) EUR (000) EUR Value EUR Date

FOCUS FINANCIAL SERVICES EXTE/EXTE 1 690 11 830 7.00 0.30 29/3/10CONSTANTINOU BROS PROPERTIES ΚΩΑΜ/CBAM 1 950 36 855 18.90 0.01 29/3/10CYPRUS LIMNI RESORTS & GOLF ΛΙΜΝΗ/LIMNI 300 000 270 000 0.90 0.10 29/3/10PHONE MARKETING S.A. PHONE/PHONE 1 575 5 513 3.50 0.30 29/3/10ITTL TRADE TOURIST & LEISURE ΙΤΤΛ/ITTL 100 000 75 000 0.75 0.50 06/8/10INT'L LIFE GENERAL INSURANCE SA INLE 8 057 21 834 2.71 1.00 21/7/11ORCA INVESTMENT PLC ΟΡΚΑ/ORCA 1 200 14 280 11.90 0.01 10/9/10P.C. SPLASH WATER PUBLIC CO. ΠΚΣΓ/PCSW 35 052 42 062 1.20 0.25 10/10/11WARGAMING PUBLIC CO. ΓΚ/WG 3 400 3 400 1.00 0.10 2/11/11ECHMI S.A. INVESTMENT CONSULTANTS EXMI/ΕΗΜΙ 321 1 611 5.02 1.00 10/04/12EPILEKTOS ENERGY S.A. ΕΠΙΕΝ/EPIEN 10 906 43 624 4.00 0.32 28/06/12KERVERUS IT (CYPRUS) LTD ΚΕΡΒ/KERV 1 810 2 552 1.41 1.00 29/06/12C.O. CYPRUS OPPORTUNITY ENERGY ΓΚΑΖ/GAS 8 390 14 263 1.70 0.01 17/07/12BROZOS IVY PUBLIC ΜΠΡΟ/BRO 6 500 10 010 1.54 0.20 11/09/12INTERLIFE GENERAL INSURANCE SA ΙΝΛΙ/INLI 18 568 48 834 2.63 0.59 17/10/12TOTAL 589 839

WARRANTS No. of warrants Mkt Cap Exercise Period Exercise Price Expiry Date Latest(000) (00) euro cents Close

ALKIS HADJ. FROU-FROU (WAR. 2015) 24831 25 20-30 Jun 2001-2015 173 30-06-2005 0.001AMATHUS NAVIGATION (WAR.07-2013) 17606 176 1-15 May & 1-15 Nov 07-13 20c or EUR 35c 15-11-2013 0.010TOTAL 224

EMERGING MARKET CSE Code No. of Bonds Market Cap Latest price Listing Latest

(N.E.A.) EUR EUR Date NAV

GreenTea SA GRTEA 1 040 104 000 000 100 000 8 Nov 2011 N/A

Kappasquare Ltd KPSQ 17 000 1 700 000 100 30 Mar 2012 N/A

Nugreat Ltd NGRT 23 000 2 300 000 100 30 Mar 2012 N/A

Zetadynamic Ltd ZETA 9 000 900 000 100 30 Mar 2012 N/A

Akcern Ltd AKCN 2 001 200 100 100 9 May 2012 N/A

DISCLAIMER: The information, comments, analyses and financial data published in this newspaper were obtained from sources believed to be reliable, but their accuracy or completenesscannot be guaranteed and may change without notice. Any of the information or opinions published herein should not be construed as an offer or solicitation to buy or sell investments.No liability is accepted whatsoever for any direct or consequential loss arising from the use of this publication.

APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. NAV Disc/Prem INVESTMENT INDEX 2010 6M '11 6M '12 2011 Cents Cents % 619.02 441.63 559.06 454.51 23.00ACTIBOND GROWTH FUND ACT ΑΚΕΠ 58 430 0.17 993 0.0379 -55.15 -760 -59 -43 -737 -1.26 0.017 0.02 -15.00APOLLO INVESTMENT FUND APOL ΑΠΕΠ 56 147 0.27 6 457 0.2771 -58.50 -3 213 -1 207 -316 -4 301 -7.66 0.115 0.09 27.78FINIKAS AMMOCHOSTOU CONF ΚΟΕΠ 49 385 0.10 494 0.0100 0.00 -2 533 -284 -705 -1 465 -2.97 0.010 0.03 -66.67CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ 44 494 0.30 5 473 0.2665 -53.85 -10 875 -3 086 -2 885 -10 771 -24.21 0.123 0.14 -12.14DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ 200 000 0.87 51 600 0.7501 -65.60 -15 581 -826 2 100 -14 687 -7.34 0.258 0.19 35.79DODONI PORTFOLIO DOD ∆ΩΕΠ 282 483 0.02 847 0.0072 -58.33 -5 227 -2 488 -1 489 -6 357 -2.25 0.003 0.01 -70.00HARVEST CAPITAL HCM ΧΑΕΠ 14 000 0.17 1 246 0.0667 33.43 -6 -12 -12 -255 -1.82 0.089 0.10 -11.00INTERFUND INVESTMENTS INF ΙΝΕΠ 56 545 0.51 2 545 0.1633 -72.44 -12 850 -3 619 -873 -9 493 -16.79 0.045 0.10 -55.00ISCHIS INVESTMENT ISXI ΙΣΕΠ 11 000 0.51 473 0.0682 -36.95 -112 -72 -136 -165 -1.50 0.043 0.04 7.50REGALLIA HOLD. & INV. REG ΡΕΕΠ 20 247 0.09 405 0.0308 -35.06 -195 -75 -82 -150 -0.74 0.020 0.02 0.00TRIENA INV. INCOME TINC ΤΕΕΠ 2 729 0.85 2 183 1.0430 -23.30 389 331 12.13 11.00 13.75 0.800 0.80 0.00TRIENA INV. CAPITAL TCAP ΤΚΕΠ 2 729 0.85 5 458 2.1427 -6.66 -446 -136 -4.98 2.000 2.00 0.00TRIENA INTERNATIONAL TINT Τ∆ΕΠ 1 364 0.85 709 0.6125 -15.10 -7 -36 -2.64 0.520 0.60 -13.33UNIGROWTH INVESTMENTS UNI ΓΙΕΠ 13 468 0.17 3 367 0.2300 8.70 -127 -43 -241 -303 -2.25 0.250 0.25 0.00SECTOR TOTAL / OΛIKO 82 250 -51 543 -11 771 -4 682 -48 525 0.00SHIPPING COMPANIES SECTOR

6M '11 6M '12SPECIAL CATEGORY / 2010 2011 AIANTAS INVESTMENTS AIAS ΑΙΕΠ 81 202 0.21 812 0.1763 -94.33 -214 28 -464 -27 -0.03 0.01 0.01 -AD SHOPPING GALLERIES AD ΑΘΩΣ 128 936 0.17 12 894 0.06 1.67 -3 960 -12 265 -9.51 0.10 0.11 -9.09ASTARTI DEVELOPMENT AST ΑΣΤΑ 99 925 0.35 4 996 0.02 2.27 -11 422 -5 391 -16 719 -6 400 -6.40 0.05 0.05 0.00CEILFLOOR CFL ΣΙΦΛ 5 055 0.03 202 -1.21 -0.03 -1 353 -70 -106 -1 856 -36.72 0.04 0.04 -CHARILAOS APOSTOLIDES CHAP ΧΑΡΙ 50 000 0.35 3 000 0.12 0.50 1 542 -493 -1 487 -7 900 -15.80 0.06 0.06 0.00CONSTANTINOU BROS. CBH ΚΩΝΣ 1 950 0.35 137 -3.03 -0.02 440 -522 -665 -4 006 -205.44 0.07 0.09 -22.22CYPRUS AIRWAYS CAIR ΚΑΕΡ 391 155 0.086 7 823 -0.12 -0.16 232 -29 288 -32 125 -23 885 -6.11 0.06 0.03 0.02 0.06 -66.67D.H. CYPROTELS DHH ∆ΡΟΥ 157 138 0.17 1 571 -0.20 -0.05 -31 800 -4 033 -4 345 -9 100 -5.79 0.01 0.01 -D&M TELEMARKETING TLM ΤΕΛΕ 7 700 0.12 385 -0.05 -1.09 -335 -79 -132 -245 -3.18 0.05 0.05 -DOME INVESTMENTS DOME ΝΤΟ∆ 25 000 0.43 16 250 1.30 0.50 -1 938 -449 -588 -701 -2.80 1.12 1.72 0.65 0.65 -EFREMICO HOLDINGS EFR ΕΦΡΕ 11 385 0.43 228 0.086 0.23 221 35 0.31 0.02 0.02 -EMPIRE CAPITAL INV. EMP ΕΜ 47 853 0.87 39 239 0.05 16.40 -504 -551 -1.15 0.82 0.62 32.26FIRSTDELOS GROUP ACS ΑΒΑΚ 72 562 0.34 7 256 0.29 0.34 -2 203 -2 754 -3.80 0.10 0.16 -37.50KANIKA HOTELS KAN ΚΑΝΙ 60 250 0.35 7 833 0.67 0.19 -703 -977 -1 226 -77 n/a -0.13 0.14 0.10 0.13 0.11 18.18KARYES INVESTMENTS KAR ΚΑΕΠ 2 000 0.43 440 0.2208 1.00 -180 -75 -57 -180 -9.00 0.22 0.27 -KNOSSOS INV. KNO ΚΝΕΠ 21 827 0.17 218 0.11 0.09 774 87 0.40 0.01 0.01 -K. KYTHREOTIS HOLDINGS KYTH ΚΥΘΡ 42 450 0.17 5 519 0.45 0.29 999 369 -919 612 1.44 0.13 0.13 -LASER INVESTMENT GROUP LAS ΛΕΕΠ 61 739 0.06 9 261 0.06 2.65 -2 378 -2 656 -4.30 0.15 0.14 -LIBRA GROUP LHG ΛΙΠΡ 189 377 0.01 1 894 -0.38 -0.03 -7 100 -2 708 -2 452 -11 700 -6.18 0.01 0.01 -L.P. TRANSBETON TRB ΤΡΑΝ 8 571 0.35 1 971 0.41 0.56 -501 -173 -196 -438 -5.11 0.23 0.23 0.00NEMESIS CONSTRUCTIONS NEM ΝΕΜΕ 67 770 0.17 14 232 0.50 0.42 5 981 1 121 888 2 076 3.06 4.00 19.05 0.21 0.21 0.00OCEAN TANKERS OCT ΤΑΝΚ 296 665 $0.20 2 967 -0.27 -0.04 -50 257 -32 272 -10.88 0.01 0.02 -O.C. OPTIONS CHOICE OPT ΟΚΑΣ 46 355 0.17 464 0.004 2.50 -9 573 -419 6 -2 192 -4.73 0.01 0.01 0.00ROLANDOS ENTERPRISES ROL ΡΟΛΑ 54 166 0.17 4 875 0.28 0.33 93 64 -111 -328 -0.61 0.09 0.10 -SAFS HOLDINGS SAFS ΣΑΦΣ 70 220 0.17 702 0.000 33.33 -173 -320 -0.46 0.01 0.01 -SEA STAR CAPITAL SEAS ΣΕΑΣ 629 785 0.04 6 298 -0.06 -0.16 -50 598 -12 257 -12 535 -16 501 -2.62 0.01 0.01 -STARIO INVESTMENTS STAR ΣΤΕΠ 38 581 0.17 386 0.05 - -1 062 -1 737 -4.50 0.01 0.01 0.00SUPHIRE HOLDINGS SUP ΣΑΠΦ 124 009 0.09 1 240 -0.12 -0.08 -764 -137 -322 -60 -0.05 0.01 0.01 -USB BANK USB ΤΡΑΓ 60 674 0.57 36 404 0.43 1.40 -6 534 -3 801 616 -6 248 -10.30 0.60 0.60 -SECTOR TOTAL / OΛIKO 189 496 -173 270 -59 290 -72 939 -141 589

MARKET TOTAL / OΛIKO AΓOPAΣ 1 804 461 152 345 -92 770 -127 108 -5 478 087 source: Eurivex Ltd.

PAT:Profit After Tax NAV: Net Asset Value Bold: Final results

EPS: Earnings per Share based on existing number of shares.

P/E: Price to Earnings ratio. Weighted P/E ratio: Calculated based on market cap weighting of profit reporting companies, Ignores weighted number of shares in circulationBook Value: According to our estimates. N/A Indicates Not Applicable, Price 31/12/2009 is the closing price or in case of New Listings the opening price. Forecasted profits are liable to change without notice and responsibility

November 21 - 27, 2012 FinancialMirror.com

32 | BACK PAGE

The 1987 crash. The Y2K bug. The debt ceiling debacle of2011. All these events, in the end, turned out to be buyingopportunities for stocks. The “fiscal cliff” will be as well, someinvestors say as they watch favorite stocks tumble during thepolitical give-and-take happening in Washington.

The first round of talks aimed at avoiding the “fiscal cliff”caused a temporary rise in equities on Friday, signalling WallStreet’s recent declines could be a buying opportunity. Thegains were small and sentiment remains weak, but it suggestshope for market bulls.

Although stocks ended moderately higher on Friday, it wasnot enough to offset losses for the week. The S&P 500 wasdown 1.5%, while both the Dow and the Nasdaq fell 1.8%.

The S&P 500 is down more than 5% in the seven sessionsthat followed President Barack Obama’s re-election.Uncertainty arose as attention turned to Washington’s task ofdealing with mandated tax increases and spending cuts thatcould take the U.S. economy back into recession.

Some see the market’s move as an overreaction tohyperbolic headlines about policy gridlock in Washington,believing stocks may start to rebound in what should be a quietfew days ahead of the U.S. Thanksgiving holiday on Thursday.

“It just doesn’t seem to make any sense that you suddenlywake up the day after the election and realize we’ve got a fiscalcliff,” said Krishna Kumar, partner at New York hedge fundGoose Hollow Alpha Advisors.

Not long ago, the S&P was on target for its second-best yearin the last ten, riding a 17% advance in 2012. That has beenhalved to about 8%, which isn’t bad but disappointingcompared with just a month ago.

Investors have been selling the year’s winners. Apple is down25% from its peak above $700. General Electric is down 14%;Google has lost 16%. Overall, the stocks that make up the top10% of performers in the month prior to Election Day have

been the worst performers since, according to BespokeInvestment Group of New York.

“I think it’s a good opportunity to be long stocks at theselevels,” Kumar said. Increases on capital gains and dividendtaxes are on the line, and Obama has dug in his heels on whathe sees as a mandate to make the tax code more progressive.

He seems to have the upper hand in dealings with Congressbecause Republican lawmakers don’t want to see tax rates rise,which is what will happen if no solution is found by thebeginning of 2013. Republicans don’t want to take the blamefor driving the economy over the cliff.

The current crisis is similar to last year’s fight to raise theU.S. debt ceiling, which led to the downgrade of the UnitedStates’ top credit rating in early August 2011.

During the dealings, the S&P 500 lost 18.8% between itspeak in July 2011 and its bottom in August. As the market slid,the political standoff badly hurt investors’ confidence inWashington, setting off a spike in volatility. In the end a dealwas announced that raised the ceiling and put off longer-termfiscal decisions until January 1, 2013, setting the stage fortoday’s “fiscal cliff” crisis.

After staying flat through September 2011, the S&P 500jumped 31% between its October low and the end of March.

BUY THE DIP?

Gridlock in Washington and all that could possibly go wrongwith the economy if a deal is not reached have grabbed theheadlines, but the negotiations leave room for stock marketgains. Congressional leaders said they would work through theThanksgiving holiday recess to find a solution.

“The debate over how to solve (the fiscal cliff) may be moreproductive than is commonly recognized,” said Brad Lipsig, asenior portfolio manager at UBS Financial Services in New

York. “The U.S. is facing a major debt overhang, and serioussteps toward addressing it might ultimately be viewed as apositive for future growth,” he said.

“The market may recognize this and, after a time of handwringing, recover from the concerns with a renewed sense ofoptimism.”

The recent selling took the S&P 500’s relative strength - atechnical measure of internal strength - below 30 last week,indicating the benchmark is oversold and due for a rebound.

The RSI in four of the ten S&P sectors - utilities, telecoms,consumer staples and technology - is below 30 and the highestRSI reading, for the consumer discretionary sector, is below 40,suggesting a bounce is in store.

“What I want to do is what we did during the declinefollowing the budget negotiations in the summer of 2011: Thelower the stock market goes, the more I want to own stock,”said Brian Reynolds, chief market strategist at New York-basedRosenblatt Securities.

“If we go off the cliff it will be with a bungee cord attached,”he said.

KEEP CALM AND HEDGE

Volatility is expected to rise through the end of Novemberand to spike in late December if no agreement on the fiscal cliffis reached in Congress. Alongside comes opportunity for thosewith high risk tolerance.As the fiscal cliff drama plays out, it willbe worthwhile to watch the CBOE Volatility Index, or VIX, WallStreet’s favourite barometer of investor anxiety.

WALL ST WEEKAHEAD

Investors near ‘cliff’ with bungee cord