BOCr.AT -- Bank of Cyprus

[muscleman]

The impact of Grexit on Cyprus is unpredictable to me.

 

Cyprus could be viewed as a safe harbor for greek companies and they could move operations here.

http://www.ekathimerini.com/198857/article/ekathimerini/business/greek-shipping-companies-are-eyeing-cyprus-as-a-safer-harbor

 

On the other hand, will Drachma really make Greece cheaper labor? Greece has heavy reliance on imports, which means drachma depreciation may not help much to lower labor costs. You need to pay more drachmas to each worker for their food and other daily living expenses.

 

http://www.naftemporiki.gr/finance/story/976680/the-greek-reform-proposals

"increase the rate of the tonnage tax and phase out special tax treatments of the shipping industry."

 

This is the dumbest thing ever for Tsipras. Greece owns 16% of the world's ships. That's huge. The moment he implements this tax, the Greek ships will all move to Cyprus. I suspect that Cyprus will become an energy hub, shipping hub and tourist center in 5 years.

[muscleman]

http://cyprusbusinessmail.com/?p=11884#prettyPhoto

http://cyprusbusinessmail.com/?p=11881

http://www.ekathimerini.com/199670/article/ekathimerini/news/juncker-tells-cyprus-to-make-peace-now

 

 

[muscleman]

http://www.sigmalive.com/en/news/local/132685/european-commission-cyprus-to-exit-recession

[muscleman]

http://famagusta-gazette.com/nonperforming-loans-still-the-largest-problem-for-cypriot-banks-p29096-69.htm

 

"The most encouraging sign of economic recovery yet was a sharp drop in unemployment in almost all sectors of the economy.

 

The number of people out of work dropped by over 4,500 people to just over 42,000 people in July, representing a reduction of 9.7 per cent year-on-year.

"

 

Looks like my biggest worry of Greek contagion into Cyprus did not materialize.

I was quite worried during the Greece debt negotiation in June and July.  ::)

[muscleman]

http://cyprus-mail.com/2015/09/01/positive-slant-found-on-egyptian-oil-discovery/

 

If Cyprus becomes an Energy hub for EU, the impact on the economy would be very good.

[muscleman]

Could anyone tell me what this means?

 

http://www.bankofcyprus.com/globalassets/investor-relations/press-releases/eng/20161221_court-sanctioning-of-the-scheme_en_final.pdf

 

The District Court of Nicosia has today, 21 December 2016, sanctioned the scheme of

arrangement proposed to be made under sections 198 to 200 of the Cyprus Companies Law

between Bank of Cyprus Public Company Limited (the "Bank"), Bank of Cyprus Holdings Public

Limited Company ("BOCH") and the Bank’s Shareholders (the "Scheme").

Unless otherwise defined, capitalised terms used herein have the meanings given to them in

the Shareholders’ Circular published by the Bank on 21 November 2016 setting out the full

details of the Scheme.

Timetable

Further to the above developments, the Bank expects the next steps leading to Admission to

commence in early January 2017.