We’ll be live blogging as much of the Presidential address and the press Q&A in English as it goes.
Briefing should be 2 hours long and speech spans 29 pages.
All questions will be answered it has been promised.
A strict approach will be taken with the difficult decisions that need to be made.
Quotations will be paraphrased as we translate…
The president is currently running over the events of the week following 16 March 2013. If there’s anything we missed in our coverage, we’ll update you.
“Nobody will be left unpunished if they had anything to do with the situation that lead to the banking crisis”
“By September there will be a law allowing people to renegotiate their payment terms for their loans”
“People who only have one house will be protected against repossession for defaulted loans”
Plans are being made to create 2,500 jobs for recent graduates
From the beginning of September over 1,000 youth entrepreneurs will be helped.
Editors note: We don’t know details yet.
Licence application for development projects will be streamlined.
1 month instead of 2 year waiting period.
Penalty on unpaid VAT for the first 3 months of 2013 will be waived.
Casino license will indeed be granted.
Open Skies Policy – no restrictions on which airlines can fly to Cyprus from now on.
€38m extra funding from Europe to invest in agriculture projects
Presidents’ wage cut by 25%. Ministers cut by 20%.
“If 2 job offers declined, no more welfare.” Good idea?
13% reduction on electricity bills
Gas project worth €10bn confirmed for refinery with offshore investors.
Pros: Jobs, become a gateway for gas distribution.
Government goes Green.
Aim to save €40m in 4 years.
“No magic solutions”
Question time… start with 1 question each.
Q: Since you were unprepared for the first meeting with Eurogroup, what guarantees do we have that you will be prepared for next meetings?
A: We were not giving much choice. Our banks were forced to stay closed and we were put under immense pressure. We went prepared to negotiate a ‘traditional’ bailout, but they had other plans.
He also stresses that it was clear that the “Cyprus deal would become a model” for future bailouts.
Capital controls will only be abolished when the Bank of Cyprus is stable.
Leaving the Euro or the EU was the worst possible outcome, that may have lead to the total collapse of the country.
End of live blog.