President Anastasiades addresses press/citizens regarding first 4 months

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.

 

Hector OnThisIsland July 12, 201318:41

A strict approach will be taken with the difficult decisions that need to be made.

Hector OnThisIsland July 12, 201318:42

Quotations will be paraphrased as we translate…

Hector OnThisIsland July 12, 201318:43

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.

Hector OnThisIsland July 12, 201318:44

“Nobody will be left unpunished if they had anything to do with the situation that lead to the banking crisis”

Hector OnThisIsland July 12, 201318:46

“By September there will be a law allowing people to renegotiate their payment terms for their loans”

Hector OnThisIsland July 12, 201318:46

“People who only have one house will be protected against repossession for defaulted loans”

Hector OnThisIsland July 12, 201318:49

Plans are being made to create 2,500 jobs for recent graduates

Hector OnThisIsland July 12, 201318:50

From the beginning of September over 1,000 youth entrepreneurs will be helped.

Editors note: We don’t know details yet.

Hector OnThisIsland July 12, 201318:51
Hector OnThisIsland July 12, 201318:54

Licence application for development projects will be streamlined.

1 month instead of 2 year waiting period.

Hector OnThisIsland July 12, 201318:55

Penalty on unpaid VAT for the first 3 months of 2013 will be waived.

Hector OnThisIsland July 12, 201318:55

Casino license will indeed be granted.

Hector OnThisIsland July 12, 201318:56

Open Skies Policy – no restrictions on which airlines can fly to Cyprus from now on.

Hector OnThisIsland July 12, 201318:59

€38m extra funding from Europe to invest in agriculture projects

Hector OnThisIsland July 12, 201319:01
Hector OnThisIsland July 12, 201319:02

Presidents’ wage cut by 25%. Ministers cut by 20%.

Hector OnThisIsland July 12, 201319:05

“If 2 job offers declined, no more welfare.” Good idea?

Hector OnThisIsland July 12, 201319:05
Hector OnThisIsland July 12, 201319:09

13% reduction on electricity bills

Hector OnThisIsland July 12, 201319:11

Gas project worth €10bn confirmed for refinery with offshore investors.

Pros: Jobs, become a gateway for gas distribution.

Hector OnThisIsland July 12, 201319:13

Government goes Green.

Aim to save €40m in 4 years.

Hector OnThisIsland July 12, 201319:13
Hector OnThisIsland July 12, 201319:14

“No magic solutions”

Hector OnThisIsland July 12, 201319:16

Question time… start with 1 question each.

Hector OnThisIsland July 12, 201319:21

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.

Hector OnThisIsland July 12, 201319:22

He also stresses that it was clear that the “Cyprus deal would become a model” for future bailouts.

Hector OnThisIsland July 12, 201319:22
Hector OnThisIsland July 12, 201319:24

Capital controls will only be abolished when the Bank of Cyprus is stable.

Hector OnThisIsland July 12, 201319:25

Leaving the Euro or the EU was the worst possible outcome, that may have lead to the total collapse of the country.

Hector OnThisIsland July 12, 201320:31

End of live blog.

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