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Demetriades calls for its independence to be respected NICOSIA: Cyprus's central bank governor said on Sunday he was willing to work with the government to pull the island out of its economic crisis, provided the bank's independence was respected.A rift between Governor Panicos Demetriades, appointed last May by the communist former administration, and the ruling centre-right government has deepened and pressure grown on him to resign over his handling of the crisis.In the past week, the Cypriot parliament started an investigation against Demetriades, President Nicos Anastasiades's government withdrew the appointment of his trusted deputy and three central bank officials resigned.The unfolding drama drew a scathing response from European Central Bank (ECB) President Mario Draghi, who wrote to the Cypriot president telling him any attempt to effectively sack the governor could land Cyprus in the European Court of Justice.Anastasiades, when asked by reporters on Sunday to comment on the apparent feud between the two bodies, said he was "frankly, ...

Polls open in Croatia's first EU vote ZAGREB: Croatians began voting on Sunday for their first members of the European Parliament, with expected low turnout reflecting only tepid enthusiasm for membership in a European Union that Croatia is set to join on July 1.Some 3.7 million people who are eligible to vote will select the 12 lawmakers in a vote for which the former Yugoslav republic's officials insisted is "historic" and a milestone following years of difficult reforms.However, ordinary citizens seem to ...
Thousands rally against poverty in Portugal LISBON: Thousands of people on Saturday rallied in the streets of Lisbon to protest rising poverty resulting from the government's belt-tightening measures.The anti-poverty march was organised by Portugal's leading union, the CGTP, and capped about a week of protest activities that have been held throughout the eurozone country."Unemployment in Portugal is a national disgrace" and "a minimum wage increase is a necessity" protesters chanted.They also called for the resignation of the government whose pledges to ...
Russia bars 18 Americans in retaliation for Magnitsky List MOSCOW: Moscow said on Saturday that Washington had dealt a severe blow to relations by barring 18 Russians from the United States over alleged human rights abuses, and in retaliation it banned 18 Americans from entering Russia. US President Barack Obama's administration had on Friday issued a list of 18 people subject to visa bans and asset freezes in the United States under the Magnitsky Act legislation passed by Congress late last year. "Under pressure ...
Top French gangster in spectacular jailbreak SEQUEDIN: One of France's most dangerous gangsters, known for brazen attacks on cash-in-transit vehicles, on Saturday blasted his way out of jail after taking several wardens hostage, officials said.Redoine Faid, who risked a heavy sentence over the 2010 death of a policewoman, used explosives to blast through five prison doors and break free in the northern town of Sequedin.Police and helicopters were trying to track the 40-year-old, who set fire to his getaway car in ...
Dutch Queen reopens long-closed Rijksmuseum to cheers AMSTERDAM: Amsterdam's Rijksmuseum drew thousands of visitors eager to see Rembrandt van Rijn's "The Night Watch" and other Dutch treasures after Queen Beatrix reopened the national museum on Saturday following its decade-long renovation. There were cheers, fanfares and fireworks as the 75-year-old Queen, making one of her last official appearances before her abdication, turned a golden key and officially opened the renovated building before a crowd estimated by the museum at 10,000. Inside, the galleries ...
Switzerland eyes compromise with EU in tax row ZURICH: Swiss Finance Minister Eveline Widmer-Schlumpf signalled the country may be ready to make concessions to the European Union to end a long-standing conflict over EU citizens stashing untaxed money in Swiss bank accounts. Pressure on Switzerland to abandon bank secrecy, a tradition already battered by a crackdown on tax evasion by US and European authorities, has increased since Luxembourg agreed to reveal information on depositors earlier this month. "We are not part of the ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln