Cyprus

By Sarka Halas

Cyprus is preparing a benchmark public debt sale just a year after it was bailed out, which if successful would make it the quickest return to the bond market by a sovereign after a rescue.

The issuer has mandated Deutsche Bank, Goldman Sachs, HSBC, UBS and VTB Capital to arrange a series of fixed income investor meetings in Europe ahead of the deal.

The Chambers of Commerce from Turkey, Greece and Turkish and Greek Cyprus announced the creation of the joint commerce forum, namely the “Nicosia Economic Forum,” last Monday in Cyprus. This was their first meeting since 1974.

The leaders of both Turkish and Greek communities in Cyprus recently signed a joint declaration committing themselves to a confederation of two federal states. Thus the Cyprus negotiations restarted. That is better than the alternative. But there is reason to look beyond the usual pessimism of Cyprus watchers. I think this round is truly set to be different. Let me explain why.

Shall we sneak a look at the Cyprus negotiating table?

European court's ruling impacts Cyprus-Turkey relations

Cyprus’s economic ties with Russia, which include about $100 billion in investments between the two countries, could be severed if the European Union applies a third round of sanctions over Russia’s role in the Ukrainian unrest, Cypriot Foreign Minister Ioannis Kasoulides said.

A meeting between Cypriot leaders in the U.N.-controlled buffer zone on June 2 has been overshadowed by a list of offers by the Greek side that would only bestow a minority status on Turks in any unified Cyprus, a non-starter for the island’s northern community.

Turkish Cypriot President Dr. Derviş Eroğlu was lamenting the incredible lack of “awareness” of some of his visitors on the “fundamentals” of the Cyprus problem.

Turkish and Greek Cypriot chambers of commerce, along with those of Turkey and Greece, met June 2 in the U.N.-controlled buffer zone in a bid to boost the negotiation process with both sides pledging support to the reunification of the divided island.

Language Transfer boosts community ties