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Cyprus Deflation Accelerates to Minus 2.4% in June m/m

Deflation accelerated in June to minus 2.4 percent compared to minus 2.0 percent in May, said the Cyprus Statistical Service (CySTAT).

For the first six months of the year, the CPI recorded a decrease of -1,9% compared to the same period in 2014, said CySTAT.

Greek Pensioners Receive Only 120 Euros, Banks Face Chaos

greeceOne thousand Greek banks opened to pay pensioners part of their income - 120 euros - in alphabetical order, and faced chaos when they opened their doors.

Insecurity and uncertainty are running rampant in Greece, as the truth is finally faced that the state is bankrupt and all the bills have come to prime minister Alexis Tsipras' door. The same prime minister who believes that Greece can stand on its own two feet.

Medicine Prices to Drop by 8.5% - Health Ministry

cyprus medicine pricesThe health ministry has ordered that medicine prices be reduced by a further 8.5 percent, making it a total of 23 percent in reductions over the last six months.

The reductions are temporary and will be reviewed as part of the national health scheme in 2017, said Health Minister Philippos Patsalis.

The new price list has been sent to all pharmacies in Cyprus, he said.

The state will also support free vaccinations against cervical cancer for all 12-year-old girls, and provide new drugs to treat Hepatitis C, said the minister.

Greece - Let's Not Forget the Fundamentals

greeceGreek Prime Minister Alexis Tsipras and Finance Minister Yiannis Varoufakis might be trumpeting their patriotic propaganda to the beleagured people of Greece - who don't even have access to what money they might have in the banks - but let's not forget the underlying economic fundamentals that no amount of hot air will so easily dispel.

These may be unwelcome reminders, but it has to be said that any currency that Greece is involved with - whether it is the Euro or the Drachma - has to be supported with underlying economic health. The current picture is not good:

Core Issues Discussed in Cyprus Solution Talks

cyprus peace talks

Cyprus' leaders met today at the UN-controlled Nicosia Airport to negotiate the island's reunification under a central federal government representing the Greek-and-Turkish Cypriots. Today's meeting marks the start of the negotiations on the toughest aspects of the Cyprus problem - governance, territory and power-sharing - aka the 'core' issues. This phase is expected to last for the whole summer, said UN envoy Barth Espen Eide.

Alpha Bank Denies Report of Cypriot Branches Being Sold Amid Greek Capital Controls

In response to Greek news reports, a spokeswoman for Alpha Bank in Cyprus told that there are no plans to sell the branches on the island, which are ringfenced from the Greek company and are operating as usual, as Greece's banking system shuts down for the next week.

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