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Austria and Cyprus - Read the latest headlines about bilateral relations in the areas of economy, business, investment, diplomacy, culture and tourism
Cyprus in Austria | Cypriots in Vienna | Bilateral Relations
Slovenia to Sell Two State Enterprises
On a press conference on Friday, Prime Minister Bratusek announced the selling of two state-owned companies, one of them being a bank.
April 13, 2013
Cyprus to Receive More Capital
Cyprus requires more money than expected and will receive it. Head of Eurogroup, Jeroen Dijsselbloem, has promised an examination if money laundering exists.
April 12, 2013
Cyprus: Bail-Out Package More Expensive Than Thought
The aid-money needed increases from € 17.5bn to € 23bn, according to Cyprian government.
April 11, 2013
Russia: Kalashnikov-Producer Izhmash Suspected of Embezzlement
A former General Director is suspected of having transferred securities beyond their value. A lawsuit based on corruption allegations was filed against a former Deputy Agriculture Minister.
April 11, 2013
Bad Outlook for Slovenia’s Economy
Slovenia receives bad marks in a report by the EU Commission. Together with Spain, Slovenia’s economy is endagered to collapse in case measures will not be made in the next few weeks.
April 11, 2013
Cyprus to Sell Gold Reserves
The country has to sell reserves in the amount of € 400m. In the meantime, the banking sector has been cut down to one half of its former size.
April 10, 2013
Russia to Contribute to Cyprus Aid-Package
President Vladimir Putin has announced that Russia will contribute to rescue-package for Cyprus.
April 8, 2013
Investigation Report Incriminates Managers of Bank of Cyprus
Mass purchase of Greek state bonds and removing of data.
April 5, 2013
Cyprus Airways Threatened With Bankruptcy
According to Cyprian newspaper Fileleftheros, Cyprus Airways is about to fold.
April 4, 2013
Turkey’s Hopes of a Reunited Cyprus
The financial crisis in Cyprus is, according to Turkish President Abdullah Gül, an important opportunity to overcome the seperation of Cyprus.
April 4, 2013
Cyprus: Evidence Destroyed?
According to reports by the media in Cyprus, important evidence about the heavily affected Bank of Cyprus was destroyed.
April 4, 2013
Cyprus: Prone to Recession
Despite of the bail-out package, the country is threatened by a deep recession in the coming two years.
April 3, 2013
Referendum in Poland about Joining Eurozone
Last week, Prime Minister Donald Tusk offered a vote on a referendum about the adoption of the Euro in Poland. A simple majority needed for a decision could settle the issue.
April 2, 2013
Green’s Fear of Russian Black Money in Austria
Once more, the Austrian Greens insist on a reform of the bank secrecy.
April 2, 2013
Cyprus: Finance Minister Steps Down
According to reports by the media, Finance Minister of Cyprus, Michael Sarris will be replaced.
April 2, 2013
Cyprus: Anastasiades Comes Under Suspicion
President Nikos Anastasiades is in dire straits as he is accused of having transferred huge amounts of money to foreign countries and having warned relatives. In the meantime, the austerity package is almost set.
April 2, 2013
Slovenia: “We Will Need No Bailout This Year”
Since Greece, Spain and Cyprus are currently finding themselves in disastrous economic situations, Slovenia does not want to seem like the next bail-out candidate.
March 30, 2013
Cyprus: 37.5 % Only The First Cut
Assets will be burdened much higher than assumed. Apart from the mandatory levy of 37.5 % a further amount of 22.5 % will be frozen in.
March 30, 2013
Cyprus: 37.5 % Tax on Assets
The compulsory levy on bank assets exeeding € 100,000 has now been fixed. Assets above the amount will be taxed with 37.5 %.
March 30, 2013
Cyprus: No Bank Run
The feared bank-run after the almost two-weeks long closing of the banks in Cyprus has not occured.
March 29, 2013
Slovenia: Situation For Banks Still Shaky
According to the National Bank, the new government in Slovenia needs to avoid becoming the new setting of bail-out negotiations with the EU after the banking crisis in Cyprus.
March 28, 2013
Cyprus: Trying to Avoid Chaos at Banks
Today, Cyprus‘ banks are supposed to be opened after almost two weeks of closing. The citizens are called for calm and there are limits for drawing money. The currency rate was downgraded to Caa2 by Moody’s.
March 28, 2013
Cyprus: Mandatory Levy on Assets Not Yet Fixed
Banks in Cyprus will open again tomorrow, yet the capital flow is still limited. Dijsselbloem is criticized by the ECB. Bank employees demand Demetriades’ stepping down.
March 27, 2013
Moody’s Warns EU
The rating agency warns the EU governments about over-estimating the ability to overcome the Euro-crisis.
March 27, 2013
Hungary: Tax Overhaul Finalized
Minister for National Economy: taxation system completed - time for fine-tuning.
March 27, 2013
Cyprus: Outflow of Billions of Euros Presumed
Investors in Cyprus could face haircuts up to 50 %. Parliamentary President, Omirou want to go into details about the alleged transfer of assets despite of the banks closing.
March 26, 2013
Poles Reject The Euro
According to polls, two thirds of polish citizens do not want to change the zloty for the Euro.
March 26, 2013
Head of Bank of Cyprus Withdraws
Head of Cyprus’ biggest bank withdraws. Cyprus’ Labor Minister warns of recession and economic downturn due to the austerity measures imposed by the EU and Commission.
March 26, 2013
Medvedev Vexed Over EU
In case the government will not come to conclusion how to generate the required money (€ 5.8bn), the ECB will cut off the money supply for Cyprus’ ramshackle banks.
March 25, 2013
Cyprus: Bail-Out Package Accepted
Cyprus has been granted the € 10bn worth aid package by the EU. After ten hours of negotiations in Brussels the decision was made early this morning. Assets below € 100,000 will not be taxed.
March 25, 2013
Cyprus: Agreement on Bank Asset Tax
Today, the Cyprian government has come to a solution on the compulsory charges on bank accounts.
March 23, 2013
Cyprus: Votes on Mandatory Levy
In case the government will not come to conclusion how to generate the required money (€ 5.8bn), the ECB will cut off the money supply for Cyprus’ ramshackle banks.
March 23, 2013
“Polish Economy Continues to Enjoy Full Trust of Foreign Markets”
Polands Finance Minister is satisfied with the result of the auction of Polish bonds issued earlier this week.
March 23, 2013
Fekter: “Austrians can rest easy knowing that their bank deposits are safe.”
Current situation in Cyprus is an exceptional case and not comparable in any way with Austria.
March 22, 2013
Cyprus: Negotiations About “Plan B“ Today
After days of negotiations in Moscow, Cyprian Finance Minister had to return empty-handed. Talks about “plan B” will continue today.
March 22, 2013
Medvedev: Harsh Criticism For EU At Conference in Poland
At a two day’s international press convention for EU journalists, Russian Prime Minister Medvedev has highlighted the improved political and economic interaction between Russia and Poland. However, he critized the EU on its Cyprus-politics.
March 21, 2013
Cyprus: No Hope in Sight Yet
It is still uncertain if an agreement with Russia about the sale of gas fields can be found. President of the EU commission has joined the talks in Moscow.
March 20, 2013
Cyprus Appeals for Help to Russia
In a vote on Tuesday the government has decided not to use the private money of Cyprus‘ citizens to help bail out the banks. After the rejection, the EU aid package is now off. Cyprus hopes rest on Russia at this point.
March 20, 2013
Cyprus: Parliament Rejects EU Bail-Out Package
Not a single member of the Cyprian parliament has voted in favor of the controversial plan where a compulsary levy for all creditors was planned.
March 19, 2013
Cyprus: Small Investors To Be Excluded From Tax
After protests among Cyprus‘ citizens arised and harsh criticism was expressed, the government now intends to exclude small savers from the compulsary tax and grant them a relief.
March 19, 2013
Cyprus: Parliament Votes Tomorrow For Rescue Package
The Cyprian parliament is unlikely to vote in favor for the rescue package which forces bank clients to contribute with their private money.
March 18, 2013
Cyprus to Receive € 10bn in EU Aid Money
Russia being the biggest investor in Cyprus offered extension of credits. In return, austerity measures and reforms are demanded.
March 16, 2013
Russia: Banks At Risk Of Losing Billions
According to rating agency Moody’s, Russians banking institutes are at risk of losing money to investments in Cyprus.
March 14, 2013
Support for Financial Transaction Tax Keeps Within Limits
In order to introduce the tax, nine countries must agree thereon. The time pressure is growing.
October 6, 2012
EU Budget Proposal “Excessive” for Austria
EU multiannual budget 2014 – 2020 negotiated in Cyprus: Austria underlines its position as net contributor.
August 31, 2012
Austrian Guarantees Total € 80bn
In the worst case, Austria´s public debt quota may increase up to 100%, the Austrian opposition warns.
August 27, 2012
EU: "Growth without New Debt"
Austrian State Secretary Wolfgang Waldner at the General Affairs Council in Brussels: “Further intensive work on Europe in the next six months under Cypriot EU Presidency”
July 25, 2012
Survival of the Euro Questionable
Regarding the future of the common currency, the Austrian economist Fritz Breuss is highly skeptical.
June 26, 2012
Austria to Expand Relations with Cyprus
Federal President Fischer and WKO´s President Leitl accomodated the Cypriot-Austrian Business Forum. Economic relations show potential for expansion and further development.
June 4, 2012
Austrian FDI: 2010 Was a Year of Stabilization
Active foreign direct investment increased, while inward flows stagnated in 2010. Turkey was the top destination for Austrian investors.
May 18, 2011
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