the Cyprus Shipping Chamber reassures on the efficiency and solidity of the industry of the Cypriot marine transport



The industry of the marine transport of continuous Cyprus to being a reliable partner in spite of the current financial difficulties of the enterprises regarding national the bank system. It emphasizes the Cyprus Shipping Chamber, the association that represents the societies of the marine transport with center to Cyprus that they appoint to a job some 4.500 people to earth more and than 55.000 marine ones than various nationalities on board of the ships, in these hours of extreme uncertainty for the bank future of the national system that it is pivoted on the two main credit institutions Bank of Cyprus and Laiki Bank and that today it reopens the clappers after very 12 days of closing in the course of which the negotiations have been carried out in order to find an agreement with the EU to financial the aim to avoid the financial ruin of the Cypriot banks, understanding that is reached Sunday and that it previews also a compulsory withdrawal of money on the advanced checking accounts to 100.000 euros deposited near the two main banks.

The banks to Cyprus reopen today, but they will be forced to operate with remarkable limitations, in vigor for seven days, that they have the objective - they have yesterday explained the minister of Finances and the governor of the Central bank of Cyprus - to safeguard the stability of the system. Between the scopes there is obviously also that to prevent the capital flight abroad. Today the same EU commission has confirmed that, "in the current circumstances, the stability of the financial markets and the bank system to Cyprus constitutes matter of pre-eminent interest and law and order that justifies the imposition of temporary restrictions on the capital flows".

If the reopening of the bank doors represents a sign of confidence for the economy and the financial system of Cyprus, it is not sure lasting of the suspension of the dealings to the Stock exchange of Cyprus in existence from 19th March and that - has announced this morning the Cyprus Stock Exchange (CSE) - not even today they will be resumed. The CSE has remembered moreover that, as official notice previously, tomorrow and next monday the paschal Stock exchange will not be operating because of the festivity.

From part its Cyprus Shipping Chamber is making the possible one in order to reassure the commercial investor and the partner of the industry of the marine transport and has evidenced that the efforts are placed in existence all in order to assure safety and safeguard of the crews, the ships and the goods. After been extended and difficult negotiations with the Eurogroup - the association has remembered - an agreement is reached in the late evening of 24 Sunday March through which an aid financial of 10 billion euros is agreed. Even if this agreement has tax some severe measures of austerity to Cyprus - it has found the Cyprus Shipping Chamber - put however fine to the uncertainty financial institution that weighed on the entire bank system of Cyprus.

Between the initiatives assumed from the association, the Cyprus Shipping Chamber has specified that, through a co-ordinate plan of action and through locked contacts with the several state agencies, it will continue and intensify the efforts in order to contain eventual operating problems that could happen, affording so to the navigation companies that operate to Cyprus to continue the activity as usual, respecting own engagements in confronts of the marine ones and the interested parts.

Specifying to continue to maintain however the attention high on the financial developments to Cyprus, the Cyprus Shipping Chamber has evidenced of being "optimistic on the fact that the Cypriot government provvederà ready to put into effect opportune the urgent measures financial institutions taking into consideration the requirements of the economy of Cyprus, comprised those of the field of the marine transports. The operating total structure is signaled moreover - it has still emphasized the association - than and impositiva for the shipping it remains unchanged" and that "also the Cyprus Administration Flag, through its Department of the Merchant navy, work normally and without interruptions and restrictions".