A natural gas deposit of 5 trillion to 8 trillion cubic feet has been located in an offshore Cyprus field, Cypriot President Demetris Christofias said on Wednesday.
This figure was based on what a government spokesman said was “a moderate estimate” by Noble Energy, a U.S. company that has just completed an exploratory drilling 165 km south of Cyprus.
The mean average of the gas deposits could be 7 trillion cubic feet, enough to cover Cyprus’s needs for almost 200 years, Christofias said at a televised press conference.
He said the gas deposit was 100 meters thick and covered an area of 103 square km at a depth of 5,861 meters.
Plans for exploiting the gas involve building a 185-km pipe jointly with Israel to convey both Cypriot and Israeli gas to the south shore of the eastern Mediterranean island and setting up a liquidation plant at an estimated cost of 10 billion euros (13 billion U.S. dollars).
Liquefied gas would eventually be sent to countries of the European Union (EU) which are keen on securing alternate sources of energy.
Christofias called the finding a “historic development” which would create conditions of prosperity for Cyprus and its entire population.
Gas exploration had been undertaken despite strong opposition by Turkey, which claimed that it violated the rights of Turkish Cypriots.
However, both the EU and the United States came out strongly in support of Cyprus and its rights to act within the scope of the United Nations Convention on the Law of the Sea.
The president also announced that following the confirmation of the gas deposit, energy companies would soon be invited to a second round of bidding for the lease of hydrocarbons exploratory drilling rights in its Exclusive Economic Zone.
Mammoth Cyprus Natural Gas Deposits
Hadjipateras Secures 1st Position in 200-Meter Fly in Greece
Colgate swimming and diving captain Costas Hadjipateras recently competed in the ‘International Meet at Alexandria’ in Athens, Greece, and earned a first-place finish in the 200-meter butterfly.
Hadjipateras swam in three different events, but his best performance came in the 200-meter butterfly. The top A final consisted of two Greeks, three Hungarians, a Bulgarian, and two Italians. He took first with a winning time of 2:05.00.
The win grants Hadjipateras a position the next European Grand Prix in Munich, Germany, in March. With the time, he is now the fifth seed in the event for Greek Olympic Trials, which are in Athens next May.
He also placed fourth in the 200-meter freestyle in a time of 1:56.09 and fifth in the 100-meter butterfly in 57.76 seconds.
Trade Deficit Down 27.3% in October
Greece’s trade deficit shrank by 29.6% in October, reflecting higher exports and lower imports because of a deep economic recession in the country, Athens News Agency reports quoting data from the Hellenic Statistical Authority.
The statistics service, in a report, said the value of import-arrivals – excluding oils – totaled 2.43 billion euros in October, down from 3.045 billion euros in the same month last year, a a decline of 20.2%. The value of exports-deliveries – excluding oils – totaled 1.316 billion euros in October from 1.463 billion euros in October 2010, a decline of 10%.
The country’s trade deficit fell to 1.114 billion euros in October, down from 1.582 billion euros in the same month last year.
The value of imports fell 12.4% to 26.904 billion euros in the January-October period, while the value of exports rose 11.7% to 13.093 billion euros in the same period, leaving the trade deficit 27.3% lower compared with the same period in 2010, to 13.811 billion euros.
(source: ana-mpa)
St. Prokopios Icon at the Byzantine and Christian Museum of Athens
Visitors at the Byzantine and Christian Museum will have the opportunity to witness a Byzantine icon of St. Prokopios, measuring 91,5cm x 62,5cm, which had been stolen from the Church of St. Prokopios in Veroia, over the 1967 – 1974 period. The icon dates from the 14th century and serves as an excellent example of the northern Greek workshop of that time.
The icon, which was recently repatriated from London, belongs to the private collection of Athanasios Martinos, who intends to donate it to the Greek State. The location of the icon and documentation of its origin was achieved thanks to the coordinated efforts of relevant agencies of the Ministry of Culture and Tourism. It is also a good example for other collectors and museums abroad possessing objects that are proven products of smuggling.
The icon will be exhibited for the very first time in a museum, and it will remain on display at the Byzantine and Christian Museum for a month. After this period, the icon will return to Veroia to become a permanent exhibit of the Byzantine Museum in the city.
(SAE)
Cyprus Says Turkey is a Destabilizing Factor in the Region
President of the House of Representatives of the Republic of Cyprus, Yiannakis Omirou stated after visiting the “Michalakis Parides” military camp that Turkey is a real threat against the Hellenism of Cyprus, adding that the EU and the international community must understand that the neighboring country is a destabilizing factor in the broader region.
According to Famagusta Gazette, Omirou expressed his deep appreciation and gratitude to Greek officers, permanent staff and soldiers serving in Cyprus and referred to the multiple links between Cyprus and Greece throughout the years.
Omirou also made reference to Turkey’s former PM Mesut Yilmaz statements that Turkish agents had set forest fires around Greece in the 90’s, while he also expressed his wish that the EEZ of Cyprus will contribute in finding a “proper solution” to the Cyprus Problem.
“We do not wish to maintain bad relations with Turkish people on the contrary we want friendly relations. But we must realize that the prevailing state of affairs in Turkey, unfortunately, still maintains an expansive state, conspiring against the interests of Hellenism”, said House President Omirou, cited in Famagusta Gazette, December 29.
Russian Patriarch Asks Greek President to Release Abbot Efraim
Patriarch of Moscow and all Russia Kirill asked from the Greek President Karolos Papoulias to intervene and release Archimandrite Ephraim, superior of the Mount Athos Vatopedi Monastery, since he is no threat to the public and is willing to cooperate with the authorities.
In the message posted on the Russian Orthodox Church website, the Russian Patriarch expresses his worries about the pretrial detention of Efraim due to the latter’s health problems, which have not been taken into account when he was arrested.
“In Russia, Belarus, Ukraine, Moldova and other countries, whose peoples are the traditional flock of the Russian Orthodox Church, millions of believers are alarmed by the police measures taken as regards the hegemon of the famous Athos monastery well-known to the entire Orthodox world on the days Orthodox Greece celebrates Christmas,” he said.
The message of the Russian Patriarch has been repeated by all Russian media.
Metropolitan of Piraeus Opposes Mosque Building Bill
Metropolitan of Piraeus Seraphim filed an appeal to the Council of State asking from the Greek government to withdraw a bill about building a mosque in Athens.
The Orthodox Metropolitan made an extensive reference to the wars Christianity has faced over the years, from 325 B.C. with Arios until today’s Jehovah Witnesses, which only aimed at “annihilating the Christian dogma”.
Moreover, he mentioned the centuries-long struggles of the Greek nation and the thousands of dead patriots and Christians, who lost their life defending their religion and country against the Muslims.
“This bill is based on the ‘democratic sensitivities’ of our state. The truth is that is degrading our religious beliefs, the history and our ancestors who fought for freedom” wrote Seraphim in his appeal.
After many years, the Greek government has decided to pass a bill allowing the building of a mosque in the Votanikos region of Athens, in order for the Muslims living in Greece to have a proper place where they can practice their religious rights.
The Greek Muslims’ Union stated that it is open to discussion and condemned the Metropolitan’s comments on the violent nature of Muslims.
5 Reasons Why 2012 Won't Be Anything Like 2011
UBS analysts have published their latest report on the course of the global economy, pointing out the 5 main reasons why 2012 will be a totally different year from 2011.
According to the analysts, in the first semester of 2011, everyone expected the financial crisis to deteriorate and the bond swaps to skyrocket. Instead of this, it was the EU common currency that reached an exchange rate of 1.50 dollars compared to its 1.30 worth today.
Can this happen again in 2012? The answer is no, according to the Swiss economists, at least for Europe.
And these are the exact reasons from the UBS:
1) ECB
In early 2011, the ECB sounded hawkish and then went on to hike rates in April and July, just as the Fed prepared to embark on QE2. 2012 will arguably be very different as the ECB is likely to cut rates to a new historic low of 0.50% and might well then embark on outright QE. At a time when the Fed looks largely done with its QE efforts, this could hit EURUSD hard and for us is the single most important reason to be structurally bearish the euro in 2012.
2) Greece
There is now a non-negotiable deadline for the Greek PSI, which is the bond redemption on 20 March. Negotiations for the new troika programme continue to assume a ‘voluntary’ PSI resulting in a 50% haircut and a debt-to-GDP reduction to 120% by 2020. However, revenue shortfalls due to the deeper-than-forecast recession look set to result in additional financing needs, which in the absence of new official money might mean a larger haircut and hence a coercive restructuring.
3) Contagion
If Greece is forced to impose an involuntary restructuring on investors, the market might quickly move on to Portugal or even beyond. Eurozone leaders have frantically worked at erecting a ‘firewall’ for countries beyond Greece in case of a default occurring. So far they have had limited success apart from raising more cash for the IMF and advancing the European Stability Mechanism (ESM) to mid-2012. Still, these instruments are arguably not yet powerful enough to deal with a country like Spain or Italy loosing market access.
4) CDS
The above Greek scenario would result in a credit event being declared and credit default swaps (CDS) being triggered. Many observers might welcome such an event as a proper default would mean that Greece was finally declared ‘insolvent’ and unable to pay its obligations, which most would argue might be better for the longer term health of the system than pretending otherwise. Still, nobody knows how the financial system would handle CDS payouts of more than €80bn (gross). At least as an initial reaction, the market would probably be highly stressed.
5) Politics
The EU has an impressive track record in pushing through projects even against resistance from individual countries and with minimal explicit or implicit support from electorates. However, there may come a point where populations start to rebel, possibly when they are simultaneously faced with ever deeper cuts in public services and ever higher taxes. A relatively benign problem might be resistance to ESM ratification in some countries, but more serious social unrest could occur both in debtor as well as creditor countries.
Greek Court Declares Tax Officials Strike Illegal
An Athens court declared the tax officials strike on December 29 illegal. Consequently, tax offices will open up on Friday, December 30. This means this will be the last day for many Greeks to settle their pending tax issues.
The only case, in which tax payers can postpone their payment until January 13, concerns the commission of the special signs of motor vehicle taxes.
The tax officials union had decided a 48-hour walkout commencing on Thursday to protest wage cuts and other reform measures taken by the government.
According to AP, the strike followed the resignation of two prosecutors heading the judicial task force charged with fighting tax evasion. Grigoris Peponis and Spiros Mouzakitis, claimed they were being sidelined and implied government interference in their work.
Finance Ministry Targets €2.3B Primary Surplus
Primary surplus of 1.1% of GDP, around €2.3 billion, and significant reduction in budget deficit are the two main objectives of the 2012 budget.
This is determined by a ministerial order on the execution of the new budget plan, signed by Deputy FinMin Filippos Sachinidis and sent of all departments and agencies of the government.
The circular provides detailed instructions for the budget execution and sets clear limitations on the availability of state funds.
Further, the circular states that:
1) The budget set spending limits and not amounts of funds for spending.
2) The release of all budgeted funds is not guaranteed.
3) Transfers, reassignments of personnel should be made if there are appropriations of funds to the “new” department.
4) All public organizations should adopt mechanism to ensure monthly progress tracking of budget execution.
5) They should also seek to monitor expenditure and avoid accumulation of arrears.
6) All public services, which identify debts to the state, should inform the competent tax office.
(source: capital)