The document discusses Cyprus nearing a bailout deal with the EU involving over EUR 17 billion in loans to recapitalize banks and refinance government debt through 2015. Details of the bailout terms are still being finalized, including the exact size, but it would be larger than previous bailouts as a percentage of GDP. The deal aims to stabilize Cyprus's banking sector and public finances while ensuring long-term debt sustainability.
The ink has barely dried on the ECB’s shock-and-awe QE program that the market’s attention has already shifted back to Greece. The election over the weekend of a new government, led by Prime Minister Tsipras, has reignited the seemingly annual debate about whether/when Greece will default on its debt and leave the eurozone.
The document summarizes the key points of the Cyprus bailout agreement reached on March 16th, 2013. The agreement sets a precedent by imposing a tax of 6.75-9.9% on all Cypriot bank deposits to raise €5.8 billion, more than half the cost of bank recapitalization. This reduces the bailout amount from €17 billion to up to €10 billion and is expected to put Cypriot debt on a sustainable path to 100% GDP by 2020. However, the deposit tax risks financial instability by undermining deposit guarantees and could increase the risk of bank runs in future crises. Final approval of the deal by the Cypriot parliament and an extension of loans from Russia
This document summarizes the key features of Brazil's budget formulation process. It notes that the process is highly rigid due to constitutional mandates for certain spending, widespread earmarking of tax revenue, and designation of some spending as "mandatory." Over 90% of the budget is insulated from annual scrutiny. It also discusses the separate planning function and lack of multi-year expenditure frameworks in Brazil compared to OECD countries. The budget process emphasizes maintaining aggregate controls over allocating resources or ensuring efficient spending.
Sample university project on economics and politics. No guarantee against inaccuracy or misstatements. The slide deck offers an example of how a group of undergraduate students tackled an open-ended question and structured a deliverable.
Ivo Pezzuto - "GREXIT": AVOIDED FOR NOW! (The Global Analyst Magazine August...Dr. Ivo Pezzuto
The threat of an unceremonious exit from the Euro Zone might have receded for the beleaguered Greece, at least for now. However, there is no guarantee the present bailout deal is enough to ensure the European economy’s return to normalcy. Given, the billion euro question is: Has it done enough to avoid exiting the Euro Zone? Whatever, one thing is for sure, the collapse of Greek economy could also mean collateral zone for one of the oldest and strongest trade block – Eurozone.
EU pompte 12,5 MIO in Nigeria via Brusselse vzwThierry Debels
De EU transfereerde 12,526,381 euro aan de Nigeriaanse provincie Borno. De overdracht verliep via de Brusselse vzw NRC Europe. In het recente verleden zijn er regelmatig spanningen tussen moslims en christenen. Sinds in 2002 terreurorganisatie Boko Haram in Maiduguri werd opgericht wordt Borno door aanslagen geteisterd
Soutenabilité de la dette grecque - rapport du FMISociété Tripalio
This document summarizes a preliminary draft debt sustainability analysis prepared by IMF staff for Greece. It finds that while Greece's debt projections were improving due to lower interest rates, significant changes in Greek policies have increased financing needs substantially, rendering debt unsustainable. To ensure debt sustainability, Greek policies need to return to targets and European loans will need to be extended with new financing provided on concessional terms. However, if reforms are weakened further through lower surplus targets, debt haircuts may become necessary. The draft analysis was prepared by IMF staff but not agreed to by other parties or approved by the IMF Executive Board.
The ink has barely dried on the ECB’s shock-and-awe QE program that the market’s attention has already shifted back to Greece. The election over the weekend of a new government, led by Prime Minister Tsipras, has reignited the seemingly annual debate about whether/when Greece will default on its debt and leave the eurozone.
The document summarizes the key points of the Cyprus bailout agreement reached on March 16th, 2013. The agreement sets a precedent by imposing a tax of 6.75-9.9% on all Cypriot bank deposits to raise €5.8 billion, more than half the cost of bank recapitalization. This reduces the bailout amount from €17 billion to up to €10 billion and is expected to put Cypriot debt on a sustainable path to 100% GDP by 2020. However, the deposit tax risks financial instability by undermining deposit guarantees and could increase the risk of bank runs in future crises. Final approval of the deal by the Cypriot parliament and an extension of loans from Russia
This document summarizes the key features of Brazil's budget formulation process. It notes that the process is highly rigid due to constitutional mandates for certain spending, widespread earmarking of tax revenue, and designation of some spending as "mandatory." Over 90% of the budget is insulated from annual scrutiny. It also discusses the separate planning function and lack of multi-year expenditure frameworks in Brazil compared to OECD countries. The budget process emphasizes maintaining aggregate controls over allocating resources or ensuring efficient spending.
Sample university project on economics and politics. No guarantee against inaccuracy or misstatements. The slide deck offers an example of how a group of undergraduate students tackled an open-ended question and structured a deliverable.
Ivo Pezzuto - "GREXIT": AVOIDED FOR NOW! (The Global Analyst Magazine August...Dr. Ivo Pezzuto
The threat of an unceremonious exit from the Euro Zone might have receded for the beleaguered Greece, at least for now. However, there is no guarantee the present bailout deal is enough to ensure the European economy’s return to normalcy. Given, the billion euro question is: Has it done enough to avoid exiting the Euro Zone? Whatever, one thing is for sure, the collapse of Greek economy could also mean collateral zone for one of the oldest and strongest trade block – Eurozone.
EU pompte 12,5 MIO in Nigeria via Brusselse vzwThierry Debels
De EU transfereerde 12,526,381 euro aan de Nigeriaanse provincie Borno. De overdracht verliep via de Brusselse vzw NRC Europe. In het recente verleden zijn er regelmatig spanningen tussen moslims en christenen. Sinds in 2002 terreurorganisatie Boko Haram in Maiduguri werd opgericht wordt Borno door aanslagen geteisterd
Soutenabilité de la dette grecque - rapport du FMISociété Tripalio
This document summarizes a preliminary draft debt sustainability analysis prepared by IMF staff for Greece. It finds that while Greece's debt projections were improving due to lower interest rates, significant changes in Greek policies have increased financing needs substantially, rendering debt unsustainable. To ensure debt sustainability, Greek policies need to return to targets and European loans will need to be extended with new financing provided on concessional terms. However, if reforms are weakened further through lower surplus targets, debt haircuts may become necessary. The draft analysis was prepared by IMF staff but not agreed to by other parties or approved by the IMF Executive Board.
This document summarizes the complex system of fiscal transfers ("Dana Perimbangan") from the central government to regional governments in Indonesia. It finds that the shared revenue component (DBH) is largely irrelevant due to reductions in the general allocation fund (DAU) of equal amounts. The DAU formula provides incentives for regional governments to not economize on personnel or increase own-source revenues. The measure of fiscal need inappropriately provides higher transfers per capita to wealthier and more developed regions. The special allocation fund (DAK) has proliferated into many sectors inconsistently with decentralization objectives.
Informe del FMI sobre España en el marco del articulo ivManfredNolte
The document is an IMF staff report supplement providing an update on recent financial and fiscal policy initiatives in Spain after the initial staff report.
Key updates include: (1) Spain negotiated a financial assistance package of up to €100 billion from the EFSF to recapitalize banks, with policies to restructure weak banks and deal with legacy assets; (2) the EU agreed to a smoother deficit reduction path for Spain, lowering targets to 6.3% in 2012 and 4.5% in 2013; (3) the Spanish government announced new fiscal measures including VAT increases, public sector pay cuts, and unemployment benefit reductions estimated to total 2% of GDP through 2014.
The document provides an overview of the City of Los Angeles' fiscal year 2012-13 budget presented by Miguel A. Santa Ana. It discusses that the general fund supports most municipal services while special funds are generated for specific purposes. It also notes that public safety accounts for over a third of general fund appropriations while pensions account for nearly a fifth. Additionally, it outlines challenges like the economy, federal actions, and pensions as well as potential solutions to address budget deficits.
Capital projects funds and debt service funds are used to account for long-term capital projects and debt in governmental entities. Capital projects funds use the modified accrual basis of accounting and record construction costs as long-term assets. Debt service funds use the same accounting basis and record interest and principal payments on bonds. When bonds are issued at a premium, the excess can be transferred to the debt service fund from the capital projects fund.
The document discusses the history and growth of Philippine external debt from the 1960s to present. It notes that debt rose dramatically under Marcos from $277 million to $840 million from 1965-1972 as he borrowed heavily from foreign lenders. Successive administrations were unable to get debt under control as it continued increasing, reaching $69 billion by the early 2000s. The debt service burden from 2001-2005 was the heaviest in Philippine history, consuming over 1/3 of the national budget annually to pay interest on loans. Borrowing has continued to fund debt payments, exacerbating the problem over many decades.
1. Debt service funds account for resources to pay long-term debt principal and interest. Capital projects funds account for resources used to acquire capital assets on a project basis, using modified accrual accounting.
2. Governments have flexibility in how they structure capital projects funds, allowing single or combined funds for projects. Budgetary reporting is not required for capital projects funds as it is for the general fund and major special revenue funds.
3. When governments issue bonds at a premium, excess resources can be transferred from the capital projects fund to the debt service fund.
γράμμα πρόθεσης του γιώργου παπακωνσταντίνουirisld
This document is a letter from Greek Finance Minister George Papaconstantinou to the heads of the IMF, European Commission, and European Central Bank dated February 28, 2011 outlining additional austerity measures that Greece plans to implement. It acknowledges that Greece met its 2010 deficit reduction target but missed other targets. It details an ambitious schedule of further fiscal consolidation measures and reforms to strengthen budget implementation and revenue administration. The letter represents a binding commitment by Greece in exchange for disbursement of the 4th bailout tranche.
- Estonia weathered the recent economic crisis well due to fiscal adjustments introduced during the recession that allowed it to avoid a fiscal collapse. This included running budget surpluses in previous years that provided reserves.
- The economic recovery has been faster than expected, leading to higher than planned budget revenues in 2010. This means the budget deficit will be lower than targeted at 1.3% of GDP rather than 2.8%.
- For 2011, budget revenues are expected to increase 2% while expenditures rise 5%. This would result in a budget deficit of 1.6% of GDP, still below the 2% limit set in Estonia's budget strategy. Estonia is in a strong fiscal position compared to
The European heads of state agreed to take further steps to strengthen economic governance and address the sovereign debt crisis, including:
1) Establishing stricter fiscal rules for eurozone members with automatic sanctions for non-compliance
2) Accelerating the timeline for the European Stability Mechanism to enter into force to provide additional financial resources
3) Committing to leveraging existing financial backstops like the EFSF and providing up to €200B in additional resources to the IMF
CDS spreads are way up, bond yield at 7%, savers withdrawing money from banks: the day of recognizing has arrived and Greece will not avoid a bailout by end April.
The Eurogroup meeting on Greece's bailout program was inconclusive, postponing a decision on disbursing further aid and revealing disagreements between the IMF and Eurogroup on debt targets. Portuguese GDP contracted again in Q3 while unemployment rose to a new high of 15.8%. Spanish plans for transferring assets to its bad bank are advancing with interest from foreign investors. Japanese Prime Minister Noda will hold elections in December amid calls for more aggressive monetary easing.
Greece-crisis is an article explains about the major crisis which hit the Greece during July- 2015 which is still surviving.The reasons why still Greece crisis is surviving.
Citibank - Market Outlook September 2012Denny Setiady
Possible Grexit looming in the next 6-12 months with a 90% probability. Key upcoming meetings and events in September could impact the outcome, including a German court ruling on bailout funds and a Dutch election. If Grexit occurs, it would likely involve capital controls and currency adjustments in Greece, but the response from other countries and institutions would be substantial to prevent contagion. However, Grexit may not solve the underlying issues in the Eurozone and further restructurings are still expected.
Olivier desbarres asks are greece in the last chance saloon?Olivier Desbarres
1) Greece has been negotiating with the IMF/ECB/European Commission Troika for two months to renegotiate its debt and end austerity measures, but the negotiations have achieved little and the range of outcomes has narrowed.
2) While Greece has avoided exiting the eurozone so far, its finances are deteriorating and it faces large debt payments in April and May that will be difficult to pay without more funds from its international creditors.
3) The Troika has denied most of Greece's requests for financing and bailout funds are conditional on Greece implementing reforms, so the government has scaled back promises and is implementing new tax and privatization measures, but it remains uncertain if this will satisfy the Troika.
The document discusses Greece's budget assumptions and projections, noting that the baseline scenario is overly optimistic. It analyzes the execution of Greece's Stability and Growth Program, finding that progress relies too heavily on reducing public investment and that debt levels will continue rising. Two scenarios project Greece's additional debt and financing needs, finding default is likely by mid-2011 unless more aid is provided. The conclusion is that any rescue package will only delay default temporarily and Greece and its creditors should prepare for negotiated debt restructuring and haircuts of around 50%.
This document summarizes the complex system of fiscal transfers ("Dana Perimbangan") from the central government to regional governments in Indonesia. It finds that the shared revenue component (DBH) is largely irrelevant due to reductions in the general allocation fund (DAU) of equal amounts. The DAU formula provides incentives for regional governments to not economize on personnel or increase own-source revenues. The measure of fiscal need inappropriately provides higher transfers per capita to wealthier and more developed regions. The special allocation fund (DAK) has proliferated into many sectors inconsistently with decentralization objectives.
Informe del FMI sobre España en el marco del articulo ivManfredNolte
The document is an IMF staff report supplement providing an update on recent financial and fiscal policy initiatives in Spain after the initial staff report.
Key updates include: (1) Spain negotiated a financial assistance package of up to €100 billion from the EFSF to recapitalize banks, with policies to restructure weak banks and deal with legacy assets; (2) the EU agreed to a smoother deficit reduction path for Spain, lowering targets to 6.3% in 2012 and 4.5% in 2013; (3) the Spanish government announced new fiscal measures including VAT increases, public sector pay cuts, and unemployment benefit reductions estimated to total 2% of GDP through 2014.
The document provides an overview of the City of Los Angeles' fiscal year 2012-13 budget presented by Miguel A. Santa Ana. It discusses that the general fund supports most municipal services while special funds are generated for specific purposes. It also notes that public safety accounts for over a third of general fund appropriations while pensions account for nearly a fifth. Additionally, it outlines challenges like the economy, federal actions, and pensions as well as potential solutions to address budget deficits.
Capital projects funds and debt service funds are used to account for long-term capital projects and debt in governmental entities. Capital projects funds use the modified accrual basis of accounting and record construction costs as long-term assets. Debt service funds use the same accounting basis and record interest and principal payments on bonds. When bonds are issued at a premium, the excess can be transferred to the debt service fund from the capital projects fund.
The document discusses the history and growth of Philippine external debt from the 1960s to present. It notes that debt rose dramatically under Marcos from $277 million to $840 million from 1965-1972 as he borrowed heavily from foreign lenders. Successive administrations were unable to get debt under control as it continued increasing, reaching $69 billion by the early 2000s. The debt service burden from 2001-2005 was the heaviest in Philippine history, consuming over 1/3 of the national budget annually to pay interest on loans. Borrowing has continued to fund debt payments, exacerbating the problem over many decades.
1. Debt service funds account for resources to pay long-term debt principal and interest. Capital projects funds account for resources used to acquire capital assets on a project basis, using modified accrual accounting.
2. Governments have flexibility in how they structure capital projects funds, allowing single or combined funds for projects. Budgetary reporting is not required for capital projects funds as it is for the general fund and major special revenue funds.
3. When governments issue bonds at a premium, excess resources can be transferred from the capital projects fund to the debt service fund.
γράμμα πρόθεσης του γιώργου παπακωνσταντίνουirisld
This document is a letter from Greek Finance Minister George Papaconstantinou to the heads of the IMF, European Commission, and European Central Bank dated February 28, 2011 outlining additional austerity measures that Greece plans to implement. It acknowledges that Greece met its 2010 deficit reduction target but missed other targets. It details an ambitious schedule of further fiscal consolidation measures and reforms to strengthen budget implementation and revenue administration. The letter represents a binding commitment by Greece in exchange for disbursement of the 4th bailout tranche.
- Estonia weathered the recent economic crisis well due to fiscal adjustments introduced during the recession that allowed it to avoid a fiscal collapse. This included running budget surpluses in previous years that provided reserves.
- The economic recovery has been faster than expected, leading to higher than planned budget revenues in 2010. This means the budget deficit will be lower than targeted at 1.3% of GDP rather than 2.8%.
- For 2011, budget revenues are expected to increase 2% while expenditures rise 5%. This would result in a budget deficit of 1.6% of GDP, still below the 2% limit set in Estonia's budget strategy. Estonia is in a strong fiscal position compared to
The European heads of state agreed to take further steps to strengthen economic governance and address the sovereign debt crisis, including:
1) Establishing stricter fiscal rules for eurozone members with automatic sanctions for non-compliance
2) Accelerating the timeline for the European Stability Mechanism to enter into force to provide additional financial resources
3) Committing to leveraging existing financial backstops like the EFSF and providing up to €200B in additional resources to the IMF
CDS spreads are way up, bond yield at 7%, savers withdrawing money from banks: the day of recognizing has arrived and Greece will not avoid a bailout by end April.
The Eurogroup meeting on Greece's bailout program was inconclusive, postponing a decision on disbursing further aid and revealing disagreements between the IMF and Eurogroup on debt targets. Portuguese GDP contracted again in Q3 while unemployment rose to a new high of 15.8%. Spanish plans for transferring assets to its bad bank are advancing with interest from foreign investors. Japanese Prime Minister Noda will hold elections in December amid calls for more aggressive monetary easing.
Greece-crisis is an article explains about the major crisis which hit the Greece during July- 2015 which is still surviving.The reasons why still Greece crisis is surviving.
Citibank - Market Outlook September 2012Denny Setiady
Possible Grexit looming in the next 6-12 months with a 90% probability. Key upcoming meetings and events in September could impact the outcome, including a German court ruling on bailout funds and a Dutch election. If Grexit occurs, it would likely involve capital controls and currency adjustments in Greece, but the response from other countries and institutions would be substantial to prevent contagion. However, Grexit may not solve the underlying issues in the Eurozone and further restructurings are still expected.
Olivier desbarres asks are greece in the last chance saloon?Olivier Desbarres
1) Greece has been negotiating with the IMF/ECB/European Commission Troika for two months to renegotiate its debt and end austerity measures, but the negotiations have achieved little and the range of outcomes has narrowed.
2) While Greece has avoided exiting the eurozone so far, its finances are deteriorating and it faces large debt payments in April and May that will be difficult to pay without more funds from its international creditors.
3) The Troika has denied most of Greece's requests for financing and bailout funds are conditional on Greece implementing reforms, so the government has scaled back promises and is implementing new tax and privatization measures, but it remains uncertain if this will satisfy the Troika.
The document discusses Greece's budget assumptions and projections, noting that the baseline scenario is overly optimistic. It analyzes the execution of Greece's Stability and Growth Program, finding that progress relies too heavily on reducing public investment and that debt levels will continue rising. Two scenarios project Greece's additional debt and financing needs, finding default is likely by mid-2011 unless more aid is provided. The conclusion is that any rescue package will only delay default temporarily and Greece and its creditors should prepare for negotiated debt restructuring and haircuts of around 50%.
Greek officials together with IMF and EU ones are touring Europe investors to convince them to buy Greek long dated bonds: I remain unconvinced about the chance of success due to a continued depressed economic environment and the time frame required to modernize the Greek economy that goes well beyond the 3 years rescue plan.
WF Briefing note: The problem with Greece (Apr 2015)Matthew James
World First's chief economist, Jeremy Cook, takes a look at the implications of Greece leaving the euro. Just how likely is a Grexit and what would it mean for Greece and the rest of the eurozone?
WF briefing note: The problem with Greece (Apr 2015)World First
Jeremy Cook, Chief Economist at currency experts World First, explores what might happen if Greece left the euro - the so-called 'Grexit'. What would it mean for Greece, the rest of the eurozone and you?
This document provides an overview and assessment of economic adjustment programs implemented in the euro area since 2010. It discusses:
1) The large financial aid programs that were established for Greece, Ireland, Portugal, Spain, and Cyprus totaling over €454 billion.
2) The exit strategies available to countries completing adjustment programs, including committing to a new program or opting for a "clean exit" to market financing.
3) Initial signs that the programs in Ireland and Portugal achieved their goals, as evidenced by their successful returns to bond markets at declining interest rates, regaining investor confidence. However, uncertainties remain around Greece's ability to permanently access affordable financing.
Greece eurozone and the euro the body is getting really rottenMarkets Beyond
Greece debt trap is inextricable: there is no way out of a default/restructing - debt "reprofiling" is just a joke since it would require 21% compound annual growth for 10 years to go back to 60% debt/GDP ratio.
The EUR 110 billion IMF and eurozone rescue package this weekend will not save Greece from a debt rescheduling. As for Portugal and Spain; but watch France and Italy...
Portugal, greece and the euro crisis what the news areMarkets Beyond
Portugal is under increasing stress after the rejection of a third austerity plan by its Parliament.
Greece's budget deficit reduction is not starting well in 2011, and the latest figures smell manipulation (with the EU blessing)
Euro summit kicking the can down the road once more-Markets Beyond
The Eurozone leaders reached an agreement to address Greece's debt crisis with a 50% nominal write-down of Greek debt held by private creditors, preferential refinancing of the remaining debt, and closer supervision of Greece's adherence to reforms. However, the agreement lacks many important details and only kicks the can down the road by failing to adequately address the underlying issues preventing Greece's economic growth. While providing short-term relief, the measures will not be enough to solve the region's sovereign debt problems in the long run. The agreement benefits China the most as a large holder of European debt.
How the Financial Crisis has Changed the Market for Public Private Partnershi...icgfmconference
“How the Financial Crisis has Changed the Market for
Public Private Partnerships (PPPs)”
Filip Drapak, Senior Specialist, World Bank Institute
Andy Wynne, Public Sector Financial Management Specialist
The panelists will describe the current context for PPP, outlining the key issues arising as a result of the financial crisis and providing guidance on what to do now and looking forward.
The moderator will open the floor to an open discussion to address questions such as:
What is the role of infrastructure and PPPs in economic renewal?
Is private sector investment in public infrastructure now a viable alternative to
direct public investment?
How does risk profile change as a result of the financial crisis?
What is the role of development agencies?
What actions should countries take now to capitalize on PPP opportunities?
The document discusses the role of the International Monetary Fund (IMF) in Greece's 2015 bailout. It provides background on Greece's economic troubles since 2008 and details the multiple bailout packages provided by the IMF and European institutions between 2010-2015. The bailouts aimed to support Greece's austerity reforms but impacted citizens through wage freezes and tax increases. The IMF wanted to see debt relief for Greece and sustainable reforms before committing further funds, as Greece struggled with unsustainable debt levels over 175% of GDP.
Greece probably has until late July to come to an agreement with its creditors before the process of leaving the monetary union would begin. Possible delays in payments to the International Monetary Fund in June shouldn’t prompt the European Central Bank to shut off vital liquidity to Greek banks. By contrast, a default on marketable debt -- specifically the failure of the Greek government to pay 3.5 billion euros due to the ECB on July 20 -- would put Greece close to the exit. The Greek government and its creditors are still likely to reach a deal on a list of reforms before that crucial date.
The document summarizes recent developments regarding Greece's debt crisis, including a potential Greek exit from the eurozone being discussed in German media, credit downgrades by ratings agencies, and technical teams arriving in Greece to discuss adjustments to its bailout package. It analyzes Greece's budget and debt situation, finding its deficit and debt are unsustainable under current conditions. It concludes that a Greek default seems inevitable as there is no way for Greece to increase tax revenues enough to meaningfully pay down its debt, and that investors rather than taxpayers should bear the costs of a default.
- Greece imposed capital controls and limited daily ATM withdrawals as differences between creditors and the Greek government increased ahead of debt repayment deadlines.
- A Greek referendum on austerity measures will be held on July 5th, but creditors may not extend financing to Greece until after the vote. This adds uncertainty for another 7-10 days.
- Volatility is expected in global markets as a potential Greek exit from the euro is not fully priced in and could lead to 2-3% short-term corrections.
This document provides recommendations for diving operators on risk prevention and mitigation procedures during the COVID-19 pandemic. It addresses measures for customer and staff safety including physical distancing, disinfection protocols, managing rental equipment, protective measures on boats, and safely conducting buddy checks, gas sharing, and cylinder refills. The 10 key recommendations cover reception areas, disinfection of surfaces and equipment, controlling rental gear, boat operations, buddy checks, and refilling cylinders. Frequent disinfection and physical distancing are emphasized.
This document provides information on ear equalization for scuba divers. It discusses how pressure changes from diving can cause ear injuries if divers do not properly equalize their ears. It describes the anatomy of the ear and equalization process. It then details six methods for equalizing ears, and provides 10 tips to make equalization easier. Finally, it discusses how to deal with other ear problems like barotrauma and vertigo that can occur from diving issues. The overall goal is to help divers understand ear equalization and protect their ears while scuba diving.
Solarus is an innovative renewable energy company that develops and markets the PowerCollector, a hybrid concentrated photovoltaic and thermal collector. The PowerCollector generates both electricity and heat from solar energy, with efficiencies up to four times greater than conventional solar panels. Solarus seeks to provide affordable, clean energy worldwide in order to alleviate energy poverty and promote sustainable development.
This document summarizes an annual general meeting presentation about LNG market outlook and floating storage and regasification units (FSRUs). The presentation discusses key LNG market figures from 2016, important facts about FSRUs, an industry overview of FSRUs including active projects worldwide, the regasification process used by FSRUs, and potential FSRU projects in the Eastern Mediterranean region including Israel, Egypt, Malta, and potentially Cyprus. The conclusion emphasizes that security of energy sources will require substantial investment, and that a combination of an FSRU and floating LNG facility could position Cyprus in the global LNG market as a producer and user.
The sponsorship opportunity for the COGA Annual General Meeting on May 25, 2017 costs 1000 Euros. Benefits include having promotional materials at the reception table, displaying banners in the conference room, and showing sponsor logos on screens before the AGM. Interested parties should contact Mr. Polis Peratikos, the Executive Secretary of the Cyprus Chamber of Commerce & Industry, for more information.
Cyprus Oil & Gas Association AGM agenda officialAndy Varoshiotis
The Annual General Meeting agenda included a members session from 5pm, followed by the official session at 6pm. The official session was to include a keynote speech by the Minister of Energy on the 3rd Licensing Round, addresses by the President of CCCI and President of COGA on LNG imports and an FRSU solution, and a cocktail reception was scheduled afterwards at 7pm.
This document provides information about solar photovoltaic (PV) energy systems and net metering from Harvest 4 Energy. It discusses the company's full-service installation process, how PV systems can lower energy costs and gain independence. The document then details the application process, installation requirements, licensing process, expenses, required documents, and financing options for a 3kW net metering PV system. Customers can have a PV system installed and pay it off in about 5 years once energy savings are factored in.
Power for all, Renewable Energy Declaration and statement Andy Varoshiotis
This document outlines the goals of the Power for All campaign to promote universal access to affordable and sustainable energy. It notes that over 1 billion people currently lack access to electricity, most living in rural areas. Providing energy access through centralized fossil fuel systems would be too costly, time-consuming, and environmentally damaging. However, decentralized renewable energy solutions could achieve universal access much more quickly and at lower cost while creating jobs. Therefore, the Power for All campaign urges governments and organizations to support decentralized renewable energy through policies, funding, education, and market development initiatives to accelerate access to energy for all.
Harvest 4 Energy Ltd is a Cyprus-based energy consulting firm that provides various oil and gas services including: 1) drilling, production, and reserves optimization as well as enhanced oil recovery techniques; 2) asset evaluation, management, and compliance services; 3) project management, technical consulting, and training. The company's services span upstream, midstream, and downstream oil and gas operations as well as related areas like geophysical surveying and pipeline inspection.
The document summarizes the work of the Nuclear Security Project (NSP), led by four former senior U.S. statesmen, which aims to reduce nuclear dangers and build support for a world without nuclear weapons. It provides an overview of the NSP's vision and steps outlined in Wall Street Journal op-eds beginning in 2007. It describes the impact and momentum generated, including endorsements from world leaders. It outlines the NSP's activities like conferences, research, and the documentary Nuclear Tipping Point to further the vision and address challenges.
Fidel Castro writes a letter to Nikita Khrushchev on October 28, 1962 regarding the Cuban Missile Crisis. Castro expresses gratitude to Khrushchev for defending Cuba from invasion and preventing nuclear war. However, Castro argues that they should take advantage of the current situation to further strengthen Cuba's independence and sovereignty. Castro believes they have accomplished preventing invasion and aggression, and should continue efforts to build a socialist society in Cuba.
DAN's Smart Guide to Safe Diving outlines 7 common mistakes divers make and how to avoid them: (1) neglecting health and fitness by not being medically cleared to dive or delaying diving when ill; (2) neglecting proper gear maintenance like cleaning equipment after each use and regular servicing; and (3) insufficient dive planning like not researching dive sites and conditions in advance. The document also discusses lack of buoyancy control, diving beyond training levels, running out of air, and not taking personal responsibility for dive safety.
This document discusses the importance of emergency first response training provided by I DIVE Tec Rec Centers Plc. It notes that over 2.4 million people die each year from cardiovascular disease and that survival rates decrease by 10% every minute without treatment. I DIVE Tec offers CPR, AED, and first aid courses that meet international standards and regulatory requirements. Their Emergency First Response program uses simplified learning approaches and positive reinforcement to build confidence in emergency care. I DIVE Tec can also train organizations' staff to become certified Emergency First Response instructors.
I Dive Tec Rec Centers Plc, Scuba Diving Protaras - Ayia Napa Andy Varoshiotis
Divers are connected to the ocean and can protect it through their actions while diving and in daily life. The document provides 10 tips for divers to protect the ocean, including being careful while diving to avoid damaging coral and wildlife, being a role model for new divers, taking only photos and leaving nothing behind, choosing sustainable seafood and destinations, reducing their carbon footprint, speaking out for conservation, and donating to ocean protection organizations.
Harvard University Preventing nuclear terrorism Andy Varoshiotis
This document discusses nuclear security and the threat of nuclear terrorism. It presents two potential scenarios for the state of nuclear security in 2030: a high-security scenario where significant progress has been made, or a low-security scenario where progress has declined. The document analyzes the evolving threat of nuclear terrorism, assesses progress made and remaining gaps, and discusses obstacles to further progress. It concludes by recommending actions needed to achieve continuous improvement in nuclear security to prevent dangerous decline.
This document provides a summary of a renewable energy roadmap developed for the Republic of Cyprus. Key components of the analysis were developed by the Swedish Royal Institute of Technology and Cyprus University of Technology. The roadmap examines electricity demand forecasts, electricity supply scenarios, the role of variable renewable energy (VRE), and technologies to provide grid support services from VRE. Scenarios analyze electricity generation pathways to 2030 under different policy assumptions. The roadmap finds that significant deployment of solar PV and wind can meet renewable targets in a cost-effective manner while reducing reliance on imported fossil fuels.
This document summarizes the state of the global oil market in early 2016, when oil prices had collapsed to their lowest levels in over a decade. It finds that despite low prices, oil production continues to grow due to ongoing investments. Major producing countries like Canada, Iran, Iraq, and others are still bringing new production capacity online or restoring existing fields. The only possibilities for a substantial price recovery seem to be unexpected geopolitical events disrupting supply or a formal agreement by producers like OPEC to cut output, though such an agreement would be difficult to implement. Overall, supply appears set to continue outpacing demand in 2016, keeping downward pressure on prices.
Harvard University The energy implications of a nuclear deal between the p51 ...Andy Varoshiotis
The document summarizes a workshop discussing the potential energy implications of a nuclear deal between the P5+1 and Iran. Key points of discussion included:
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
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Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
1. Europe Cyprus
4 December 2012
Macro
Data Flash (Euroland) Economics
Research Team
Cyprus bailout - nearing a deal Peter Sidorov
Global Markets Research
Economist
(+44) 0 20754-70132
peter.sidorov@db.com
On Monday (3 December) the Eurogroup welcomed the steps that
Cyprus has taken towards agreeing on an adjustment programme. This
came after earlier in the day the FT leaked the draft MoU between
Cyprus and the Troika.
While a deal is yet to be finalised, the loan programme could total more
than EUR 17bn until the end of 2015. At close to 100% of GDP, this
would be larger in relative size than previous bailouts – Irish, Portuguese
and first Greek programmes - which were around 50% of GDP.
The draft MoU pencils in up to EUR 10bn for bank recapitalisation.
Banks’ capital needs should become clearer following the interim results
of the Cypriot banks’ due diligence, which are expected this Friday (7
December). The euro area finance ministers will then discuss the Cyprus
bailout at the special Eurogroup meeting on 13 December. Should a deal
be approved at the meeting, Cyprus could receive the first tranche in
late January.
Drawn-out negotiations
Monday (3 December) saw a busy day in the news for Cyprus with the FT leaking
the draft MoU between Cyprus and the Troika and the euro area finance ministers
discussing the assistance programme for the country. These latest developments
come as the negotiations on the Cyprus bailout, after months of slow progress,
have moved towards a deal in the last two weeks.
It has now been over five months since the Cypriot government asked for financial
assistance from the Eurogroup and the IMF in late June after being faced with
having to fund EUR 1.8bn in bank recapitalisation costs for the country’s second
largest lender. Following the request, the Troika replied with its draft proposals in
late July. Cyprus had been somewhat slow in formulating their response. In early
October the Cypriot President Demetris Christofias went so far as to say that he
would not sign a bailout under the terms offered, particularly objecting to
privatization of profitable state-owned enterprises (SOEs) and the abolition the
inflation cost of living adjustment of public wages.
Cypriot officials submitted counterproposals to the Troika’s draft proposals in late
October, with the Troika returning to the island on 8 November. On Friday 30
November as the Cypriot Ministry of Finance presented the details of the 2013
budget and the 2013-15 financial framework, which incorporated the fiscal
measures envisaged in the draft MoU.
The size of the bailout
While the leaked draft MoU does not spell out the size of bailout, this could in
Economics
our view total over EUR 17bn, close to 100% of GDP (EUR 17.8bn in 2011)
based on the draft MoU and our estimates:
Deutsche Bank AG/London
DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA(P) 072/04/2012.
2. 4 December 2012 Data Flash (Euroland)
Up to EUR 10bn (56% of GDP) for bank recapitalisation is
pencilled in under the draft MoU. This would include the EUR 1.8bn
recapitalisation of Cyprus Popular Bank, which was done through the
issuance of a 1-year zero coupon bond to the bank. The cost of bank
bailout would bring the country’s debt ratio well above 100% - the
debt ratio is expected by the government to reach 76% of GDP
before any bank bailout costs (86% if we include the existing EUR
1.8bn recapitalisation above). The likely size of the bank capital needs
should become clearer with the preliminary Cypriot banks’ due
diligence results due this Friday (7 December) according to the draft
MoU.
We estimate that around EUR 5.6bn may be required to
refinance government debt through to the end of 2015. This
includes EUR 820m of bills outstanding as of mid-November, and a
further EUR 2.3bn of redemptions in 2013 and EUR 2.5bn in 2014-15.
Financing the budget deficit during the programme could
require between EUR 1.5bn-2bn based on our back of the
envelope estimate 1 . The draft MoU only presents an overall fiscal
deficit target for 2012 (at EUR 1.04bn, 5.8% of GDP), with primary
balance targets for 2013-15. This is likely as the interest expense
figure will be sensitive to the final size if the bank recapitalisation.
The interest rate on the loans is also still to be agreed.
If the assistance package were to total EUR 17bn (96% of GDP), it would be much
larger, as a proportion of GDP, than the Irish (EUR 85bn, 53% of GDP), Portuguese
(EUR 78bn, 45%) and the first Greek (EUR 110bn, 48% of GDP) programmes.
Details so far, and what is missing
In addition to the bank recapitalisation of up to EUR 10bn, with the size to be
finalised following the due diligence results, the draft agreement envisages
widespread changes to the regulation and supervision of banks. This includes
stricter classification of non-performing loans, reduction of the timeline for seizure
of collateral on NPLs, bringing the cooperative banks under the supervision of the
central bank and setting up an asset management company (AMC) to segregate
NPLs and non-core assets i.e. a bad bank.
The one aspect of bank reform that does not appear to be to be explicitly
addressed in the draft MoU is mitigation of the risks posed to Cypriot banks
by exposure to Greece going forward. The Greek loan book is arguably the
biggest risk facing the Cypriot banking sector – the country’s three largest banks
had Greek loan portfolios, net of provisions, totalling EUR 18.9bn (equivalent to
106% of Cyprus GDP) as of 30 September 2012. A credible recapitalisation
requires a strategy to reduce the risks posed by this exposure in the event of a
further deterioration of the banks’ Greek operations. The draft MoU does state that
‘an AMC or other vehicles will be able to acquire loans and other claims, including
foreign exposure from credit institutions in Cyprus that have received or will
1
This estimate based on the cumulative EUR 540m primary surplus over 2013-15 agreed in the draft
MoU), our estimate of the fiscal deficit for Q4 2012 that is yet to be funded (c. EUR 300m) and an
estimate of future interest expense based on estimated debt levels before further bank bailout costs,
estimated at c. EUR 15bn by the end of 2012, multiplied by the current average interest rate paid by
Cyprus (4.5%). The estimate of interest rate expense is uncertain - the level of debt post bank bailout will
be higher but the average interest rate will decrease as existing funding is replaced by the programme
loans - the Finance Minister Vassos Shiarly has suggested that an interest rate of 2.5% on the bailout
loans is being discussed.
Page 2 Deutsche Bank AG/London
3. 4 December 2012 Data Flash (Euroland)
receive state aid’. This suggests that a spinoff of banks’ Greek operations into a
bad bank could be on the cards. However, we await more details as to how the
risks posed by the Greek loan books will be mitigated.
On the fiscal side, close to EUR 1.3bn (7.25pp of GDP) of fiscal consolidation
measures is planned by end-2015, with 0.25pp of GDP adjustment in the
remainder of 2012, 2.75pp in 2013, 1.75pp in 2014, 1.5pp in 2015 and 1pp in
2016. This would bring Cyprus to a 4% primary surplus in 2016. Around 5.5pp
of GDP worth of measures have been set out in the 2013-15 medium term
financial framework, with another 2pp yet to be determined.
The draft MoU does not spell out the overall fiscal targets, only those for the
primary fiscal balance, and is relatively silent on debt sustainability. This is likely
due to the uncertainty over the size of the banking recapitalisation, to which the
public debt and interest expenditure figures will be sensitive.
Ensuring debt sustainability will be a crucial element for a finalised deal. The draft
MoU suggests that privatisations may be used to plug any gap, although no details
are provided – ‘If necessary to restore debt sustainability, the Cyprus authorities
will consider a privatisation programme for state-owned and semi-public
companies’. Debt sustainability considerations may also be important in
determining the interest rate on the bailout loans.
That said, in the long-run it is Cyprus’s gas reserves that will likely be key to
addressing the country’s high debt in the long-run. The plan is to establish a
resource fund which would manage revenues from gas exploration, although
these are expected no earlier than 2018, according to previous reports.
Next steps
The preliminary bank due diligence results, expected this Friday (7 December), will
be crucial to determining the size of programme. Should the size of a bank bailout
put debt sustainability in doubt, finalising a deal could become challenging as
additional contentious measures such as privatisation of SOEs and the use of gas
revenues, may be required.
The fiscal side of the bailout has now been agreed with the measures presented
last Friday by the Finance Ministry. The government is expected to submit a
number of bills relating to the MoU to parliament, with the aim of approving them
in time for the 13 December Eurogroup meeting. Were this meeting to approve
the Cyprus package, the country could receive the first bailout cash in late January
2013 after necessary euro area parliamentary approvals and the final results of the
bank due diligence, which are expected in mid-January.
Deutsche Bank AG/London Page 3
4. 4 December 2012 Data Flash (Euroland)
Appendix 1
Important Disclosures
Additional information available upon request
For disclosures pertaining to recommendations or estimates made on a security mentioned in this report, please see
the most recently published company report or visit our global disclosure look-up page on our website at
http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr.
Analyst Certification
The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, the
undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in
this report. Peter Sidorov
Page 4 Deutsche Bank AG/London
5. 4 December 2012 Data Flash (Euroland)
Regulatory Disclosures
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Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the
"Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing.
2. Short-Term Trade Ideas
Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent
or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at
http://gm.db.com.
3. Country-Specific Disclosures
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the Australian Corporations Act and New Zealand Financial Advisors Act respectively.
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Risks to Fixed Income Positions
Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise to pay
fixed or variable interest rates. For an investor that is long fixed rate instruments (thus receiving these cash flows), increases in
interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a loss. The longer the
maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the loss. Upside surprises in
inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse macroeconomic shocks to
receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation (including changes in assets
holding limits for different types of investors), changes in tax policies, currency convertibility (which may constrain currency
conversion, repatriation of profits and/or the liquidation of positions), and settlement issues related to local clearing houses are
also important risk factors to be considered. The sensitivity of fixed income instruments to macroeconomic shocks may be
mitigated by indexing the contracted cash flows to inflation, to FX depreciation, or to specified interest rates – these are
common in emerging markets. It is important to note that the index fixings may -- by construction -- lag or mis-measure the
actual move in the underlying variables they are intended to track. The choice of the proper fixing (or metric) is particularly
important in swaps markets, where floating coupon rates (i.e., coupons indexed to a typically short-dated interest rate
reference index) are exchanged for fixed coupons. It is also important to acknowledge that funding in a currency that differs
from the currency in which the coupons to be received are denominated carries FX risk. Naturally, options on swaps
(swaptions) also bear the risks typical to options in addition to the risks related to rates movements.
Deutsche Bank AG/London Page 5