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CYPRUS FACT SHEET - November 14, 2014

Landmark European Parliament Resolution

A resolution strongly condemning Turkey’s illegal and provocative actions in Cyprus’ Exclusive Economic Zone was adopted by the European Parliament on 13 November calling upon the country to respect the rule of law and the sovereignty of the Republic of Cyprus. The Resolution 2014/2921 adopted by the European Parliament is as follows:
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Written Statement on the upgrade of Cyprus’s bond rating by the Moody’s Credit Rating Agency - 15/11/2014
The Government welcomes the upgrade of Cyprus’s bond rating by the Moody’s Credit Rating Agency which follows the recent successive upgrades of the economy of Cyprus by Credit Rating Agencies.

In particular, the Government considers of great importance the fact that the key drivers of the upgrade of the economy of our country were “the consolidation of the government's fiscal position, as illustrated by an expected return to a primary budget surplus from 2014, and the expectation that public debt relative to GDP will level off in 2015,” as well as “the stabilization of Cyprus's financial sector through the recapitalization of troubled banks,” which lowers the risk that bank-related contingent liabilities will crystallize on the government's balance sheet.
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Results of the comprehensive assessment of the significant Cyprus credit institutions
The comprehensive assessment of the Cypriot significant credit institutions (Bank of Cyprus, Hellenic Bank, Co-Operative Central Bank and RCB Bank) was conducted in the framework of the comprehensive assessment of 130 banks across Eurozone by the European Central Bank (ECB). The aim of the comprehensive assessment, which was carried out in the context of the preparation for the taking over by the ECB of the direct supervision of significant banks within Eurozone as from 4 November 2014, was:

- Transparency: The improvement in the transparency through the improvement in the quality of the available information on the financial condition of each bank.
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Date of publication: Sunday, 9 November 2014

Cyprus, Greece and Egypt inaugurated a new period of cooperation on Saturday, by signing the Cairo Declaration, which includes strong references for the Cyprus issue and the Turkish provocations in Cyprus` Exclusive Economic Zone (EEZ). Please find below the Declaration as it was issued:
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EU calls on Turkey to respect Cyprus' sovereign rights
The European Council has called on Turkey to respect the sovereign rights of the Republic of Cyprus in its waters, and has reminded Ankara that recognising all EU member states was a prerequisite for its EU accession course.

In its conclusions, the European Council expresses concern over the new tension in the Eastern Mediterranean and urged Turkey to show restraint and respect Cyprus` sovereignty in its waters and the sovereign rights of Cyprus in its exclusive economic zone.
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