Sunday, February 16, 2014

Geography is Destiny

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Cyprus Mail -- The beginning of a dialogue aimed at strengthening relations and including the expansion of activities by Lebanese banks in the Cyprus market was announced yesterday by Central Bank Governor Panicos Demetriades, and his Lebanese counterpart Riad Salameh. In a joint press conference held after a closed session, the two central bankers affirmed the intention for banking cooperation, in the form of expanding banking operations by Lebanese banks in the Cyprus market to include funding of business activity, investments, cooperation with Cypriot banks in issuing credit notes and letters of guarantee, and project financing. “Lebanese banks can help restart the Cyprus economy and catalyse the country’s recovery,” Demetriades said.

Not mentioned: Lebanese banks bring a tradition of paying their depositors.