This regulates land betting services provided within physical premises, excluding Class B services and horse racing. Class B. This regulates online betting services excluding slot machines, online casinos, and so on, to the limited extent that they are permitted see Sports betting. Services for the performance of bets by an authorised representative on behalf of a Class A licensee within licensed premises is also possible.
In addition, the Casino Law introduced the grant of a single licence for an integrated casino resort which also includes a licence for four satellite-only slot machine casinos. The winner of the tender will be awarded a year licence and a year monopoly on land-based gambling operations within the casino. This licence has not yet been granted, although the tender is at the final stage and the sole bid belongs to Melco- Hard Rock Resort Cyprus Consortium see Question Has shares registered in Cyprus.
Is registered abroad, but has an overseas company branch in Cyprus or a partnership with a Cypriot company and whose principal activity is the carrying out of bets. In this case, the issued and paid up share capital must be at least EUR, The required capital applies to both Cypriot and overseas companies.
Companies with licences in other EU member states to perform betting services within the meaning of the Betting Law but not other gambling services can provide those services in Cyprus before being issued a licence from the National Betting Association NBA as long as they apply for a licence within one month of notification of the date on which the NBA will accept applications for a licence Article 91 3 , Betting Law.
The one-month period was a transition period for companies that were already operating in Cyprus that ended on 1 November Application procedure The application must be accompanied by a guarantee issued by a bank in Cyprus or other EU member state for the amount of EUR, expiring six months after receipt of the licence.
This applies to both Cypriot and foreign companies companies as well. The NBA requires the applicant to demonstrate that it:. Has sufficient resources to pay the players' winnings. Can comply with regulations for the protection of players promulgated by the NBA.
Duration of licence and cost Licences are issued for one or two years, and may be renewed on application, subject to the approval of the NBA Article 24, Betting Law. The NBA can suspend or revoke a licence in the event of failure to comply with the required standards.
The fee is payable with the initial application or application for renewal. What are the limitations or requirements imposed on land-based gambling operators? Prohibitions Cyprus prohibits minors that is, individuals under 18 from entering licensed gambling establishments or engaging in other gambling activities, such as lotteries. People below the age of 18 cannot be involved in sports betting see Question 6. Most-land based gambling activities outside the authorised casinos are prohibited and only sports betting and lottery games are allowed in authorised venues holding a Class A licence see Question 5.
Restrictions There are no other restrictions, aside from the requirements to obtain a licence and the anti-money laundering requirements see Question 7 and below, Anti-money laundering legislation. Anti-money laundering legislation All players of electronic bets are limited to carrying out transactions by means of credit or debit cards or other kinds of electronic payment Article 54, Betting Law The following anti-money laundering measures in this place:.
Cash transactions are not allowed for electronic bets Article 58 1 , Betting Law Gambling providers must not accept any bet from a player unless they are satisfied that there are sufficient funds in the player's account. Gambling providers must maintain a valid bank account at an authorised banking institution operating in Cyprus. What is the licensing regime if any for online gambling? Available licences Online gambling is prohibited in Cyprus, except for sports betting for which a Class B licence is required see Question 4.
There is no expectation of the restrictions imposed on online gambling being removed in the near future. Eligibility See Question 5. Application procedure See Application procedure. Duration of licence and cost See Duration of licence and cost. What are the limitations or requirements imposed on online gambling operators?
Prohibitions Online gambling activities are prohibited except for sports betting, where the participant must be over the age of The licensee can electronically register as a player a person submitting an application for registration and must include various personal information regarding the player. The player must be over 18 and informed of the conditions and the procedure for carrying out bets, including the fee payable to the licensee.
The licensee maintains in electronic form a secure list of all players registered, including their details and an account for each registered player in which the amounts received from the player, as well as the amounts due to the player, are credited. The account is maintained for five years after the last transaction and can be closed with the approval of the National Betting Authority. Anti-money laundering legislation Players must be registered and maintain an account with the gambling service provider Article 54, Betting Law Betting transactions can be executed only by means of credit or debit cards or electronic transfer, while cash transactions are prohibited Article 58, Betting Law.
B2B and B2C. Is there a distinction between the law applicable between B2B operations and B2C operations in online gambling? There is no distinction between B2B and B2C operations. Technical measures. What technical measures are in place if any to protect consumers from unlicensed operators, such as ISP blocking and payment blocking? The NBA can block access to any unauthorised and unlicensed provider of illegal gambling services.
The NBA has issued a blacklist of approximately online gambling sites that have been banned for offering illegal gambling services. Mobile gambling and interactive gambling What differences if any are there between the regulation of mobile gambling and interactive gambling on television? There are no actual differences, between the regulation of mobile gambling and interactive gambling on television.
Electronic betting is defined as any bet that is carried out through telecommunications see Online gambling. According to the Betting Law , the term "telecommunications" includes both mobile devices and television. Social gaming How is social gaming regulated in your jurisdiction? A "game of chance" is regarded as a game the result of which depends partly on luck and which is played by paying money or movable or immovable property, or with credit, or with any other object that has economic value irrespective of whether it yields any financial gain to the player Betting Law Any social game that meets those criteria is regarded as a game of chance and needs to be licensed.
Gambling debts Are gambling debts enforceable in your jurisdiction? Most gambling payments are made immediately, as in the case of lotteries. As gambling is not currently offered on credit, except in the casinos, which are yet to be set up, this is not currently an issue under Cypriot law.
Tax What are the applicable tax regimes for land-based and online gambling? The Gaming Board will subsequently distribute the proceeds among the Sports Federation, the Football Federation and gambling addiction programmes Article 71, Betting Law Online gambling See above, Land-based gambling. Advertising To what extent is the advertising of gambling permitted in your jurisdiction?
To the extent that advertising is permitted, how is it regulated? Land-based gambling The advertising of specific forms of betting is not prohibited but there are restrictions under the Betting Law Online gambling The advertising of licensed online sports betting is not prohibited. There will soon be a code of good practice issued by the National Betting Authority, which will define exactly the framework under which licensed companies can advertise their activities.
Developments and reform Legal development. Has the legal status of land-based and online gambling changed significantly in recent years, and if so how? Since the Betting Law was introduced, OPAP SA, a formerly Greek company that is now partially privatised retains a de facto monopoly on sports betting and lotteries, although two other companies have been awarded a licence by the National Betting Authority to offer their services in land-based premises.
The legal framework on casinos has been modified by the Casino Law , and the Republic of Cyprus has granted a licence to develop and operate a thematic casino to a consortium of companies after the conduction of an international tender. OPAP's competitors have over the years strongly contested the tax-free regime from which it has benefited, which results from the bilateral agreement between Greece and Cyprus see Question 1. They argued that it violates EU law, fair trade practices and competition law, and that opening up lottery gaming services will result in economic growth, job creation and a reduction in illegal gambling.
Are there any proposals for reform? The implementation of the Casino Law is moving forward and the final offers for the tender have been announced. The licensed casinos will allow traditional casino games such as poker and roulette to be played legally in land-based premises. The following licences will be available:. A licence for an integrated casino resort, which can offer 1, slot machines and gaming tables where all traditional gambling games will be allowed.
A licence for four satellite casinos, each permitted to hold up to 50 slot machines and five tables. Further, proposed legislation and regulations provide for the implementation of all EU Directives concerned with combating money laundering.
On 28 July , the Minister of Finance, Mr Georgiades, addressed a public speech at the National Betting Authority NBA , where he summarised the next steps required to update the gaming legislation framework in Cyprus. He set out a five-pillar strategy:. Pillar 1: the operation of an integrated casino resort. The selection process will enter its final stage this autumn and the government hopes that in there will begin the implementation of this very important investment see above.
Pillar 2: the licensing of video lottery terminals VLTs slot machines. The licensed VLTs have been included in the casino licensing process. Pillar 3: a concession for the operation of the state lottery by a private investor. This process is expected to take place within The Ministry of Finance claimed that this would fully safeguard public revenue without requiring the involvement of public services in a highly commercial activity. The Minister emphasised that the relevant legislation is already prepared and has been sent to the Law Office of the Republic for legal vetting.
Pillar 5: the licensing of online betting firms. Among other things, the Minister stated that the NBA will move towards licensing online betting companies, as part of a strategic decision to reorganise the betting industry to create a significant new prospect for the economy.
This is the refrain from Washington, Beijing, London, and indeed most of the capitals of the euro zone. Why hasn't the continent's canniest politician sprung into action? The crisis is pressuring the Euro to move beyond a regulatory state and towards a more federal EU with fiscal powers. Control, including requirements that taxes be raised or budgets cut, would be exercised only when fiscal imbalances developed. On 6 June , the European Commission adopted a legislative proposal for a harmonised bank recovery and resolution mechanism.
The proposed framework sets out the necessary steps and powers to ensure that bank failures across the EU are managed in a way that avoids financial instability. The proposal is part of a new scheme in which banks will be compelled to "bail-in" their creditors whenever they fail, the basic aim being to prevent taxpayer-funded bailouts in the future. Each institution would also be obliged to set aside at least one per cent of the deposits covered by their national guarantees for a special fund to finance the resolution of banking crisis starting in A growing number of investors and economists say eurobonds would be the best way of solving a debt crisis,  though their introduction matched by tight financial and budgetary co-ordination may well require changes in EU treaties.
Using the term "stability bonds", Jose Manuel Barroso insisted that any such plan would have to be matched by tight fiscal surveillance and economic policy coordination as an essential counterpart so as to avoid moral hazard and ensure sustainable public finances. Germany remains largely opposed at least in the short term to a collective takeover of the debt of states that have run excessive budget deficits and borrowed excessively over the past years.
ESBies could be issued by public or private-sector entities and would "weaken the diabolic loop and its diffusion across countries". It requires "no significant change in treaties or legislation. In the idea was picked up by the European Central Bank. The European Commission has also shown interest and plans to include ESBies in a future white paper dealing with the aftermath of the financial crisis.
On 20 October , the Austrian Institute of Economic Research published an article that suggests transforming the EFSF into a European Monetary Fund EMF , which could provide governments with fixed interest rate Eurobonds at a rate slightly below medium-term economic growth in nominal terms.
These bonds would not be tradable but could be held by investors with the EMF and liquidated at any time. To ensure fiscal discipline despite lack of market pressure, the EMF would operate according to strict rules, providing funds only to countries that meet fiscal and macroeconomic criteria. Governments lacking sound financial policies would be forced to rely on traditional national governmental bonds with less favourable market rates.
The econometric analysis suggests that "If the short-term and long- term interest rates in the euro area were stabilised at 1. At the same time, sovereign debt levels would be significantly lower with, e. Furthermore, banks would no longer be able to benefit unduly from intermediary profits by borrowing from the ECB at low rates and investing in government bonds at high rates. The Boston Consulting Group BCG adds that if the overall debt load continues to grow faster than the economy, then large-scale debt restructuring becomes inevitable.
The authors admit that such programmes would be "drastic", "unpopular" and "require broad political coordination and leadership" but they maintain that the longer politicians and central bankers wait, the more necessary such a step will be. Thomas Piketty , French economist and author of the bestselling book Capital in the Twenty-First Century regards taxes on capital as a more favorable option than austerity inefficient and unjust and inflation only affects cash but neither real estates nor business capital.
According to his analysis, a flat tax of 15 percent on private wealth would provide the state with nearly a year's worth national income, which would allow for immediate reimbursement of the entire public debt. Instead of a one-time write-off, German economist Harald Spehl has called for a year debt-reduction plan, similar to the one Germany used after World War II to share the burden of reconstruction and development. According to this agreement, West Germany had to make repayments only when it was running a trade surplus, that is "when it had earned the money to pay up, rather than having to borrow more, or dip into its foreign currency reserves.
The European bailouts are largely about shifting exposure from banks and others, who otherwise are lined up for losses on the sovereign debt they have piled up, onto European taxpayers. First, the "no bail-out" clause Article TFEU ensures that the responsibility for repaying public debt remains national and prevents risk premiums caused by unsound fiscal policies from spilling over to partner countries. The clause thus encourages prudent fiscal policies at the national level.
The European Central Bank 's purchase of distressed country bonds can be viewed as violating the prohibition of monetary financing of budget deficits Article TFEU. Articles and were meant to create disincentives for EU member states to run excessive deficits and state debt, and prevent the moral hazard of over-spending and lending in good times.
They were also meant to protect the taxpayers of the other more prudent member states. By issuing bail-out aid guaranteed by prudent eurozone taxpayers to rule-breaking eurozone countries such as Greece, the EU and eurozone countries also encourage moral hazard in the future.
The EU treaties contain so called convergence criteria , specified in the protocols of the Treaties of the European Union. For eurozone members there is the Stability and Growth Pact , which contains the same requirements for budget deficit and debt limitation but with a much stricter regime.
In the past, many European countries have substantially exceeded these criteria over a long period of time. According to a study by economists at St Gallen University credit rating agencies have fuelled rising euro zone indebtedness by issuing more severe downgrades since the sovereign debt crisis unfolded in The authors concluded that rating agencies were not consistent in their judgments, on average rating Portugal, Ireland, and Greece 2.
Germany, Finland and Luxembourg. European policy makers have criticised ratings agencies for acting politically, accusing the Big Three of bias towards European assets and fuelling speculation. France too has shown its anger at its downgrade. Similar comments were made by high-ranking politicians in Germany. Michael Fuchs , deputy leader of the leading Christian Democrats , said: "Standard and Poor's must stop playing politics. Why doesn't it act on the highly indebted United States or highly indebted Britain?
He further added: "If the agency downgrades France, it should also downgrade Britain in order to be consistent. Credit rating agencies were also accused of bullying politicians by systematically downgrading eurozone countries just before important European Council meetings.
As one EU source put it: "It is interesting to look at the downgradings and the timings of the downgradings It is strange that we have so many downgrades in the weeks of summits. In essence, this forced European banks and more importantly the European Central Bank , e. Due to the failures of the ratings agencies, European regulators obtained new powers to supervise ratings agencies. Germany's foreign minister Guido Westerwelle called for an "independent" European ratings agency, which could avoid the conflicts of interest that he claimed US-based agencies faced.
On 30 January , the company said it was already collecting funds from financial institutions and business intelligence agencies to set up an independent non-profit ratings agency by mid, which could provide its first country ratings by the end of the year. But attempts to regulate credit rating agencies more strictly in the wake of the eurozone crisis have been rather unsuccessful.
Some in the Greek, Spanish, and French press and elsewhere spread conspiracy theories that claimed that the U. The Economist rebutted these "Anglo-Saxon conspiracy" claims, writing that although American and British traders overestimated the weakness of southern European public finances and the probability of the breakup of the eurozone breakup, these sentiments were an ordinary market panic, rather than some deliberate plot.
Greek Prime Minister Papandreou is quoted as saying that there was no question of Greece leaving the euro and suggested that the crisis was politically as well as financially motivated. Both the Spanish and Greek Prime Ministers have accused financial speculators and hedge funds of worsening the crisis by short selling euros. Goldman Sachs and other banks faced an inquiry by the Federal Reserve over their derivatives arrangements with Greece. The Guardian reported that "Goldman was reportedly the most heavily involved of a dozen or so Wall Street banks" that assisted the Greek government in the early s "to structure complex derivatives deals early in the decade and 'borrow' billions of dollars in exchange rate swaps, which did not officially count as debt under eurozone rules.
In response to accusations that speculators were worsening the problem, some markets banned naked short selling for a few months. Some economists, mostly from outside Europe and associated with Modern Monetary Theory and other post-Keynesian schools, condemned the design of the euro currency system from the beginning because it ceded national monetary and economic sovereignty but lacked a central fiscal authority.
When faced with economic problems, they maintained, "Without such an institution, EMU would prevent effective action by individual countries and put nothing in its place. Ricci of the IMF, contend that the eurozone does not fulfil the necessary criteria for an optimum currency area , though it is moving in that direction.
As the debt crisis expanded beyond Greece, these economists continued to advocate, albeit more forcefully, the disbandment of the eurozone. If this was not immediately feasible, they recommended that Greece and the other debtor nations unilaterally leave the eurozone, default on their debts, regain their fiscal sovereignty, and re-adopt national currencies.
The likely substantial fall in the euro against a newly reconstituted Deutsche Mark would give a "huge boost" to its members' competitiveness. Iceland, not part of the EU, is regarded as one of Europe's recovery success stories. Labour concessions, a minimal reliance on public debt, and tax reform helped to further a pro-growth policy.
His company planned to use Dealz in continental Europe; McCarthy stated that "There is less certainty about the longevity [of the currency union] now". The Wall Street Journal added that without the German-led bloc, a residual euro would have the flexibility to keep interest rates low  and engage in quantitative easing or fiscal stimulus in support of a job-targeting economic policy  instead of inflation targeting in the current configuration.
There is opposition in this view. The national exits are expected to be an expensive proposition. The breakdown of the currency would lead to insolvency of several euro zone countries, a breakdown in intrazone payments. Having instability and the public debt issue still not solved, the contagion effects and instability would spread into the system. According to Steven Erlanger from The New York Times, a "Greek departure is likely to be seen as the beginning of the end for the whole euro zone project, a major accomplishment, whatever its faults, in the post-War construction of a Europe "whole and at peace".
The challenges to the speculation about the break-up or salvage of the eurozone is rooted in its innate nature that the break-up or salvage of eurozone is not only an economic decision but also a critical political decision followed by complicated ramifications that "If Berlin pays the bills and tells the rest of Europe how to behave, it risks fostering destructive nationalist resentment against Germany and The Economist provides a somewhat modified approach to saving the euro in that "a limited version of federalisation could be less miserable solution than break-up of the euro".
In order for overindebted countries to stabilise the dwindling euro and economy, the overindebted countries require "access to money and for banks to have a "safe" euro-wide class of assets that is not tied to the fortunes of one country" which could be obtained by "narrower Eurobond that mutualises a limited amount of debt for a limited amount of time".
Each country would pledge a specified tax such as a VAT surcharge to provide the cash. He argues that to save the Euro long-term structural changes are essential in addition to the immediate steps needed to arrest the crisis.
The changes he recommends include even greater economic integration of the European Union. Following the formation of the Treasury, the European Council could then authorise the ECB to "step into the breach", with risks to the ECB's solvency being indemnified. In particular, he cautions, Germans will be wary of any such move, not least because many continue to believe that they have a choice between saving the Euro and abandoning it. Soros writes that a collapse of the European Union would precipitate an uncontrollable financial meltdown and thus "the only way" to avert "another Great Depression" is the formation of a European Treasury.
In , members of the European Union signed an agreement known as the Maastricht Treaty , under which they pledged to limit their deficit spending and debt levels. Some EU member states, including Greece and Italy, were able to circumvent these rules and mask their deficit and debt levels through the use of complex currency and credit derivatives structures. This added a new dimension in the world financial turmoil, as the issues of " creative accounting " and manipulation of statistics by several nations came into focus, potentially undermining investor confidence.
The focus has naturally remained on Greece due to its debt crisis. There have been reports about manipulated statistics by EU and other nations aiming, as was the case for Greece, to mask the sizes of public debts and deficits. These have included analyses of examples in several countries      the United Kingdom,      Spain,  the United States,    and even Germany. After extensive negotiations to implement a collateral structure open to all eurozone countries, on 4 October , a modified escrow collateral agreement was reached.
The expectation is that only Finland will utilise it, due, in part, to a requirement to contribute initial capital to European Stability Mechanism in one instalment instead of five instalments over time. Finland, as one of the strongest AAA countries, can raise the required capital with relative ease.
At the beginning of October, Slovakia and Netherlands were the last countries to vote on the EFSF expansion , which was the immediate issue behind the collateral discussion, with a mid-October vote. Finland's recommendation to the crisis countries is to issue asset-backed securities to cover the immediate need, a tactic successfully used in Finland's early s recession ,  in addition to spending cuts and bad banking.
The handling of the crisis has led to the premature end of several European national governments and influenced the outcome of many elections:. From Wikipedia, the free encyclopedia. Multi-year debt crisis in multiple EU countries, since late Causes of the European debt crisis Causes of the United States housing bubble Credit rating agencies and the subprime crisis Government policies and the subprime mortgage crisis.
Summit meetings. Government response and policy proposals. Business failures. Main article: Causes of the European debt crisis. See also: s European sovereign debt crisis timeline and European debt crisis contagion. Play media. Main article: Greek government-debt crisis.
Main article: Post Irish economic downturn. Main article: —14 Portuguese financial crisis. See also: — Spanish financial crisis. Main article: —13 Cypriot financial crisis. Main article: European Financial Stability Facility. Main article: European Financial Stabilisation Mechanism. Main article: European Stability Mechanism. Main article: European Fiscal Compact.
Main article: Economic reforms and recovery proposals regarding the Eurozone crisis. See also: Euro Plus Pact. Main article: Proposed long-term solutions for the European sovereign-debt crisis. Main article: Eurobonds. Main article: Securitization.
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At the same time the box also includes fragments of nature, in the form of four small gardens, which are considered equally important as a divergence from the daily routine of the family. The 4 enclosed gardens also help as incubators for growing up species and testing them in local climate before relocating them in the exterior field that surrounds the house.
For the construction we have used simple materials produced by local industries, such as concrete masonry units CMU and white concrete units as breeze bricks. The wood and metal work is made by local craftsmen. View Larger Image. Project Partners.
Related posts. The Garden House, Nicosia. The garden at the center is the main feature in the house around which the rest of the spaces organized and function. The green seems to bisect the house from east to west; it flows deep into the interior, fills the unusable space under the staircase and escapes out to the other side of the house.
In this way our garden house helps to upgrade the quality of the urban fabric and at the same time seeks out to improve the biodiversity and thus reduce the carbon dioxide footprints in the city. The integration of a singular house into the urban fabric is always a challenge but it can function in a positive way as a unifying element that may promotes urban continuity. In contrast with other many urban houses built to isolate themselves from the rest of the neighborhood erecting fences and various barriers our proposal aimed to form a physical continuation of the public green area that exists on the longest side of the plot.
Our design seeks to establish a unified relationship between the neighborhood, the private the house and the public green area. In this way urban elements such as building, street and public space are not treated as absolute activities in isolation but as one single homogeneous configuration.
View Larger Image. Christos Pavlou Architecture.
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