Christopher Pissarides was born in 1948 in Lefkosia. After graduating from the Pancyprian Gymnasium, he continued his studies at the University of Essex and subsequently obtained his PhD from the London School of Economics.

In 2010 he became the first Cypriot to be awarded a Nobel Prize. Together with his colleagues Dale T. Mortensen and Peter Diamond they shared the prize in economic sciences “for their analysis of markets with search frictions”. Peter Diamond had analysed the foundation of search markets whilst Pissarides and Mortensen had expanded and applied the theory to the labour market. Their work allows us to understand and analyse how unemployment, job vacancies, job creations and wages are affected by economic policies and regulations. Pissarides’ book “Equilibrium Unemployment Theory” is the acknowledged standard reference book on the subject.

Christopher Pissarides is currently President of the National Economic Council reporting directly to the President of the Republic of Cyprus and a professor of economics at the LSE. (London School of Economics)


Fall ships are large traditionally rigged sailing vessels that evolved from the first sailing boat that man devised many thousands of years ago. It is said that the ancient Egyptians were the first to build sailing vessels and today one can still admire the Dhow, a lateen rigged Arabian sea-ship of the 19th century. This vessel has a triangular sail on long yard at an angle of 45 degrees to the mast. Yards are the long horizontal spars that are mounted at right angles to the mast.

Traditional rigging includes square-rigs and gaff rigs with separate topmasts and topsails. Square-rigged ships have square sails attached to the yards, while gaff-rigged vessels fly four-sided gaff sails which have a heavy spar at the top and a boom at the foot of the sail. According to their rig the vessels are known as: “Schooner”, “Brigantine”, “Bargue”, “Caravel”, “Galleon”, etc.

There are four classes of vessels: Class A- are giant sailing ships which are square-rigged and are over 48.8m. Class B- are Fore-and-aft rigged vessels between 30.5m. and 48.8m.Class C- are like Class B but are under 30.5m. Class D- are vessels with spinnaker-like sails. A spinnaker is a large triangular sail carried opposite mainsail of racing yacht running before wind.