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Abstract:The integrated hydrological modelling system, IHMS, has been described in detail in Part 1 of this paper. The system comprises three models: Distributed Catchment Scale Model (DiCaSM), MODFLOW (v96 and v2000) and SWI. The DiCaSM simulates different components of the unsaturated zone water balance, including groundwater recharge. The recharge output from DiCaSM is used as input to the saturated zone model MODFLOW, which subsequently calculates groundwater flows and head distributions. The main objectives of this paper are: (1) to show the way more accurate predictions of groundwater levels in two Cyprus catchments can be obtained using improved estimates of groundwater recharge from the catchment water balance, and (2) to demonstrate the interface utility that simulates communication between unsaturated and saturated zone models and allows the transmission of data between the two models at the required spatial and temporal scales. The linked models can be used to predict the impact of future climate change on surface and groundwater resources and to estimate the future water supply shortfall in the island up to 2050. The DiCaSM unsaturated zone model was successfully calibrated and validated against stream flows with reasonable values for goodness of fit as shown by the Nash-Sutcliffe criterion. Groundwater recharge obtained from the successful tests was applied at various spatial and temporal scales to the Kouris and Akrotiri catchments in Cyprus. These recharge values produced good estimates of groundwater levels in both catchments. Once calibrated, the model was run using a number of possible future climate change scenarios. The results showed that by 2050, groundwater and surface water supplies would decrease by 35% and 24% for Kouris and 20% and 17% for Akrotiri, respectively. The gap between water supply and demand showed a linear increase with time. The results suggest that IHMS can be used as an effective tool for water authorities and decision makers to help balance demand and supply on the island.

The Integrated Hydrological Modelling System, IHMS, has been developed to study the impact of climate and land use changes on water resources. The system comprises three models: the distributed catchment scale model DiCaSM, which deals with the unsaturated zone; the MODFLOW model, for saturated zone and groundwater fl ow; and the SWI model, for seawater intrusion in coastal areas. These models can be applied either together or separately. Four sites were considered in this study. future supply and demand. In that respect, the Integrated Hydrological Modelling System, IHMS, could be used as a reliable water resources management tool.

The aim of this paper is to investigate the relationship of price changes in the southern European E.U. member states through their stock markets and especially among the exchange markets of Portugal, Italy, Ireland, Greece and Spain, known also as the PIIGS countries. More specifically, it is examined whether cointegration and causality relationships exists among the PIIGS' Stock Markets while by testing these relationships the existence of the Efficient Market Hypothesis (EMH) among these stock markets is also tested. In case of cointegration relationships between these markets it is proved that possible advantages by internationalizing portfolio diversification are limited and further attention must be given for the selection of an internationalized optimal portfolio. It is also wealth mentioning that since 2012 Europe faces a serious economic crisis which is deeper in the member states of the South, so even further attention must be given to the construction of optimal portfolios.

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