Showing posts with label Cyprus. Show all posts
Showing posts with label Cyprus. Show all posts

Tuesday, March 13, 2018

Greeks vent fury over soldiers being 'held hostage' in Turkey

Defence minister says arrests have aggravated already strained ties between two countries

The Guardian

Protesters have taken to the streets of northern Greece demanding the release of two Greek soldiers detained by Turkey, amid rising tensions between the two countries.

Greece’s defence minister, Panos Kammenos, described the pair as “hostages” and ordered border patrols to be stepped up along the heavily defended land frontier the two nations share.

Sgt Dimitris Kouklatzis, 27, and Lt Angelos Mitretodis, 25, were seized 11 days ago after allegedly being found in a “forbidden military zone” deep in Turkish territory. The soldiers say they inadvertently strayed across the frontier in bad weather.

Last week a court in the Turkish border town of Edirne, where the two are being held in a high-security prison, rejected a plea for their release pending further investigation.

Monday, February 12, 2018

Turkey slams Cyprus for gas search, blocks rig with warships

Cyprus was split into an internationally-recognized Greek Cypriot south and a breakaway Turkish Cypriot north in 1974.
The ministry said the Cyprus government was acting like "the sole owner of the island" and warned it would be responsible for any consequences.
Published 6:02 AM ET Sun, 11 Feb 2018


Turkey's foreign ministry has criticized Cyprus for a "unilateral" offshore hydrocarbons search after Turkish warships prevented a rig from reaching an area off Cyprus where it's to start exploratory drilling for gas.

Thursday, June 15, 2017

Israel’s prime minister in Greece to tout energy projects

By Costas Kantouris | AP June 15 at 8:40 AM

THESSALONIKI, Greece — Under heavy security, Israeli Prime Minister Benjamin Netanyahu visited northern Greece on Thursday to discuss plans to become a key supplier of European energy through an ambitious Mediterranean undersea natural gas pipeline project.

Netanyahu met with Greek Prime Minister Alexis Tsipras and Cypriot President Nicos Anastasiades in Thessaloniki, Greece’s second-largest city.

More than 3,500 police officers were deployed around the city, which historically had a large Jewish community that was almost wiped out during the Nazi occupation in World War II.

Wednesday, January 18, 2017

Greece sees progress on Cyprus, says Turkey should drop 'aggressive' talk

Wed Jan 18, 2017 | 4:47am EST


Greek Prime Minister Alexis Tsipras said on Wednesday progress had been made in ending a decades-old stalemate over the division of Cyprus, but urged Turkey to drop 'aggressive rhetoric' to reach a deal.

"We are optimistic but with prudence and responsibility, as this situation merits, we will continue to work hard...and hope that we have positive results in the near future," Tsipras said in a speech in the Greek parliament.

"A precondition to that is that the other side... particularly Turkey, come to negotiations in similar spirit, putting aside aggressive rhetoric, and work seriously and responsibly."

Cyprus was split in a Turkish invasion in 1974, triggered by a brief Greek-inspired coup. The conflict is a key source of tension between Greece and Turkey, which are fiercely defensive of their respective ethnic kin on the east Mediterranean island.

Turkish President Tayyip Erdogan has accused Greece of "fleeing" efforts to reunite Cyprus and said Turkey will retain troops there for ever to protect minority ethnic Turks.

Talks in Geneva last week failed to produce a breakthrough over the former British colony, though Britain, Greece and Turkey - its 'guarantor powers' under a 1960 independence treaty - agreed to continue consultations on security arrangements which could govern Cyprus after a settlement.

Officials from the three countries were due to meet at a Swiss resort later on Wednesday to discuss the matter.

At issue is a dispute primarily between the Turkish and the Greek sides on whether the system of guarantee should stay in place, allowing Greek and Turkish forces to remain stationed on the island, and the right of intervention in the event of a breakdown of constitutional order.

(Reporting by Michele Kambas, editing by Renee Maltezou and Mark Trevelyan)

Wednesday, April 3, 2013

Cyprus Bailout Details Emerge After IMF Deal

The Wall Street Journal
Cyprus and the International Monetary Fund reached an agreement for a €1 billion ($1.28 billion) lifeline on top of the €9 billion bailout the island will get from its euro-zone peers, the IMF said in a statement Wednesday.

Saturday, March 30, 2013

Cypriots Cast Blame as Banks Open

Capital is Surprisingly Orderly as Branches Restart; President Calls for Probe Into Economic Crisis
NICOSIA—Cyprus's banks reopened from a nearly two-week hiatus on Thursday with little sign of disorder among depositors, even as the country's politicians pointed fingers over who was to blame for the financial sector's meltdown.

Thursday, March 28, 2013

The Cyprus bail-out

This septic isle

Being tough on bank creditors could prove costly for northern European taxpayers
The Economist
Mar 30th 2013 |From the print edition

THE second deal to bail out Cyprus was much better than the first. For one thing, there was actually a deal: with the €10 billion ($13 billion) loan the prospect of the euro zone’s first exit has receded. An agreement among euro-zone finance ministers to wind up Laiki Bank, Cyprus’s second-biggest bank, and restructure Bank of Cyprus, the largest lender on the island, undid the worst elements of the initial botched agreement. Savers with accounts below the €100,000 deposit-guarantee threshold will be spared. Losses will hit creditors of weak banks in line with the normal hierarchy: shareholders and junior bondholders first, followed by senior bondholders and uninsured depositors.

Wednesday, March 27, 2013

Cyprus, Seriously

The New York Times
MARCH 26, 2013, 4:42 PM

Paul Krugman

A correspondent whom I respect has (gently) challenged me to say plainly what I think Cyprus should do — leaving aside all questions about political realism. And he’s right: while I think it’s OK to spend most of my time on this blog working within the limits of the politically possible, and relying on a combination of reason and ridicule to push out those limits over time, once in a while I should just flatly state what I would do if given a chance.

So here it is: yes, Cyprus should leave the euro. Now.

Tuesday, March 26, 2013

Draghi Wins Cyprus Chicken Game in Bailouts Test Run

By Jeff Black - Mar 26, 2013 3:42 PM GMT+0200
Mario Draghi’s brinkmanship has worked -- for now.
The European Central Bank’s ultimatum to Cyprus to commit to a 10 billion-euro ($12.9 billion) rescue showed Draghi playing a harder and more public game than in any bailout before. While that’s easy enough with a country like Cyprus, officials may shirk from such tactics with bigger nations, said economists from Citigroup Inc. to ABN Amro Bank NV.

UPDATE 3-Oil pressured by Cyprus worries

Tue Mar 26, 2013 5:34am EDT
* Euro zone faces tough banking regime after deal -official

* Brent-WTI spread over $13, up from narrowest since July

* Coming Up: API oil inventory data; 2030 GMT (Updates throughout, changes dateline from SINGAPORE)

By Simon Falush

LONDON, March 26 (Reuters) - Brent oil fell slightly on Tuesday, remaining within its range of the past two weeks, as the effect of the Cyprus bailout faded and traders saw little direction for the market.

Brent crude futures slipped 8 cents to $108.08 a barrel by 0932 GMT, in the middle of its recent $107 to $109 range. U.S. crude gained 40 cents to $95.21.

Monday, March 25, 2013

Some facts about Cyprus crisis.


From the press.
  • Total deposits in banks in Cyprus ~ 68 bn Euros

Cyprus Refuses to Learn From Its Mistakes

Published: March 24, 2013
The New York Times
Cyprus will pay dearly for its sins. The Mediterranean island has committed many follies over the years — and is still making mistakes.

The Cypriots always seem to overestimate their negotiating position. In recent years, their first big mistake was to reject in 2004 the U.N. plan for uniting their island. That irritated their E.U. partners, put Cyprus in a weak strategic position vis-à-vis Turkey and left a jagged scar across the island.

There’s a Reason for Deposit Insurance

Published: March 23, 2013
The New York Times
  FOR all the criticism of bailouts since the financial crisis struck, virtually no one has suggested that depositors in banks be made to suffer along with their investors, employees and customers. Until this week, when the euro zone proposed that, in return for a bailout of the failing banking system in Cyprus, depositors pay a “tax” of 6.75 percent of their deposits — 9.9 percent for deposits above 100,000 euros.

Sunday, March 24, 2013

Anxious, angry Cypriots face uncertain future

By Karolina Tagaris and Costas Pitas
NICOSIA | Sun Mar 24, 2013 2:12pm EDT
(Reuters) - Dora Giorgali says she has to go back almost 40 years, when Cyprus was at war, to recall such a feeling of anxiety.

Cyprus seeks 11th-hour deal to avert meltdown

By Michele Kambas and Karolina Tagaris
NICOSIA | Sun Mar 24, 2013 5:14am EDT
(Reuters) - Cypriot President Nicos Anastasiades was expected in Brussels on Sunday to seek an 11th-hour reprieve from financial meltdown, with a bailout from the European Union and the island's place in Europe's single currency bloc hanging in the balance.

Underlining the gravity of Cyprus' position, the EU's economic affairs chief said there were now "only hard choices left" for the latest casualty of the euro zone crisis.

Saturday, March 23, 2013

Cyprus weighs big bank levy; bailout goes down to wire

By Karolina Tagaris and Laura Noonan
NICOSIA | Sat Mar 23, 2013 4:34pm EDT
(Reuters) - Cyprus conceded on Saturday to a one-off levy on deposits over 100,000 euros in a dramatic U-turn as it raced to satisfy European partners and seal an 11th-hour bailout deal to avert financial collapse.

Friday, March 22, 2013

Opinion: Why the EU is right on Cyprus

Peter Gumbel
5:52 a.m. CDT, March 22, 2013

The reaction to this weekend's European Union bailout deal for Cyprus has gone from initial shock to rather predictable condemnation. "Europe botches another rescue," ran the headline on an editorial in the Financial Times. "It's as if the Europeans are holding up a neon sign, written in Greek and Italian, saying ‘time to stage a run on your banks,' " Paul Krugman, the economist and New York Times columnist wrote on his blog.

Cyprus lawmakers work on economy-saving plan

By MENELAOS HADJICOSTIS, Associated Press – 2 minutes ago 
NICOSIA, Cyprus (AP) — Cypriot authorities were putting the final touches to a plan they hope will convince international lenders to provide the money the country needs to avoid bankruptcy within days.
As well as trying to forge an overall financing package, lawmakers were meeting to decide the fate of the country's second largest lender Laiki which was hardest hit from its exposure to bad Greek debt.

Thursday, March 21, 2013

Europe sets Cyprus bailout deadline, banks face cutoff

By Michele Kambas and Lidia Kelly
NICOSIA/MOSCOW | Thu Mar 21, 2013 5:32am EDT
(Reuters) - The European Central Bank gave Cyprus until Monday to raise billions of euros to clinch an international bailout or face losing emergency funds for its crippled banks and inevitable collapse.

The warning came with the island's leaders locked in talks on a "Plan B" to raise 5.8 billion euros demanded by the EU under a 10 billion euro ($13 billion) rescue, after angry lawmakers threw out a tax on deposits as "bank robbery".

Cyprus Is Drowning in an EU Spoon

The Wall Street Journal
U.S. bank bailouts have taken a beating. They were criticized for their excess, uneven distribution and preservation of a status quo that shortchanges the little guy in favor of "stability of the financial system" or, put another way, private gains and socialized losses.
And the bailouts do look pretty awful—until you compare them with what's happening in Europe.