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

Wednesday, March 20, 2013

Cyprus seeks Russian rescue, EU threatens cutoff


By Michele Kambas and Lidia Kelly
NICOSIA/MOSCOW | Wed Mar 20, 2013 8:58am EDT
(Reuters) - Cyprus pleaded for a new loan from Russia on Wednesday to avert a financial meltdown, after the island's parliament rejected the terms of a bailout from the EU, raising the risk of default and a bank crash.

Cypriot Finance Minister Michael Sarris said he had not reached a deal at a first meeting with his Russian counterpart Anton Siluanov in Moscow, but talks there would continue.

Κούρεμα καταθέσεων στην Κύπρο



Τι λέει το νέο νομοσχέδιο

Εξαιρούνται από το κούρεμα οι καταθέσεις μέχρι 20 χιλ. ευρώ σύμφωνα με το νέο νομοσχέδιο που κατήρτισε η κυπριακή κυβέρνηση. Όπως αναφέρει το stockwatch, σύμφωνα με το νέο νομοσχέδιο, για καταθέσεις από €0 μέχρι €20 χιλ. η επιβολή τέλους θα είναι μηδενική. Για καταθέσεις από €20 χιλ. μέχρι €100 χιλ. το τέλος θα ανέρχεται στο 6,75%, ενώ για καταθέσεις άνω των €100 χιλ. το τέλος θ’ ανέρχεται στο 9,9%.

Tuesday, March 19, 2013

Cypriot Lawmakers Reject Deposits Seizure Bill


By MENELAOS HADJICOSTIS and ELENA BECATOROS Associated Press
NICOSIA, Cyprus March 19, 2013 (AP)
Cypriot lawmakers on Tuesday rejected a critical draft bill that would have seized part of people's bank deposits in order to qualify for a vital international bailout, with not a single vote in favor.

The rejection leaves Cyprus's bailout in question. Without external funds, the country's banks face collapse and the government could go bankrupt. Nicosia will now have to come up with an alternative plan to raise the money: the government could try to offer a compromise bill that would be more palatable to lawmakers.

Monday, March 18, 2013

Cyprus reworks divisive bank tax, delays vote


By Michele Kambas and Karolina Tagaris
NICOSIA | Mon Mar 18, 2013 3:56pm EDT
(Reuters) - Cypriot ministers scrambled to revise a plan to seize money from bank deposits before a parliamentary vote on Tuesday that will either secure the island's financial rescue or threaten its default.

The weekend announcement that Cyprus would impose a tax on bank accounts as part of a 10 billion euro ($13 billion) bailout by the European Union broke with previous practice that depositors' savings were sacrosanct. The euro and stock markets fell on concern the euro zone crisis was reigniting.

Saturday, March 16, 2013

UPDATE 8-Savers forced to bear costs in Cyprus bailout


Sat Mar 16, 2013 3:08am EDT
* Cypriot bailout of 10 billion euros agreed by euro zone

* One-off levy on bank deposits to raise almost 6 bln euros

* IMF's Lagarde says backs deal, will make contribution soon

* Cypriots incredulity at decision gives way to fury

By Annika Breidthardt and Robin Emmott and John O'Donnell and Jan Strupczewski

Tuesday, February 12, 2013

UPDATE 1-No debt restructuring for Cyprus, EU's Rehn says


Tue Feb 12, 2013 8:47am EST
* Cyprus awaiting a bailout equal to its entire economy

* Wary of fallout, Commission rule out losses for depositors

By Jan Strupczewski and Leigh Thomas

BRUSSELS, Feb 12 (Reuters) - The European Commission is not working on a debt restructuring for Cyprus that would force heavy losses on investors, the EU's top economic official said on Tuesday, backing the island's finance minister who is firmly opposed to such a move.

Tuesday, August 2, 2011

WRAPUP 2-Cyprus faces imminent bailout threat, biggest bank says

Reuters
Adds statements by finance ministry, European Commission)
* Cyprus would be fourth euro zone state to seek bailout
* Bond yields soar in secondary market, CDS hit record
* European Commission says bailout not being discussed
* Government says no significant funding needs til December
* Looking at local, international funding options after that
By Michele Kambas