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Eurogroup wants Cyprus to protect small savers
BRUSSELS, March 18 (Reuters) - Euro zone finance ministers held a conference call on Cyprus on Monday evening.Below is the text of the statement issued after the teleconference. "18 March 2013...
View ArticleCyprus starts to lose its appeal for wealthy Russians
Author: Megan Davies and Lidia Kelly RUSSIANS have stashed away huge sums in Cyprus since the Soviet Union collapsed in 1991, making the most of low taxes and light regulation to keep their money safe...
View ArticleRussia wants future involvement on Cyprus after 'dangerous' levy
Author: Lidia Kelly and Alexei Anishchuk A lack of coordination with Russia in future on Cyprus could affect a decision by Moscow on restructuring its €2.5 billion euro loan to the island, the Russian...
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Banks will remain closed but ATMs stocked up
Author: George Christou BANKS will remain closed today and tomorrow, the Central Bank announcing yesterday that “March 19 and March 20 have been declared bank holidays.”“We could not have opened, with...
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Parliamentary vote will be a close call
Author: Peter Stevenson and George Christou A SIMPLE majority in the 56-member House of Representatives would be required for approval of the government bill on the deposits haircut, assuming the...
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Our View: There was so much more Anastasiades could have done
PRESIDENT Anastasiades had obviously underestimated the reaction there would have been to the bail-in of bank deposits to which he agreed to on Saturday morning. He did not bargain for such public...
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Eurogroup throws the ball back at Cyprus
Author: Stefanos Evripidou EUROZONE FINANCE ministers last night urged Cyprus to protect small savers’ deposits while still coming up with €5.8 billion from a deposit levy so the island’s €10 billion...
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UPDATED: Cypriot draft bill drops levy on deposits below 20,000 euros
Author: Michele Kambas and Karolina Tagaris THE government proposed on Tuesday to spare small savers from a divisive levy on bank deposits but said it expects parliament to reject the measure, needed...
View ArticleUK sends plane-load of cash to Cyprus for its troops
BRITAIN said on Tuesday it had sent one million euros in cash to Cyprus aboard a military plane for its troops on the island in case cash machines and debit cards stop working. "An RAF flight left for...
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Parliament rejects deposit tax for bailout
CYPRIOT lawmakers overwhelmingly rejected a deeply unpopular tax on bank deposits on Tuesday, throwing into doubt an international bailout for the troubled euro zone member needed to avert default and...
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Cyprus lawmakers reject bank tax; bailout in disarray
Author: Michele Kambas and Karolina Tagaris NICOSIA, March 19 (Reuters) - Cyprus's parliament overwhelmingly rejected a proposed levy on bank deposits as a condition for a European bailout on Tuesday,...
View ArticleCyprus tourism officials in Russia to ease concerns
Author: Peter Stevenson THE EUROGROUP decision to impose a levy on Cypriot banks has caused a slew of concerns from tourist agents in Russia and the UK according to the Cyprus Tourism Organisation...
View ArticleCo-ops: everything under control on our end
CO-OP bank ATMs have been refilled and are ready to serve the public during the bank closure according to Co-op representative Constantinos Lyras. He assured Co-op customers they would be compensated...
View ArticleGreece close to picking buyer for Cypriot bank units
Author: Lefteris Papadimas and George Georgiopoulos GREECE is close to completing a deal for a Greek takeover of the local units of Cypriot banks, after at least two of the country's biggest lenders...
View ArticleEAC offers reprieve on three month bond
THE Electricity Authority of Cyprus (EAC) decided yesterday not to redeem a three-month government bond, in order not to place additional burdens on the cash-strapped state.The move was intended as “a...
View ArticleSarris: I did not resign
FINANCE Minister Michalis Sarris denied reports yesterday that he had resigned, as lawmakers were set to debate a divisive tax on bank deposits to secure an international bailout.Sarris, who was in...
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Last hope now appears to lie with Russia
Author: Elias Hazou AS PARLIAMENT yesterday rejected a bank levy bill, the government was working on a contingency plan, dispatching its finance minister to Russia.Finance minister Michalis Sarris...
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Our view: Did deputies heroic negativity contemplate the consequences?
IN THE END, the twice-postponed debate on the bills for the levy on bank deposits was finally held yesterday evening and the House of Representatives overwhelmingly rejected it. Not even President...
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Deputies throw out bailout deal
Author: Stefanos Evripidou PARLIAMENT last night rejected a second draft bill on the proposed levy on bank deposits in Cyprus, considered a precondition to any bailout of the troubled island. The...
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Cyprus seeks Russian bailout aid, EU threatens cutoff
Author: Michele Kambas and Karolina Tagaris CYPRUS pleaded for a new loan from Russia on Wednesday to avert a financial meltdown, but won no immediate relief after the island's parliament rejected the...
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