Michele's Feed
Mar 22, 2013

Cyprus eyes bailout deal, U-turn on levy

NICOSIA, March 22 (Reuters) – Cyprus was just hours away
from a deal on Friday to raise billions of euros and unlock a
bailout from the European Union that could avert financial
meltdown and exit from the euro, its ruling party said.

The remarks came after Moscow had rebuffed requests from
Nicosia for assistance to save Cypriot banks in which Russians
have billions at risk and at least one euro zone minister,
Finland’s Alexander Stubb, said an EU accord would be reached.

Mar 22, 2013

Cyprus says close to bailout deal

NICOSIA, March 22 (Reuters) – Cyprus was just hours away
from a deal on Friday to raise billions of euros and unlock a
bailout from the European Union that could avert financial
meltdown and exit from the euro, its ruling party said.

The remarks from the deputy leader came after Moscow had
rebuffed requests from Nicosia for assistance to save Cypriot
banks in which Russians have billions of euros at risk.

Mar 22, 2013

Russia rebuffs Cyprus, EU awaits bailout “Plan B”

NICOSIA/MOSCOW, March 22 (Reuters) – Cyprus’s finance
minister left Moscow empty-handed on Friday after Russia turned
down appeals for aid, leaving the island to strike a bailout
deal with the European Union before Tuesday or face the collapse
of its financial system.

The rebuff left Cyprus looking increasingly isolated, with
the deadline looming to find billions of euros demanded by the
EU in return for a 10 billion euro ($12.93 billion) bailout.

Mar 21, 2013

Cyprus risks euro exit after EU bailout ultimatum

NICOSIA, March 22 (Reuters) – The European Union gave Cyprus
till Monday to raise the billions of euros it needs to secure an
international bailout or face a collapse of its financial system
that could push it out of the euro currency zone.

In a sign it was at least preparing for the worst, the
Cypriot government sought powers on Thursday to impose capital
controls to stem a flood of funds leaving the island if there is
no deal before banks reopen following this week’s shutdown.

Mar 21, 2013

EU gives Cyprus bailout ultimatum, risks euro exit

NICOSIA/FRANKFURT, March 21 (Reuters) – The European Union
gave Cyprus till Monday to raise the billions of euros it needs
to secure an international bailout or face a collapse of its
financial system that could push it out of the euro currency
zone.

In stark twin warnings on Thursday, the European Central
Bank said it would cut off liquidity to Cypriot banks and a
senior EU official made clear to Reuters that the bloc was ready
to see the bankrupt island banished from the euro in the belief
it could then contain damage to the wider European economy.

Mar 21, 2013

ECB gives Cyprus bailout ultimatum, banks face cutoff

NICOSIA/FRANKFURT, March 21 (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 banks and inevitable collapse.

The ultimatum came as the island’s leaders struggled over a
“Plan B” to try 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”.

Mar 21, 2013

Europe sets Cyprus bailout deadline, banks face cutoff

NICOSIA/MOSCOW, March 21 (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”.

Mar 20, 2013

Cyprus scrambles to avert meltdown, EU threatens cutoff

NICOSIA, March 21 (Reuters) – Cyprus considered
nationalising pension funds and ordered banks to stay shut till
next week to avert financial chaos after it rejected the terms
of a European Union bailout and turned to Russia for aid.

Crisis talks among the political leadership in Nicosia are
set to resume on Thursday after late-night meetings to discuss a
“Plan B” broke up on Wednesday without result.

Mar 20, 2013

Cyprus seeks Russian rescue, EU threatens cutoff

NICOSIA/MOSCOW, March 20 (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.

Mar 20, 2013

Cyprus throws bailout into disarray, seeks Russian help

NICOSIA, March 20 (Reuters) – Cypriot leaders held crisis
talks on Wednesday to avert financial meltdown after rejecting
the terms of a European Union bailout and throwing efforts to
rescue the latest casualty of the euro zone debt crisis into
disarray.

The rejection of an unprecedented levy on bank deposits, a
condition of a 10 billion euro ($12.89 billion) EU bailout, cast
the 17-nation currency bloc into uncharted waters after Greece,
Portugal, Ireland, Spain and Italy all accepted biting austerity
measures over the last three years to secure European aid.