NICOSIA, Oct 30 (Reuters) – Cyprus may struggle to pay
public sector salaries in December unless a bailout deal is
clinched by mid-November, an official document quoted Finance
Minister Vassos Shiarly as saying.
The confidential minutes of an Oct. 3 meeting in parliament
quoted Shiarly as saying Cyprus might be “butchered” if
international lenders dealt with the small country in isolation
from other euro zone states that need financial aid.
NICOSIA, Oct 17 (Reuters) – Cyprus said on Wednesday it
expected talks to start with lenders on badly needed aid next
week, as ratings agency Standard & Poor’s pushed it deeper into
junk territory, implying domestic political expediency lay
behind a delay in clinching a deal.
One of the smallest nations in the euro zone, Cyprus sought
European Union (EU) and International Monetary Fund (IMF) aid in
June after its two largest banks suffered huge losses due to a
write-down of Greek debt.
NICOSIA, Oct 10 (Reuters) – Cyprus said on Wednesday it
wanted to conclude a financial aid package with the European
Union and IMF as soon as possible, but would seek the public’s
backing for any austerity drive first.
Seeking to deflect criticism that it is dragging its feet on
negotiating for badly needed aid, Nicosia said it wanted as
broad a consensus as possible on any bailout deal.
NICOSIA, Oct 3 (Reuters) – Cyprus will not accept a bailout
from international lenders on the current terms being offered,
President Demetris Christofias said on Wednesday, with the
indebted government set to propose alternative savings.
Setting the tone for tough negotiations with lenders,
Christofias said he would never sign a bailout deal which called
for the sell-off of profitable state-owned enterprises, or which
would abolish inflation-linked salary increments.
BRUSSELS/NICOSIA (Reuters) – The European Commission announced a major shift in biofuel policy on Monday, saying it plans to limit crop-based biofuels to 5 percent of transport fuel, after campaigners said existing rules take food out of people’s mouths.
Record high global grain prices have intensified calls for changes in EU and U.S. biofuel policies, criticized for snatching away land that should be used for food.
NICOSIA (Reuters) – Potential creditors from the IMF, the EU and the ECB started trawling through Cyprus’s finances on Tuesday to assess how much emergency aid the recession-hit euro zone minnow may need after being hammered by exposure to Greece.
Two teams from the trio, collectively known as the ‘troika’, met separately with the Central Bank and Finance Ministry on Tuesday, officials from both institutions said.
NICOSIA, July 2 (Reuters) – Cyprus, which applied for an EU
bailout last week, acquired 1.79 billion euros ($2.3 billion)
worth of shares in the island’s second-largest lender, in a
previously announced move to help it meet minimum capital levels
depleted by heavy exposure to debt-crippled Greece.
The finance ministry said on Monday it had bought the shares
in Cyprus Popular Bank, after the state pledged on May
17 to underwrite Popular’s attempt to raise 1.8 billion euros in
NICOSIA (Reuters) – Cyprus won support from its euro zone partners on Wednesday for emergency funding to prop up its banks, crippled by their Greek debt holdings, in assistance which will probably include aid from the IMF.
The Mediterranean island, whose economy accounts for just 0.2 percent of the euro zone, is the fifth country to be forced to seek protection from the crisis enveloping the bloc.
NICOSIA (Reuters) – Cyprus, the fifth euro zone country to seek emergency funding from Europe, may need a bailout of up to 10 billion euros, over half the size of its economy, officials said on Tuesday.
The Mediterranean island, with a banking sector heavily exposed to debt-crippled Greece, said on Monday it was formally applying for help from the European Union’s rescue funds.
NICOSIA/ATHENS, June 25 (Reuters) – A fifth euro-zone
country turned to Brussels for emergency funding on Monday when
Cyprus announced it was seeking a lifeline for its banks and its
budget, hours after Spain submitted a formal request to bail out
Global share prices and the euro slid as investors bet that
European leaders – due to meet this week for the 20th time since
the currency zone’s debt crisis hit Greece in 2010 – would fail
to come up with radical measures to back up weak countries.