Michele's Feed
Mar 25, 2013

Last-ditch Cyprus deal brings little relief, much uncertainty

NICOSIA, March 25 (Reuters) – At a Cypriot pawnbroker, one
of the few growth industries in Europe’s debt-ridden south,
someone had vented the anger of an island: “Thieves” was
scrawled across the window, in bright red paint.

The European Union might claim to have come to the rescue of
Cyprus with a last-ditch deal to bail it out, brokered in
frantic overnight talks in Brussels, but gratitude was in short
supply in Nicosia on Monday.

Mar 25, 2013

Cyprus reaches last-minute deal on 10 billion euro bailout

BRUSSELS/NICOSIA, March 25 (Reuters) – Cyprus clinched a
last-ditch deal with international lenders to shut down its
second-largest bank and inflict heavy losses on uninsured
depositors, including wealthy Russians, in return for a 10
billion euro ($13 billion) bailout.

The agreement came hours before a deadline to avert a
collapse of the banking system in fraught negotiations between
President Nicos Anastasiades and heads of the European Union,
the European Central Bank and the International Monetary Fund.

Mar 24, 2013

Cyprus seeks 11th-hour deal to avert financial collapse

NICOSIA, March 24 (Reuters) – Cypriot President Nicos
Anastasiades flies to 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.

Facing a Monday deadline to avert a collapse of the Cypriot
banking system, talks in Nicosia to seal a bailout from the EU
and International Monetary Fund broke up late on Saturday
without result.

Mar 24, 2013

Cyprus weighs big bank levy; bailout goes down to wire

NICOSIA (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.

The island’s finance minister, Michael Sarris, reported “significant progress” in talks with international lenders, with the clock running down to end-Monday deadline for Cyprus to clinch a bailout deal with the EU or lose emergency funding for its stricken banks and risk tumbling out of the euro zone.

Mar 23, 2013

Cyprus bailout bid goes down to the wire

NICOSIA, March 23 (Reuters) – Cyprus’s bid to avert
financial collapse will go down to the wire after the island
said it would hold a crucial sitting of parliament only after
finance ministers of the 17-nation euro zone meet on Sunday.

Cyprus faces a Monday deadline to clinch a 10 billion euro
($13 billion) bailout from the European Union or the European
Central Bank sauys it will cut off emergency funding to the
country’s stricken banks, spelling certain collapse and
potentially pushing the island out of Europe’s single currency.

Mar 22, 2013

Cyprus closes in on EU bailout, U-turn on levy

NICOSIA, March 23 (Reuters) – Cyprus is expected to make a
dramatic U-turn on Saturday to avert the imminent threat of
financial meltdown, having signalled it is willing to tax big
savers in its stricken banks to clinch a bailout from the
European Union.

The island’s partners in the 17-nation euro zone scheduled a
meeting for Sunday in Brussels, in a strong sign they believe a
solution is near.

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.