Michele's Feed
Mar 29, 2013

Cyprus has no intention of leaving euro – president

NICOSIA, March 29 (Reuters) – Cyprus has “contained” the
risk of bankruptcy in the wake of a tough rescue package with
the European Union and has no intention of leaving Europe’s
single currency, the island’s president said on Friday.

Conservative leader Nicos Anastasiades assured Cypriots and
wealthy foreign depositors that restrictions on bank
transactions, imposed this week, would gradually be lifted, but
gave no time frame.

Mar 29, 2013

Patient Cypriots queue as banks reopen

NICOSIA (Reuters) – Cypriots queued at banks as they reopened on Thursday under tight controls imposed on transactions, but there was no sign of a run on deposits that had been feared after the government was forced to accept a stringent EU rescue package.

Banks were shut almost two weeks ago as the government negotiated a 10 billion euro (9 billion pounds) international bailout to avert a national bankruptcy, the first in Europe’s single currency zone to impose losses on bank depositors.

Mar 29, 2013

Cyprus bank controls to last a month, minister says

NICOSIA (Reuters) – Cyprus conceded on Thursday that tight capital controls would remain in force longer than expected as the island’s banks reopened for the first time after the government was forced to accept a tough EU rescue package to avoid bankruptcy.

Cypriots lined up calmly to withdraw limited amounts of cash, but there was no sign of a run on deposits, as had been feared.

Mar 27, 2013

Cyprus reopens banks, under strict restrictions

NICOSIA, March 28 (Reuters) – Cypriots are expected to
descend in their thousands on Thursday on banks, which reopen
with tight controls imposed on transactions to prevent fleeing
depositors from cleaning out the vaults in a catastrophic bank
run.

The east Mediterranean island fears a stampede at banks
almost two weeks after they were shut by the government as it
negotiated a 10 billion euro ($12.78 billion) bailout package
with the European Union to escape financial meltdown.

Mar 27, 2013

Tensions in Cyprus over bailout underscore pitfalls ahead

NICOSIA (Reuters) – The ink is barely dry on a deal struck in Brussels to save Cyprus from bankruptcy, but rising tension between the island’s conservative president and the Communist-appointed governor of the central bank foreshadow difficulties ahead.

Thinly veiled disdain for governor Panicos Demetriades expressed by officials close to President Nicos Anastasiades has reinforced the perception of a Cypriot leadership reeling under the backlash against an unpopular, last-minute accord hammered out in fraught negotiations in Brussels.

Mar 26, 2013

Cyprus readies capital controls to avert bank run

NICOSIA, March 27 (Reuters) – Cyprus is expected to complete
capital control measures on Wednesday to prevent a run on the
banks by depositors anxious about their savings after the
country agreed a painful rescue package with international
lenders.

Cypriots have taken to the streets of Nicosia in their
thousands to protest at a bailout deal that they fear will push
their country into an economic slump and cost many their jobs.
European leaders said the deal averted a chaotic national
bankruptcy that might have forced Cyprus out of the euro.

Mar 25, 2013

Cyprus banks remain closed to avert run on deposits

NICOSIA, March 26 (Reuters) – The president of Cyprus
assured his people a bailout deal he struck with the European
Union was in their best interests, but banks will remain closed
until Thursday – and even then subject to capital controls to
prevent a run on deposits.

Returned from fraught negotiations in Brussels, President
Nicos Anastasiades said late on Monday the 10-billion euro ($13
billion) rescue plan agreed there in the early hours of the
morning was “painful” but essential to avoid economic meltdown.

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.