Daily Archives: March 24, 2013

Archives March 24, 2013 posted by

Archbishop: those who are to blame should be put on trial

THOSE responsible for the sorry state of the economy should be put on trial, Archbishop Chrysostomos II said yesterday. 

As a major stakeholder in Hellenic Bank, the majority stake of which belongs to the Church of Cyprus, Chrysostomos said he was planning to sue.  He was speaking after a Sunday service in Nicosia. 

“I’m not going to leave anyone out,” he said adding this included former finance ministers, Central Bank brass and bankers and other former government officials.

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NEW — Highlights-Comments from eurozone Cyprus talks

BRUSSELS, March 24 (Reuters) – Cypriot President Nicos Anastasiades embarked on last-minute crisis talks with international lenders in an attempt to save the island from financial meltdown.

The talks with EU, European Central Bank and IMF leaders in Brussels will be followed by a meeting of eurozone finance ministers, intended to help Cyprus meet a Monday deadline to avert collapse of its banking system and potential exit from the euro.

Following are comments from officials and ministers ahead of the finance ministers’ meeting:

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‘Complications with Piraeus deal for Cypriot units’

UPDATED 20:22 Talks on the transfer of Cypriot banks’ Greek units to Greece have been frozen on the instructions of President Nicos Anastasiades, the Cyprus News Agency (CNA) reported.

The matter of transferring the operations to Greece’s Piraeus Bank will be part of a comprehensive deal for Cyprus’ bailout tonight at the Eurogroup, the report said.

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Vettel apologises to Webber for winning by 'mistake'

Formula One champion Sebastian Vettel apologised to Red Bull team mate Mark Webber on Sunday after ignoring orders and stealing a Malaysian Grand Prix victory from the angry Australian.

“I am the black sheep right now…all I can say is apologies to Mark,” the German, seemingly contrite, said after a win that gave Red Bull a one-two finish and him the lead in the championship after two races.

“The pass was deliberate, obviously I wanted to pass him…but I didn’t mean to ignore the strategy or the call. I made a mistake, simply.”

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Cyprus limits ATM Withdrawals to 100 euros per day for Popular and BoC

 

The central bank in Cyprus imposed a 100-euros per day withdrawal limit at cash machines from Popular, and Bank of Cyoprus on Sunday to avert a run on lenders.

A spokesman for second largest lender Cyprus Popular Bank , which had previously limited withdrawals to 260 euros, said the new measure began at 1 p.m. (1100 GMT) and would remain in place until the bank reopens, scheduled for Tuesday, or until confirmation of continued emergency funding from the European Central Bank.

A government official, who declined to be named, said the measure applied to all local banks on the island.

 

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TIMELINE: Bailout deal reached

UPDATED 2.58am

 

 

 

Cyprus and international lenders reached a draft deal in the early hours of this morning, which had to be approved by the Eurogroup.

Details of the deal were sketchy but involved heavy levies on both of Cyprus’ biggest banks. 

Other banks appeared to have been spared. And no charges will be incurred against any Cypriot bank account with less than 100,000 euros in them, the officials said.

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UPDATE: Anastasiades seeking last-minute Cyprus reprieve in Brussels

 

Cypriot President Nicos Anastasiades, seeking a last-minute reprieve from financial meltdown at talks in Brussels on Sunday, has a “very difficult task” ahead of him if he is to save the island’s economy, a government spokesman said.

With Cyprus facing a Monday deadline to avert a collapse of its banking system and potential exit from the euro, late night talks in Nicosia to seal a bailout from the EU and International Monetary Fund broke up without result.

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Cyprus seeks 11th-hour deal to avert financial collapse

President Nicos Anastasiades was expected in 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.

Underlining the gravity of Cyprus’ position, the EU’s economic affairs chief said there were now “only hard choices left” for the latest casualty of the euro zone crisis.

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Mad scramble to save Bank of Cyprus

THERE were mixed reports last night concerning the island’s bailout, with one report suggesting a deal had been struck while another said Cyprus and international lenders were not even close to an agreement.
There was no official confirmation of either report by the time the Cyprus Mail went to print.
Earlier, Reuters reported Cyprus had conceded to a one-off levy on deposits over €100,000 to satisfy European partners and seal an 11th-hour bailout deal to avert financial collapse.
Quoting an unnamed senior government official, Reuters said Nicosia had agreed with EU/IMF lenders on a 20 per cent levy over and above €100,000 at No. 1 lender Bank of Cyprus, and four per cent on deposits over the same level at other banks.

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