Daily Archives: March 26, 2013

Archives March 26, 2013 posted by

No UK pensions payments to Cyprus

 

BRITISH pensions will not be paid into Cypriot bank accounts for the foreseeable future and expats are advised to open UK accounts, the British Department for Work and Pensions said on Tuesday.

A spokeswoman said a “watching brief” was in place on the situation but payments into Cypriot bank accounts would not resume when banks on the island reopen – currently planned for Thursday.

In a statement to MPs, Pensions Minister Steve Webb said the government was advising people to either switch their payments to a British account they already have or to open a new one.

About 6,000 of the 18,133 British expats on Cyprus use a British bank account already and so are not affected by the freeze.

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Cyprus capital controls to be "loose" but island-wide

 

CAPITAL controls imposed to avert a run on banks in Cyprus after a painful EU rescue plan will be “loose” but will apply to all banks on the island, the Central Bank governor said on Tuesday.

“We aim for some restrictions which, in the words of the president, will be loose,” Cyprus Central Bank governor Panicos Demetriades said. He said the measure would apply to all banks based on the island.

Demetriades said the restrictions would be “temporary” but would not say how long they would last.

He said authorities were doing “all they could” to ensure banks reopen on Thursday, as announced late on Monday.

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UPDATED: Bank of Cyprus head resigns,special administrator appointed

 

The Central Bank of Cyprus has appointed a special administrator to run the island’s largest commercial lender, Bank of Cyprus, which was saved from collapse by a painful bailout for the island agreed with international lenders on Sunday.

Dinos Christofides, an accountant and banker with close to 40 years experience, told Reuters he had been appointed on Monday night, saying he would oversee “the restructuring of the bank and the absorption of part of Cyprus Popular Bank “.

“It means that from now until further notice I will be running the bank,” he said. “It could be short term … or it could be longer.”

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Challenging times

Since coming face to face with cancer one Limassol-based resort manager is trying to raise €30,000 for children suffering from the disease in Cyprus. NAN MACKENZIE meets a man donning Lycra to face the challenge of his life

 

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A minute with Constandinos Constandinou Owner of new lounge bar Cosmopolitan and Larnaca nightclub Club Deep

Where do you live? 

I live alone in a modern apartment not far from the club in central Larnaca. I used to have two Jack Russells but they were sadly stolen. Since then I can’t bear to get another pet as they just wouldn’t live up to them. I do fill my house with friends though, so I’m never lonely.

 

Best childhood memory? 

Helping my Mum look after my young brother, George, after he was born. I was 16 at the time and he’s now 14 years old. I am a real nurturer by heart so washing him, feeding and just helping my Mum was a real pleasure. I love kids actually.

 

Most frequented restaurant and absolute favourite dish? 

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Investigators to charge those to blame

THE COUNCIL of Ministers will appoint criminal investigators in the coming days with a “clear and wide-ranging mandate” to find those responsible for bringing Cyprus to the brink, President Nicos Anastasiades said last night. 

In a televised address to the nation on his return from Brussels where he reached political agreement with the Eurogroup on a Cyprus bailout, the president said he understood the “justifiable sense of anger” felt by people regarding the responsibilities of those who led Cyprus to its current predicament.

Anastasiades confirmed that Cyprus will introduce “very temporary” restrictions on capital flows when banks reopen this week.

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Our view: Eurogroup deal designed to kill off Cyprus, not cure it

 

MANY said that Cyprus secured the best possible deal under the circumstances during the 10-hour negotiations in Brussels but this is of little comfort when we ponder the consequences of the terms imposed on President Anastasiades. The best possible deal will push us into a prolonged slump that will shrink the economy beyond recognition, as businesses will close down and the numbers of the unemployed will keep rising.

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Serious de-stressing

In times of crisis, head for the spa says ALIX NORMAN with a bubble massage in her sights

 

For most of the last week I’ve been glued to the television, wondering what the future holds. Saturday was spent in shock. Sunday in disbelief. Monday in tense anticipation. Honestly, by Tuesday I’d had enough of the drama and in my own inimitable way, I decided to do something about it. No, I didn’t rush to the ATM and withdraw what little cash I had. I did what I always do in times of crisis… I went to the spa.

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All banks to remain closed till Thursday

ALL banks will remain closed until Thursday, the Minister of Finance announced last night.

Earlier it was just Bank of Cyprus and Laiki that were to remain closed for a further two days; the change was made last night for the smoother operation of the entire banking sector.

According to sources, the late night decision to stall the opening of the island’s smaller banks was taken following a disagreement between European Commission and European Central Bank (ECB) officials on how to adjust the banking system in lieu of the restructuring of Laiki and its partial merger with Bank of Cyprus. 

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