Daily Archives: March 27, 2013

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NEW: Banks to reopen Thursday from 12 noon to 6pm, 300 euro per day limit

 

Banks in Cyprus will reopen at midday on Thursday, a spokeswoman for the island’s Central Bank said, 10 days after they closed their doors to avert a run on deposits.

The spokeswoman said banks would open their doors between midday and 6pm. The Cypriot authorities are expected later on Wednesday to detail the capital controls they plan to impose to prevent a flight of funds.

Cypriots will be unable to cash cheques or withdraw more than 300 euros per day under capital controls in place when the island’s banks reopen on Thursday, a Central Bank official told the Cypriot state broadcaster.

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New: CyprusAID concert for solidarity…admission…food

AN ALL-DAY solidarity concert, titled ‘CyprusAID – People for People’ will be held on April 1 from 4pm until midnight at the Constanza moat in Nicosia where around 50 performers from Cyprus and Greece will sing without pay but ask that all those attending take food and necessity items to be given to community markets in all towns.

The concert is being organised by a number of volunteers who met during the recent protests against the harsh Cyprus bailout. Many Cypriot actors are among the volunteers and many organisations are also volunteering their services and products. CyTA will be live streaming the event.

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New: Limit on cash, credit-card use abroad

 CYPRUS IS to impose a ban on cashing cheques and limit the amount of cash that can be taken out of the country under a series of measures to avert a run on its s crippled banks, a Greek newspaper reported on Wednesday.

The Kathimerini newspaper, citing a government decree, said the measures would remain in force for seven days after the banks re-open on Thursday.

Cypriots who want to transfer money overseas will have to prove that the transactions meet strict rules laid out by the government.

To allow trade to continue, Cypriot businesses can pay for imports if they provide authorities with the necessary documentation.

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New: EU task force to assist Cyprus

The European Commission has decided, after a suggestion submitted by its President Jose Manuel Barosso, to set up a task force for Cyprus to  help Cypriot authorities restore financial and social stability on the island.

A European Commission spokesperson said Commissioners were informed during a meeting on Wednesday about the situation and discussed Eurogroup decisions on Cyprus.

The Commission adopted Barosso’s proposal to set up a Task Force to assist Cyprus in its efforts to ease repercussions and bring the economy back on the track.

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New: Controls to hit only foreign transactions

CYPRUS is expected to stop people taking their money out of the country but will not restrict dealings at home as it tries to avert a run on its banks after agreeing a tough rescue package with international lenders.

With banks due to reopen on Thursday after nearly two weeks, Finance Minister Michael Sarris said capital controls will be “within the realms of reason” and a business leader said he had been told they would affect only international transactions.

“We will look at the best way to limit the possibility of large sums of money leaving, and not imposing punitive conditions on the economy, businesses and individuals,” Sarris told local television.

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New: Bank boards fired as restructuring underway

 

THE Central Bank has sacked the boards and CEO’s of the Bank of Cyprus and Laiki to facilitate the banking sector’s restructuring.

The decision had been taken during a meeting between international lenders, the finance ministry, Central Bank Governor Panicos Demetriades, and the undersecretary to the president.

The move follows the appointment of special administrators who will oversee the enforcement of a Eurogroup decision to resolve Laiki and transfer its assets to Bank of Cyprus.

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Central bank ousts Bank of Cyprus CEO

 

The central bank has fired the Chief Executive Officer of the Bank of Cyprus, an official at the island’s largest commercial lender said on Wednesday.

It follows the appointment of a special administrator to run the bank, which was saved from collapse this week under a painful European Union bailout for Cyprus. The bank’s chairman, Andreas Artemis, submitted his resignation on Tuesday.

An official at the bank, who declined to be named, said local media reports that CEO Yiannis Kypri had been removed from the post were “valid”. The source was unable to confirm reports that the central bank had demanded the resignation of the entire board. (R)

 

 

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New: Electricity prices to be cut

THE Electricity Authority of Cyprus will reduce the cost of electricity a further 3.0 per cent in addition to the scheduled reduction of 5.75 per cent due on April 1.

The announcement was made on Wednesday by Commerce Minister George Lakkotrypis after a meeting at the Presidential Palace with all parties involved in the energy sector.

Regarding developments in the natural gas and relations with Israel, Lakkotrypis said that he intended to visit the country in April, while President Nicos Anastasiades will also visit Israel in May.

 

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Rush to quell panic over BoC

THE GOVERNMENT yesterday ran to put out the fire it accused the Central Bank of starting over the future of the Bank of Cyprus (BoC), highlighting the growing rift between the presidential palace and the CB governor. 
A short Central Bank announcement on the appointment of a special administrator for the BoC yesterday morning sparked all-out panic among Bank of Cyprus employees that the island’s largest lender awaited the same fate as Laiki (Popular) Bank – a wind down. 
Within hours, hundreds of distraught BoC employees gathered outside the Bank of Cyprus’ headquarters in Nicosia before moving their demonstration to the neighbouring Central Bank building, shouting for the resignation of CB governor Panicos Demetriades.

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