Daily Archives: March 27, 2013

Archives March 27, 2013 posted by

Piraeus buys Cyprus bank units in Greece for €524m

Deal to buy all three Cypriot banks in Greece

GREECE’S Piraeus Bank  agreed to buy the operations of stricken Cypriot banks in Greece for €524 million, the lender said yesterday, in a deal hastily cobbled together to protect the Greek banking sector from the island’s debt crisis.
The deal, funded by Greece’s bank bailout fund HFSF, means 312 local branches of the three Cypriot banks will reopen on Wednesday after being shut since March 19 as Cyprus scrambled to strike a bailout deal to prevent an economic meltdown.

Read More
Archives March 27, 2013 posted by

Property valuers suspend work as price falls loom

PROPERTY valuers in Cyprus have suspended work as they come to terms with a financial bailout that is likely to deepen price falls of recent years, the chairman of the country’s Property Valuers Association told Reuters.
The association, which represents about 90 per cent of valuers in the country, advised its members last week not to carry out valuations for banks or individuals until the terms of a financial bailout become clear, Charalambos Petrides said.
A €10-billion euro rescue deal was agreed between Cyprus and the European Union on Monday after the country’s outsized financial sector ran into trouble with soured investments in neighbouring Greece.

Read More
Archives March 27, 2013 posted by

Luxembourg minister says Germany seeks eurozone ‘hegemony’

 LUXEMBOURG’S foreign minister accused Germany yesterday of “striving for hegemony” in the eurozone by telling Cyprus what business model it should pursue.
Like Cyprus, Luxembourg has a large financial sector, whose comparatively light-touch tax and regulatory regime has long irked its much bigger neighbours Germany and France.
Germany, the European Union’s biggest and most powerful economy, had insisted that wealthy depositors in Cyprus’ banks contribute to the island’s bailout and said the crisis has killed a “business model” based on low taxes and attracting large foreign deposits.

Read More
Archives March 27, 2013 posted by

News in Brief

CSE remains closed

THE Cyprus Stock Exchange (CSE) yesterday announced the continuation of last week’s trading suspension in an attempt to ensure a proper functioning of the stock market and to protect investors, it said.
These decisions were made because banks remain closed and therefore will not be able to carry out transactions to do with the settlement of securities, because of the economic developments which effect the banks whose securities are quoted on the stock exchange and to avoid any potential additional risk to the system as the stock exchange will not be able to check the credit limits of members during trading sessions.

Petrol sales down

Read More
Archives March 27, 2013 posted by

Man injured

A 22-YEAR-OLD Egyptian man was operated on after receiving a wound to the left thorax area on Monday night in the Argakas area in Paphos, after being found in a street.
Police received a phone call on Monday afternoon, about a fight in a flat where non-European residence were staying. By the time the police got to the scene, the residence had left.
A while later citizens found the 22-year-old, who was not able to say how he was injured. He was admitted to the intensive care unit at the Paphos General Hospital. His condition is serious but not critical.
Police are waiting for the 22-year-old’s health to improve in order for the details surrounding the case to be clarified.

Read More
Archives March 27, 2013 posted by

Cigarettes stolen

DIFFERENT bands of cigarettes worth €25.000 to €30.000 were stolen from a storage truck in Moni, Limassol, on Monday.
According to police, a 37-year-old man reported that from around 8.00pm to 11pm unknown individuals broke into a truck that was parked outside his home, where he was storing the cigarettes.
Moni police are continuing investigations.

Read More
Archives March 27, 2013 posted by

Capital controls being readied to avert bank run

 

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.

Read More

Archives Calendar

Archives List