Daily Archives: March 29, 2013

Archives March 29, 2013 posted by

‘What would be the point of causing trouble?’ [With video]

FOREIGN media gathered en masse at Eleftheria Square early yesterday anticipating trouble outside the island’s two major banks when they reopened at noon, while inside heavily-guarded employees thought they would be facing the most daunting day of their careers.

But as it turned out, in some instances, the number of reporters was far greater than those queuing up at the banks.

Bank managers appeared just before the doors were to be opened at noon to plead with people to remain calm, not to push, and that up to five people would be permitted inside the bank at a time. 

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New: Cyprus has no intention of leaving euro: president

 

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, president Nicos Anastasiades said on Friday.

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

He hit out at banking authorities in Cyprus and Europe for pouring money into a crippled Cypriot bank – Laiki — that now faces closure under the terms of a €10 billion bailout plan that averted the immediate risk of financial meltdown.

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New: Cyprus, troika, agree on BoC share issue

AUTHORITIES have struck a deal with troika late on Thursday not to write off current Bank of Cyprus (BoC) shares but to impose a write-down instead.

The agreement provides for the replacement of the word “write off” with the word “write-down” in accordance with the bank resolution framework, the Cyprus News Agency said.

The Eurogroup had decided on Monday that current shareholders will lose their shares without compensation and ownership of BoC will fall to uninsured depositors who will see around 40 per cent of their cash go towards rescuing the lender.

The Church of Cyprus, a large shareholder in BoC, yesterday secured an injunction halting the decision.

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All calm as banks open their doors

 

THE FEARED stampede on banks when they reopened yesterday after two weeks of crisis never materialised with queues remaining moderate and the public waiting calmly and patiently for up to an hour to enter the guarded premises.

Long queues formed early although the banks were not due to open until noon but by early afternoon the queues were gone. The banks closed at 6pm with not a single incident reported islandwide. 

Private security at each branch were only allowing up to five people inside the banks at a time and early on, priority was being given to the elderly. 

Bank staff turned up for work early as cash was delivered by armoured trucks. 

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Our View: No angry mobs, no riots and no stampedes as people acted responsibly

FOREIGN film crews that had their cameras positioned outside several branches of Bank of Cyprus and Laiki since 9am must have been rather disappointed with the lack of incident when banks finally opened their doors to the public at noon yesterday. There was no angry mob, no riot and no stampede of customers. In fact it was just another day of normal business and by 2pm there were hardly any people going into the banks.

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An atmosphere of resignation in Paphos

 

BRANCHES of Laiki and Bank of Cyprus in Paphos saw queues forming about an hour before opening, but for most other banks including Hellenic and Societe Generale, it was business as usual.

The anticipated angry scenes and violent outbursts were not forthcoming. Instead people were calm. “The atmosphere was generally one of resignation,” said one Piraeus bank employee adding: “I’m very relieved as I have to admit I had been feeling anxious.”

According to Paphos police, there were no reported problems at banks.

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Public’s patience and maturity hailed

PRESIDENT Nicos Anastasiades expressed his gratitude and deep appreciation towards the public yesterday for the maturity and high level of responsibility shown during a critical point for the stabilisation of the Cypriot economy. 

“The stance of maturity and responsibility that the people have shown today at the banks gives out a clear message of optimism and confidence for the future,” he said in a statement. “The people proved that we not only want to but that we can succeed in getting the country out of this difficult situation,” he added. Anastasiades went on to say that the banking system on the island would survive the crisis and it would grow.

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House puts off vote on sacking of CB boss

THE HOUSE last night decided to postpone a vote on a motion calling on the President to sack the governor of the Central Bank, with MPs asking for more time to ensure such a move was legally airtight.

The motion was tabled by Greens deputy Giorgos Perdikis, but 49 MPs voted to postpone discussion to a later date.

Initially it was designed to ask for the resignation of Central Bank chief Panicos Demetriades; it was then amended calling on the President to initiate procedures for the termination of the governor’s services.

However, during a parliamentary debate before the plenum, the Attorney-general warned MPs of the legal intricacies, one of which could be that the European Central Bank might have something to say about it.

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