Posts by tag: deposits

Archives April 11, 2013 posted by

House looks into CBC chief’s role

THE HOUSE Ethics Committee will look into whether parliament was misled by the Central Bank of Cyprus (CBC) governor over the terms of reference of an investigation he launched into the island’s banking debacle.

House President Yiannakis Omirou said yesterday if the committee finds there is a case, it will draft a report and send it to the plenum for discussion behind closed doors.

If the plenum judges there is an issue of misconduct through disciplinary or criminal offences, the case will either be referred to the attorney-general, or a parliamentary investigating committee will be set up, Omirou said.

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Archives March 27, 2013 posted by

Russians consider lawsuits over Cyprus losses

RUSSIAN businesses and banks that face losses from the European Union’s bailout of Cyprus are considering legal action but may have a hard time making a case, say lawyers who are combing through treaties to find strategies to recover funds.
Big depositors – many of them Russian – face losses of up to 40 per cent as the result of a so-called ‘bail-in’ to back €10 billion in EU financial aid to stabilise the Cypriot banking system.
“It’s worth trying, it’s not going to be easy, its not going to be a one-off, 24-hour court case, but the nature of the action itself sounds like expropriation,” said Andrey Goltsblat, managing partner at Moscow-based law firm Goltsblat BLP.

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Archives March 26, 2013 posted by

Film review: Monsieur Lazhar***

 

Sometimes reactions are visceral. I was going to write about Identity Thief, one of last week’s new releases at the multiplex, but ended up having such an angry reaction to that film – not just irritation but violent anger, at its view of the world and its reprehensible heroine – that I just want to pretend it never happened. I wasn’t necessarily going to write about Monsieur Lazhar: it’s in French with Greek subtitles, only showing in Nicosia and only showing for a few days (it’s at the Friends of the Cinema) – yet just thinking about its final shot gives me goosebumps and makes me want to cry, so how can I ignore it?

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Archives March 20, 2013 posted by

Co-ops: everything under control on our end

CO-OP bank ATMs have been refilled and are ready to serve the public during the bank closure according to Co-op representative Constantinos Lyras. 

He assured Co-op customers they would be compensated for any losses a proposed haircut of deposits would incur with high-interest stock. He called on customers to remain calm and not attempt to withdraw all of their money as soon as the banks re-open. “We must show trust towards our banking system,” he said.

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Archives March 17, 2013 posted by

Troika are ‘vindictive and neo-colonial’

 

PARTIES reacted angrily to the Eurogroup decision, with communist AKEL saying it was contemplating proposing Cyprus’ exit from the common currency, the euro.

However, Communications Minister Tasos Mitsopoulos warned that the alternative was the collapse of the banking sector and bankruptcy.

AKEL leader Andros Kyprianou described Cyprus’ treatment by the troika as “vindictive and neo-colonial,” adding that his party would discuss proposing the island’s exit from the eurozone.

“They are attempting to impose their political options on Cyprus, leading out country and people to conditions that are similar to those in other countries of the European south,” Kyprianou said.

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Archives March 17, 2013 posted by

Our View: The ‘rescue package’ designed to destroy the economy

 

EVEN though the haircut of bank deposits had been on the agenda of the EU for more than a month now, featuring in Commission memos and being openly discussed by European politicians, most of whom, refused to rule it out, few people thought the Eurogroup would go ahead with it. It was an idle threat, to force Cyprus privatise SGOs and increase the corporate tax, was the prevailing view. 

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Archives March 16, 2013 posted by

Our View: Why should the licensed porters be rewarded for driving business away?

 

REPORTS that shipping agents have offered to take over the operation of the Limassol port from the Licensed Porters Association would be a positive development, if they did not have to pay such an extortionate price. The agents have apparently offered the Association €32 million for the monopoly it has enjoyed for years, with the state’s complicity and at the expense of the economy.

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Archives March 16, 2013 posted by

Parties furious over Eurogroup decision

 

 

PARTIES reacted angrily to the Eurogroup decision, with communist AKEL saying it was contemplating proposing Cyprus’ exit from the common currency, the euro.

However, Communications Minister Tasos Mitsopoulos warned that the alternative was the collapse of the banking sector and bankruptcy.

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