Posts by tag: losses

Archives April 3, 2013 posted by

Capital restrictions eased slightly

A FINANCE ministry decree, the third since controls were first introduced, yesterday raised the ceiling on transactions which do not require Central Bank approval to €25,000 from €5,000.
It also permits the use of cheques worth up to €9,000 per month.
Other restrictions introduced last week, including a €300 per day cash withdrawal limit and a €1,000 euro limit on the amount travellers can take overseas, remain in place.
Employer organisation OEV said the measure was in the right direction but was not enough for businesses to cover their obligations.
OEV urged the Central Bank to immediately review its decision and free the whole amount – 40 per cent – of uninsured deposits in the Bank of Cyprus.

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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.

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Archives March 5, 2013 posted by

MoU should have been signed months ago

CYPRUS should have signed a bailout deal months ago, a top economist said yesterday, ahead of a Eurogroup meeting that discussed the island’s application.

“We have taken more time to agree on a memorandum than any other country in Europe,” Christoforos Pissarides told reporters. “A small country like Cyprus cannot be so complicated to need so much time.”

Cyprus first requested a bailout in June last year but it was not possible to reach an agreement with the last, communist-led government.

President Nicos Anastasiades has pledged to work for a swift deal to prop up the island’s banks, which need capital of around 8-10 billion euros. 

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Archives November 29, 2012 posted by

Public service wage cuts rolled out early


THE GOVERNMENT will introduce staggered public payroll cuts of up to 12.5 per cent from next month ahead of signing a loan agreement with international lenders, it transpired yesterday. 

Government spokesman Stefanos Stefanou yesterday confirmed reports that the government would introduce staggered payroll and pension cuts ranging from 6.5 per cent to 12.5 per cent as of December 1. The cuts would also apply to 13th salaries and 13th pensions.  

He rejected reports that the government was scrambling to save money until a bailout from the troika of international lenders was secured, arguing that everybody knew the cuts would start before the end of the year. 

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Archives September 1, 2012 posted by

Our View: Sound bites trump substance so far as pre-election period kicks off

THERE are six months left until the presidential elections. It’s understandable the politicians want to get an early start with the mudslinging but they could have spared us during August at least.

The rubbish they’ve been spewing for the past week is mind numbing and we must agree with the president when he said the level of political discourse is very low, even though he was referring to others and not himself when he said it.

We’ve had him and DISY leader Nicos Anastasiades calling each other liars – very mature – with both of them using the overseas Cypriots conference to take pot shots. 

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Archives February 29, 2012 posted by

Cyprus warned to open up energy market

CYPRUS has been warned to open its energy market or face legal action at the European Court of Justice by the European Commission.

“Opening energy markets for competition is key to competitiveness of the EU economy as a whole,” the Commission said in a press release on Monday. Seven other EU members have received the same warning.

An efficient, interconnected and transparent internal European energy market will also offer consumers a choice between different companies supplying gas and electricity and will make the market accessible to all suppliers, it said.

The eight countries have failed to put in place two EU directives on electricity and gas of the third energy package as they ought to have done a year ago.

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