Posts by tag: money transfers

Archives April 2, 2013 posted by

OUR VIEW: What do we really have to lose by keeping capital controls in place?

IF THERE is one thing we can say with a large degree of certainty, given how bailout terms and conditions are changing every day, is that the Cyprus we knew has been annihilated.
The two big banks that financed our affluent lifestyle have collapsed, and the Bank of Cyprus, which will be allowed to survive, will be operating under so many restrictions and debilitating debts that it will be unable to fund business activity, let alone growth.

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Archives March 27, 2013 posted by

Who the administrators are

THE CENTRAL Bank announced yesterday that it had appointed Dinos Christofides as the special administrator to run the Bank of Cyprus.
This comes a day after the Central Bank announced the appointment of Andri Antoniades as the special administrator for the restructuring of Laiki Bank.
“The Central Bank of Cyprus (CBC) announces that in its capacity as the Resolution Authority, it has, as of today, appointed Ms Andri Antoniades as the Special Administrator to implement the restructuring of Laiki Bank,” the bank said in a statement.
Antoniades is a member of the Institute of Certified Chartered Accountants with 28 years of banking experience, 25 years with HSBC, acting as CEO for the last five years and three years as General Manager with NBG Cyprus Ltd.

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Archives March 22, 2013 posted by

Eurozone call notes reveal extent of alarm over Cyprus

EUROZONE finance officials acknowledged being “in a mess” over Cyprus during a conference call on Wednesday and discussed imposing capital controls to insulate the region from a possible collapse of the Cypriot economy.
In detailed notes of the call seen by Reuters, one official described emotions as running “very high”, making it difficult to come up with rational solutions, and referred to “open talk in regards of (Cyprus) leaving the eurozone”.
The call was among members of the Eurogroup Working Group, which consists of deputy finance ministers or senior treasury officials from the 17 eurozone countries as well as representatives from the European Central Bank and the European Commission. The group is chaired by Austria’s Thomas Wieser.

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