Tag Archives: cyprus

Cyprus President Attacks Bank Chief Over Crisis

Cyprus’s president has accused the island’s central bank chief of bowing to political pressure when he failed to prevent a looming banking crisis that led to the collapse of the country’s second-biggest bank last month. Continue reading

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Cyprus prison inmates donate allowance to needy families

NICOSIA, Cyprus — With Cyprus’ economy falling apart, even those behind prison bars are pulling together to help people in need.Dozens of central prison inmates donated around 9,000 euros ($11,649) in cash to a volunteer clinic Saturday in order to help needy families receive free medical attention amid the country’s most severe economic crisis in decades.The inmates, many of them serving long se… Continue reading

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EU’s Rehn: Big depositors could suffer in future bank bailouts under new law

Big bank depositors could take a hit under planned European Union law if a bank fails, the EU’s economic affairs chief Olli Rehn said on Saturday, but noted that Cyprus’s bailout model was exceptional. Continue reading

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Wall Street set for flat open after S&P’s closing high

By Ryan Vlastelica NEW YORK (Reuters) – U.S. stock index futures pointed to a flat open on Monday, with investors finding few reasons to keep pushing stocks higher with both the Dow and S&P 500 coming off record closing highs. Continue reading

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Bank of Cyprus confirms big losses for major depositors

Big depositors in Cypriot lender Bank of Cyprus will get shares in the bank worth just 37. Continue reading

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Bank of Cyprus’ Big Savers to Lose up to 60%

By Menelaos Hadjicostis NICOSIA, Cyprus — Big depositors at Cyprus’ largest bank may be forced to accept losses of up to 60%, far more than initially estimated under the European rescue package to save the country from bankruptcy, officials said Saturday. Deposits of more than 100,000 euros ($128,000) at the Bank of Cyprus will lose 37.5% in money that will be converted into bank shares, according to a central bank statement Continue reading

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Big depositors in Cyprus to lose far more than feared

By Michele Kambas NICOSIA (Reuters) – Big depositors in Cyprus's largest bank stand to lose far more than initially feared under a European Union rescue package to save the island from bankruptcy, a source with direct knowledge of the terms said on Friday. Under conditions expected to be announced on Saturday, depositors in Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, the source told Reuters, while the rest of their deposits may never be paid back. .. Continue reading

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Cypriot banks set to reopen after 12 days — but customers can only withdraw $383 each

Banks on the tax haven of Cyprus were due to open Thursday for the first time in 12 days amid the island’s continuing financial crisis.Strict limits on the amount of money that could be withdrawn have been imposed – people will be able to withdraw 300 euros ($383) a day and no checks will be cashed – amid fears of a run on the banks.Account holders showed up hours before the banks were due to open… Continue reading

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Cypriot banks reopen after 12 days — but customers can only withdraw $383 each

Banks on the tax haven of Cyprus opened Thursday for the first time in 12 days amid the island’s continuing financial crisis, but the country’s financial controls could remain in place for another month.Strict limits on the amount of money that could be withdrawn have been imposed – people will be able to withdraw 300 euros ($383) a day and no checks will be cashed – amid fears of a run on the ban… Continue reading

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S&P sees no rating impact on Russian banks from Cyprus

MOSCOW (Reuters) – Credit agency Standard & Poor’s said it sees no immediate ratings impact on Russian banks from the Cyprus bailout, though imposing capital controls could lead to operational risks for lenders and borrowers. Cyprus is finalizing capital controls to prevent a run on its banks when they reopen on Thursday after the Mediterranean island state agreed a rescue package with the European Union. … Continue reading

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