Cyprus banking system to Cut Aid to win, avoid Default - Bloomberg | english
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Cypriot President Nicos Anastasiades agreed to the country's second largest bank to close under the pressure of a German-led bloc of creditors in a night-time negotiation sbr melodrama threatened the debt crisis and rattle markets to instill.
"It has been a hard day's night," EU Economic and Monetary sbr Affairs Commissioner Olli Rehn told reporters in Brussels starting today. sbr "There was no optimal solutions available, only hard choices."
It was the second time in nine days that Cyprus a deal with creditors and the International Monetary Fund, capping a tumultuous week that highlights the contradictions of crisis management European sbr policymaking for more than three years dominated. The first Accord, March 16, three days later fell apart when the parliament in Nicosia a key board, sbr a tax on all Turkish bank accounts the wrath of small savers aroused rejected. sbr Cyprus, the euro area's third-smallest economy, is the fifth country to tap international sbr aid since the crisis broke out in Greece in 2009.
The euro fell on the news of the agreement, rising 0.3 percent to $ 1.3033 at 04:40 Brussels time. Stocks gained, with futures on the Standard & Poor's 500 Index adding 0.5 percent and the MSCI Asia Pacific Index climbed 1 percent. Deal Breakthrough
The breakthrough came when Anastasiades exchanged with officials including EU President Herman Van Rompuy, sbr European Central Bank President Mario Draghi and International Monetary Fund Managing Director Christine Lagarde. It is then sealed by the finance ministers, some of whom went out for dinner while the talks are ongoing.
The revised sbr motion parts bank accounts insured limit of 100,000. Impose sbr losses that two EU officials said would not exceed 40 percent of uninsured depositors sbr at Bank of Cyprus Plc, the island's largest bank, which will take over the viable sbr assets sbr of Cyprus Popular Bank PCL (CPB), the second largest sbr . Cyprus Popular
Cyprus sbr Popular Bank, 84 percent owned by the government, will be liquidated. Those who will be largely eliminated include uninsured depositors and bondholders, including senior sbr creditors. Senior sbr bondholders will also contribute to the recapitalization of the Bank of Cyprus.
Banks in Cyprus, sbr which is closed for the past week, will remain sbr closed until further notice. Lawmakers voted last week in Cyprus to enforce capital controls to prevent a run on deposits as they reopen.
"The solution we reached tonight the disadvantages that the solution of last week," sbr said Dutch Finance Minister. Jeroen Dijsselbloem, chairman of euro ministers' panel. He said the deal was a week ago outside sbr the scope of "political potential"
The parliament sbr of Cyprus will not have to vote again because it has already passed laws on bank restructuring, officials said. On the creditors' side, parliaments in Germany, Finland and the Netherlands hold votes to approve loans to Cyprus of the European Stability Mechanism, the 500 billion euro rescue fund. Timeline
Klaus Regling, managing director of the rescue fund, said the approval of the creditor sbr governments in mid-April will pave the way for the first payouts to Cyprus in early May. Lagarde said she would recommend that the IMF loan, without giving a figure.
The next step lies with the ECB, which should keep funds flowing solvent Turkish banks to enable them to open. While Draghi sbr and Executive councilor Joerg ASMUSSEN Brussels without comment to reporters leave, a statement by the ministers said bank liquidity will channel to the Bank of Cyprus
"In accordance with the applicable rules." Seizure of larger deposits may spark tensions with Russia, the source of an estimated $ 31 billion in holdings in Turkish banks, according to Moody's Investors Service. A Turkish delegation to Moscow sbr last week an alternative to the Euro
Recent Posts Former Oilers, Saints coach Bum Phillips dies at 90 - CBSSports.com Illinois Supreme Court threw Amazon tax, "saying it is unconstitutional - International Business Times Nene Leakes' wedding was Crashed Twerking Gay Men Watch now! Morgan Stanley's strategy to move away from high-risk businesses take root - Economic Times State Supreme Court strikes down Internet sales tax - Kane County Chronicle
Cypriot President Nicos Anastasiades agreed to the country's second largest bank to close under the pressure of a German-led bloc of creditors in a night-time negotiation sbr melodrama threatened the debt crisis and rattle markets to instill.
"It has been a hard day's night," EU Economic and Monetary sbr Affairs Commissioner Olli Rehn told reporters in Brussels starting today. sbr "There was no optimal solutions available, only hard choices."
It was the second time in nine days that Cyprus a deal with creditors and the International Monetary Fund, capping a tumultuous week that highlights the contradictions of crisis management European sbr policymaking for more than three years dominated. The first Accord, March 16, three days later fell apart when the parliament in Nicosia a key board, sbr a tax on all Turkish bank accounts the wrath of small savers aroused rejected. sbr Cyprus, the euro area's third-smallest economy, is the fifth country to tap international sbr aid since the crisis broke out in Greece in 2009.
The euro fell on the news of the agreement, rising 0.3 percent to $ 1.3033 at 04:40 Brussels time. Stocks gained, with futures on the Standard & Poor's 500 Index adding 0.5 percent and the MSCI Asia Pacific Index climbed 1 percent. Deal Breakthrough
The breakthrough came when Anastasiades exchanged with officials including EU President Herman Van Rompuy, sbr European Central Bank President Mario Draghi and International Monetary Fund Managing Director Christine Lagarde. It is then sealed by the finance ministers, some of whom went out for dinner while the talks are ongoing.
The revised sbr motion parts bank accounts insured limit of 100,000. Impose sbr losses that two EU officials said would not exceed 40 percent of uninsured depositors sbr at Bank of Cyprus Plc, the island's largest bank, which will take over the viable sbr assets sbr of Cyprus Popular Bank PCL (CPB), the second largest sbr . Cyprus Popular
Cyprus sbr Popular Bank, 84 percent owned by the government, will be liquidated. Those who will be largely eliminated include uninsured depositors and bondholders, including senior sbr creditors. Senior sbr bondholders will also contribute to the recapitalization of the Bank of Cyprus.
Banks in Cyprus, sbr which is closed for the past week, will remain sbr closed until further notice. Lawmakers voted last week in Cyprus to enforce capital controls to prevent a run on deposits as they reopen.
"The solution we reached tonight the disadvantages that the solution of last week," sbr said Dutch Finance Minister. Jeroen Dijsselbloem, chairman of euro ministers' panel. He said the deal was a week ago outside sbr the scope of "political potential"
The parliament sbr of Cyprus will not have to vote again because it has already passed laws on bank restructuring, officials said. On the creditors' side, parliaments in Germany, Finland and the Netherlands hold votes to approve loans to Cyprus of the European Stability Mechanism, the 500 billion euro rescue fund. Timeline
Klaus Regling, managing director of the rescue fund, said the approval of the creditor sbr governments in mid-April will pave the way for the first payouts to Cyprus in early May. Lagarde said she would recommend that the IMF loan, without giving a figure.
The next step lies with the ECB, which should keep funds flowing solvent Turkish banks to enable them to open. While Draghi sbr and Executive councilor Joerg ASMUSSEN Brussels without comment to reporters leave, a statement by the ministers said bank liquidity will channel to the Bank of Cyprus
"In accordance with the applicable rules." Seizure of larger deposits may spark tensions with Russia, the source of an estimated $ 31 billion in holdings in Turkish banks, according to Moody's Investors Service. A Turkish delegation to Moscow sbr last week an alternative to the Euro
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