Skip to main content

Cyprus bailout: fury as banks closed to avert run

Eurozone finance ministers hold emergency talks as vote on aid package in Cyprus parliament is delayed for second day

Cypriots protest against the bailout outside the parliament in Nicosia
Cypriots protest against the bailout outside the parliament in Nicosia. Photograph: Yorgos Karahalis/Reuters
Cyprus took the unprecedented step on Monday of closing its banks until Thursday as officials scrambled to renegotiate the terms of a controversial bailout that threatens to force savers to take a €5.8bn (£5bn) hit to their deposits.
Finance ministers from the 17-country eurozone held an emergency video conference call and concluded that small depositors should not be hit as hard as others. They said the Cypriot authorities could stagger the deposit seizures, but remained firm in demanding that the overall sum of money raised remained the same. Cyprus state media said accounts with less than €20,000 may be spared.
The announcement came amid recriminations over the aid package, particularly in Moscow, where a spokesman for Vladimir Putin attacked the plan as "unfair, unprofessional and dangerous".
Thousands of Russians have bank accounts in Cyprus, which has styled itself as a tax haven to attract international deposits into a banking system now at least eight times the size of the island's €17bn economy. Russia hinted that a separate but crucial €2.5bn loan to Cyprus could now be in doubt.
From  http://www.guardian.co.uk/business/2013/mar/18/cyprus-closes-banks-bailout-package

WHY is all this happening in EUROPE?:  http://drkhalid.blogspot.in/2013/03/cartoons-for-great-simple-explaination.html

More: http://drkhalid.blogspot.in/search/label/Going%20into%20recession%3F

Comments

Post a Comment

Popular posts from this blog

Best IELTS and English language training institutions in Hyderabad

IELTS stands for International English Language Testing System. As the name implies it is basically an English test for testing the proficiency of the language in an individual.  Training for IELTS can be taken to pass the IELTS exam or to develop good english language skills. I am giving the training institute addresses for Hyderabad. The test system is jointly managed by the British Council,IDP education ltd and University of Cambridge ESOL Examinations and more than 1 million candidates are taking the exam all over the world. The test has two versions : 1. Academic 2. General training Academic  version is for people who plan to continue their higher education by enrolling in universities in countries like US,UK,Australia,Canada,New Zealand etc.The academic institutions in these countries consider the IELTS score as a criteria for the admission process. General training is mostly for immigration purposes in countries like Australia,New Zealand,Canada etc. It may also be u
9 comments
Read more

Communist party launches 'China Operating System' to oust iOS and Android

hina officials have launched a national operating system in an attempt to take back control of the country’s computer market from American companies such as Google and Apple. The software has been in development for more than a year, but has been released at a crucial time with revelations about US-led surveillance sparking fears over the integrity of American-designed software. Known simply as the China Operating System, or COS, the software can run on PCs, tablets and smartphones and has been based on the open-source Linux operating system. Chinese media say that the OS has been created “entirely independently” in order to provide better localization for a range of features – from Chinese-language keyboards, to integration with the country’s banks. At the launch of the event, one of the developers involved with the project reportedly criticized Western software , saying that Apple’s iOS was too closed, that Google’s Android OS suffered from fragmentation (ie, too many versi
Post a Comment
Read more