Greece saw deposit inflows in March amid Cypriot crisis
ATHENS - Greek bank deposits rose by more than 1.5 billion euros in March despite a banking crisis in Cyprus that triggered fears of deposit outflows in other indebted southern European economies, the country's central bank chief said on Wednesday.
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Found 1 month ago on channel
Reuters
Cyprus Seeks to Alleviate Pain from Deposit Raid
(NICOSIA, Cyprus) — Cypriot government officials sought Tuesday to alleviate the pain on small savers from a plan to raid bank deposits that has caused outrage in the country and sent jitters through European financial markets. Hours ahead of an expected vote in the country’s 56-member Parliament on the seizure of a percentage of deposits, officials sought to limit the impact on small savers and even hinted that the country was looking to limit the amount it is to raise from the measure’s imposition. A new draft bill discussed in Parliament’s finance committee proposed to spare all deposits below (EURO)20,000 ($25,900) from a levy. Those between (EURO)20,000 and (EURO)100,000 would still have a 6.75 percent charge imposed, and those above (EURO)100,000 would be hit for 9.9 percent, in line with the original plan put forward at the weekend. A vote in favor of the bank account confiscation is needed if Cyprus is to get (EURO)10 billion in rescue loans from its euro partners and the ...
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Cyprus: The E.U. ‘Rescue’ That Risks Backfiring
With its $13 billion agreement to bail out Cyprus, the E.U. this weekend thought that it had successfully doused the latest threat to its single currency, the euro. Cyprus has run into trouble because its banks are heavily exposed to Greek debt. Instead, the nature of the bailout – which features a levy on the bank deposits of ordinary Cypriots — has sparked a bank run on the island that threatens to spill over to other European countries. The sudden eruption of panic could still be contained; European officials on Sunday night were looking to revise the terms of the agreement ahead of a vote on the rescue package in the Cypriot parliament, in order to shield smaller depositors. E.U. officials insist that Cyprus was always a special case. But by forcing ordinary citizens to fund the bank rescues up front, through a tax on deposits, the E.U. is setting a precedent that is chilling to people in other countries, like Spain, which has looked at a bailout for its own beleaguered banking ...
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Worldwide: AIFMD Impact On AIF Documentation - Maples and Calder
Following the European Commission’s recent publication of "Level II" implementing measures for the Alternative Investment Fund Managers Directive (AIFMD), the alternatives industry finally has sufficient certainty to commence meaningful analysis on how business models will be affected. One
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Mondaq
United Kingdom: The Alternative Investment Fund Managers Directive Level 2 Measures Published – Six Months To Go! - Withers LLP
The Alternative Investment Fund Managers Directive ("AIFMD") establishes a common set of EU-wide rules on any European alternative investment fund manager ("AIFM") which manages one or more alternative investment funds ("AlFs").
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Mondaq