Troika concludes Greek bailout review, next aid tranche soon: source
DUBLIN - An inspection team of international lenders has finished its review of Greece's reform progress, paving the way for another 10 billion euros aid payment, a source with knowledge of the talks said on Saturday.
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Reuters
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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Reuters
Defensive move: Greek bank to buy local branches of troubled Cyprus banks
ATHENS/NICOSIA — Greece's Piraeus Bank struck a deal on Friday to take over the Greek branches of Cyprus's troubled banks in what a source close to the matter said involved the transfer of 17 billion euros of loans and 14 billion euros of deposits.Piraeus was chosen in a deal that helps to shield Greek banks from the island's crisis and allows Cyprus to shrink its bloated banking sector. The deal,...
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MSNBC
Cyprus Banking Crisis: Will Russia Ride to the Rescue?
The Cyprus government is scrambling to find alternative ways to fund its part of a European Union bailout, including asking for help in Moscow, after the island’s parliament resoundingly rejected the terms initially agreed. The lawmakers’ vote was seen as a complete denunciation of the controversial plan to levy a one-time tax on bank deposits of Cypriots and non-Cypriots alike. Despite the international uproar that the bailout has generated, the E.U. shows no sign of budging from its insistence that Cyprus itself must fund a part of its own rescue package. Together with the International Monetary Fund, the E.U. has said it is willing to put up $13 billion — but only if Cyprus itself contributes about $7.5 billion in revenue. German Finance Minister Wolfgang Schaueble told a TV interview on Tuesday evening that he “regretted” the parliament’s decision to reject a package that had been worked out together with the government. If the public indignation wasn’t already palpable ...
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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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