Greek bank merger halted
Greece’s two largest lenders are headed for state control after their merger was halted by the government over the weekend.
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Cyprus Bailout Prompts Muted Relief in Markets
(LONDON) — The rally in stock markets in the wake of the Cypriot bailout deal proved short-lived Monday as investors remained cautious following a crisis that laid bare the scale of problems surrounding Europe‘s single currency. In the immediate aftermath of the deal between the Mediterranean island nation and international creditors, stocks rallied strongly and the euro edged back up above the $1.30 mark. But as the day wore on, the optimism was running dry. Though Cyprus’ bailout deal will prevent it becoming the first country to ditch the euro, investor worries over Europe’s common currency remain, not least because the deal sanctions raiding bank deposits. (MORE: Cyprus Rescue: The Destruction of a Tax Haven) “The Cypriot bailout has a powerful legacy which may alter the security with which depositors elsewhere in the eurozone view the safety of banks,” said Jane Foley, an analyst at Rabobank International. “It has also reportedly uncovered a lack of harmony.” In Europe, ...
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Cyprus passes bills for EU bailout; Greece to take over bank branches
Lawmakers in Cyprus approved three bills late Friday aimed at securing a bailout for its troubled banks from the European Union and averting a financial meltdown.The legislation includes one bill that allows the government to divide the wobbling lenders into good and bad banks -- a law that would likely to be applied first to Cyprus Popular Bank. The goal is to restructure without hurting small de...
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Found 1 month ago on channel
MSNBC
Cyprus Banking Crisis: The Endgame Begins
The ultimatum has been issued: The European Union is pressuring Cyprus to end its standoff over a proposed financial rescue package and agree to new terms very rapidly – or face bankruptcy. Cyprus is scrambling to respond with a revised plan that would shield small depositors, but it still needs to finalize details, and then win approval from the E.U. Two days after the Cyprus parliament overwhelmingly rejected the bailout, which would have taxed the deposits of all bank account holders, the E.U. hit the island with a one-two punch. The first blow was a brief, two-line announcement from the European Central Bank (ECB) that it would stop providing emergency liquidity assistance to Cypriot banks on Monday, March 25, unless the island nation agrees to a bailout deal with the E.U. and the International Monetary Fund before then. The announcement was a blunt attempt to force Cyprus’ hand, mainly because the tiny nation’s biggest banks have racked up heavy losses from soured loans to Greece ...
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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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