Tag: Cypriot banks

• Monday, April 1st 2013 - 09:46 UTC

  Cyprus depositors over 100.000 Euros could lose 60% of their savings

  

  Bank of Cyprus depositors with more than 100.000 Euros could lose up to 60% of their savings as part of an EU-IMF bailout restructuring move, officials say. The central bank says 37.5% of holdings over 100.000 Euros will become shares.

• Thursday, March 28th 2013 - 09:30 UTC

  All EU eyes on Cypriot banks which open Thursday with tough deposit controls

  

  Cyprus trucked out cash for its banks on Wednesday night to prepare them to reopen to a siege by anxious depositors, with tough controls imposed on the use of currency to avert a bank run as a result of its harsh rescue deal.

• Wednesday, March 20th 2013 - 08:00 UTC

  Germany warns Cyprus ‘banks might never reopen’ if terms of bailout are rejected

  

  Germany's finance minister has warned Cyprus that its crisis-stricken banks may never be able to reopen if it rejects the terms of a bailout. Wolfgang Schaeuble said major Cypriot banks were “insolvent if there are no emergency funds”.

• Tuesday, March 19th 2013 - 06:30 UTC

  Cyprus closes banks to give time for Parliament to vote on bail-out package

  

  Finance ministers from the Euro-zone have asked Cyprus to reduce the burden on small investors from a proposed levy on savings, linked to a bailout. Plans for a one-off tax of 6.75% on savings up to 100,000 Euros have outraged Cypriots.

• Monday, March 18th 2013 - 07:26 UTC

  Cyprus bailout conditions trigger fears of Euro debt crisis escalation and run on banks

  

  Asian markets have dipped after Cyprus bailout plans triggered fears of an escalation of the Euro zone debt crisis. The EU and IMF want all bank customers to pay a levy in return for a bailout worth 10bn Euros and although the plan is yet to be finalised, the news of the deal caused a rush to the cash machines in Cyprus as people tried to withdraw money.