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  • September 15, 2014
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  1. Business - Economy - FINANCE

    Bank of Cyprus chairman quits post

    Posted Mar 27th 2013, 12:00am by AFP

    ... Agence france-Presse in Nicosia Bank of Cyprus chairman quits post The chairman of Bank of Cyprus tendered his resignation yesterday following the appointment of an administrator ... to inform the bank's management of either the appointment of Dinos Christofides or of the sale of the bank's branches in Greece, news website Stockwatch said. The Central Bank of Cyprus ...

  2. Business - Economy

    Standard & Poor's upgrades Cyprus

    Posted Jul 04th 2013, 02:56pm by Reuters

    ... Standard & Poor’s has upgraded the sovereign foreign credit rating on Cyprus to CCC-plus from selective default following completion of an exchange of bonds the credit rating agency deemed distressed. Cyprus undertook a 1 billion euros (HK$10.1 billion) debt exchange as part of a financial adjustment program worked out with the troika of the European Union, European Central ...

  3. Business - Economy

    IMF releases first bailout funds for Cyprus

    Posted May 16th 2013, 01:06pm by AFP

    ... The International Monetary Fund approved a US$1.33 billion (HK$10.3 billion) bailout loan for Cyprus on Wednesday and released the first US$110.7 million (HK$859.2 million) to the Cypriot ... financial stability backstop, handed over the first two billion euros of loans agreed under the controversial Cyprus aid deal. The deal was set in March after the Cypriot government agreed to force ...

  4. Business - Economy

    Cyprus MPs to debate ’difficult’ bailout deal

    Posted Apr 30th 2013, 12:02pm

    ... economy under more pressure. To secure the rescue package, Cyprus has had to radically downsize its bloated banking sector, raise taxes and cut public spending. If all goes according to plan, Cyprus expects its first tranche of much-needed bailout cash in May. On Monday, President Nicos Anastasiades said he was planning sweeping reforms in a bid to modernise the battered island, ...

  5. Business - Economy

    Last-minute deal resurrects Cyprus bailout

    Posted Mar 25th 2013, 10:22am by AFP

    ... Agence France-Presse in Brussels EU and IMF officials struck a last-minute deal with Cyprus early Monday to resurrect a bailout for the island- but one banking chain goes to the wall ... of Cyprus, the island’s No.1, will take a major “haircut”-- a forced wipeout of investment value, on all deposits of more than 100,000 euros. The Bank of Cyprus, with one third of all holdings, ...

  6. Business - Economy - Cyprus

    Cyprus to reopen banks, impose capital controls

    Posted Mar 28th 2013, 01:58am by Reuters in Nicosia

    ... Banks in Cyprus open again but will limit withdrawals, ban cheques and curb the use of Cypriot credit cards abroad Cyprus reopens its banks on Thursday while limiting withdrawals, banning ... unlimited use of credit cards within Cyprus, but set a limit of 5,000 euros per month abroad. He said the measures would last four days but could be reviewed. Other details of the controls had yet ...

  7. News - World - Cyprus

    Cyprus girds for run on banks after sealing bailout

    Posted Mar 25th 2013, 09:33pm by Reuters in Nicosia

    ... Reuters in Nicosia The president of Cyprus assured his people a bailout deal he struck with the European Union was in their best interests and would end anxiety, but he also announced ... (US$13 billion) rescue plan agreed there in the early hours of the morning was “painful” but essential to avoid economic meltdown. He has agreed to close down the second-largest bank, Cyprus ...

  8. News - World - Cyprus

    Cyprus' EU bailout deal to have immediate, lasting impact

    Posted Mar 26th 2013, 12:00am by AFP

    ... financial sector. Fiona Mullen, an economist specialising in Cyprus, said that while the deal had prevented an overnight exit from the euro, many Cypriot citizens would wonder if it would be better ... of the deal, Cyprus' second biggest lender Laiki (Popular Bank) will be wound up overnight, and investors looked set to lose all unsecured deposits of more than €100,000 (HK$1.01 billion). Mullen, ...

  9. News - World - Cyprus

    Closure fears spark run on Popular Bank in Cyprus

    Posted Mar 23rd 2013, 12:00am by AFP

    ... was considering merging Popular Bank with the Bank of Cyprus. The latter is the island's largest bank. In an effort to end the panic, a central bank spokeswoman, Aliki Stylianou, denied the rumours ... of up to €700. Popular Bank customers said they did not trust the government's efforts. "Cyprus is sinking. [The EU and the international community] are prepared to let Cyprus ...

  10. Business - Banking & Finance

    Cyprus president demands bailout decision on Thursday

    Posted Mar 21st 2013, 10:58am by AFP

    ... Agence France-Presse in Nicosia Cyprus President Nicos Anastasiades has demanded that a decision on a bailout deal for the near-bankrupt eurozone member must be made on Thursday, the official CNA news agency reported. “A decision on a Cyprus rescue must be made on Thursday at the latest,” CNA quoted Anastasiades as saying as he left the presidential palace in Nicosia ...




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