• Tue
  • Sep 2, 2014
  • Updated: 3:26am


Proposed law to avoid bailout of financial firms hard to put into practice

A government-proposed change in the law to empower regulators to compel troubled financial firms to transfer their shares to another company would be hard to apply in practice.

Monday, 13 January, 2014, 11:35am

The IMF's public mea culpa on that big fat Greek bailout

It takes a big person to acknowledge he was wrong, and the International Monetary Fund has now repeatedly admitted to the failure of its euro-area rescue policies.

11 Jun 2013 - 4:39am

Big Cyprus savers could lose 60pc

Big savers in Cyprus' largest bank face losses of up to 60 per cent, far greater than originally feared under the island's controversial European Union-led bailout plan, officials said.

31 Mar 2013 - 6:22am

Cyprus to reopen banks, impose capital controls

Cyprus reopens its banks on Thursday while limiting withdrawals, banning cheques and curbing the use of Cypriot credit cards abroad, among measures imposed to avert a bank run after it agreed a tough rescue deal with international lenders.

28 Mar 2013 - 8:02am

Cyprus' bailout marks a turning point

What has set Cyprus apart is that it is one of the smallest members of the euro zone, with a failed banking system much bigger than its economy. Likewise, the €10 billion (HK$101 billion) rescue deal with international lenders, though more than half its GDP, is small change compared with the hundreds of billions in bailouts for Greece, Spain, Portugal and Ireland. But it marks a turning point in European leaders' approach to bailouts, with the balance of risk shifted from taxpayers to private investors.

27 Mar 2013 - 3:09am

Cyprus in ‘superhuman effort’ to reopen banks

Cyprus warned that “superhuman” efforts were needed to reopen its banks by Thursday as protests and uncertainty about the island’s top lender showed that its huge bailout had not ended its troubles. The comment by central bank governor Panicos Demetriades on Tuesday came as hundreds of angry bank workers demonstrated outside his office and thousands of students rallied against the terms of the EU-IMF rescue package.

27 Mar 2013 - 4:34am

Cyprus' EU bailout deal to have immediate, lasting impact

Cypriots face years of economic hardship due to a harsh euro-zone bailout deal, analysts said yesterday, while the Mediterranean island's future in the currency remains deeply uncertain. The fallout will begin immediately, with food and medicine shortages likely in coming weeks as businesses struggle amid a lack of cash in Cypriot banks, which were hammered by the agreement, said economic experts.

26 Mar 2013 - 5:08am

Who will rescue Cypriot banks - the EU or Russia?

What started off as a botched rescue of the banking system in Cyprus has morphed into geopolitical brinkmanship between Russia and the European Union. It now looks like a fight over who will bail out the oligarchs and other rich depositors from Russia who put their money in high-interest-paying offshore accounts in Cypriot banks, which face collapse.

22 Mar 2013 - 4:00am

Cyprus president demands bailout decision on Thursday

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 on Wednesday night.

21 Mar 2013 - 6:10pm

Cyprus to present redrafted bailout 'Plan B'

Cyprus’ government has drawn up a new plan to raise funds needed for the country to secure a crucial international bailout, three top government officials said on Thursday.

21 Mar 2013 - 8:57am 1 comment