Bailout Funds

Cyprus bailout cost jumps in threat to teetering economy

A Bank of Cyprus branch in central Nicosia. Photo: AFP

Cyprus confirmed on Thursday that the cost of its EU-IMF bailout has surged to 23 billion euros (US$30 billion) from 17.5 billion euros, putting the already teetering economy in danger of collapse and further endangering large bank depositors.

Friday, 12 April, 2013, 1:57am

Cypriots shocked as euro bail out includes 10pc tax on bank accounts

People queue at an ATM in Larnaca, Cyprus, yesterday. Photo: AP

Cyprus government agreed to a €10 billion (HK$101 billion) bailout that includes an unprecedented levy on all bank deposits. The debt rescue package, agreed with the euro zone and International Monetary Fund earlier in the day in Brussels, is significantly less than the €17 billion Cyprus had initially sought.

18 Mar 2013 - 9:48am

Euro-zone summit ends in stalemate, again

German Chancellor Angela Merkel. Photo: Reuters

European leaders wound up their final summit of 2012 in much the same manner as they started the year - playing for time, crossing their fingers, hoping the worst is behind them.

In the almost three years since the Greek drama erupted in February 2010 and spread quickly around the euro-zone fringes, the leaders have never quite managed to get ahead of the curve.

16 Dec 2012 - 5:10am

Europe's Plan C for Greece no better than previous plans

A plan for Greece to grow its way out of its debt problem appears to be just one of a long line of stopgap measures. Photo: Bloomberg

Europe's leaders have reached Plan C in their efforts to rescue Greece. Unfortunately, it lacks a crucial element also absent in plans A and B: adequate debt relief.

29 Nov 2012 - 3:46am

French rate cut could hit eurozone rescue fund: Moody's

French rate cut could hit eurozone rescue fund: Moody's

The rating agency Moody’s said on Tuesday that it was studying the impact of its cut of France’s top credit notation on the triple “A” ratings of eurozone rescue funds that are underpinned in part by France.

20 Nov 2012 - 10:48pm

S&P drops Spain bond ranking to near 'junk'

Spanish leader Mariano Rajoy is delaying a call for aid. Photo: EPA

Spain's debt rating has been cut to one level above junk by Standard & Poor's, which cited mounting economic and political risks as the government considers a second bailout.

The country was lowered two levels to BBB-minus from BBB-plus, S&P said yesterday.

12 Oct 2012 - 3:00am

Euro-zone ministers to launch ESM rescue fund

Thousands protest yesterday against the government's austerity measures in Seville, southern Spain. Photo: EPA

The euro zone finally gets its €500 billion (HK$5 trillion) rescue fund today when finance ministers meet amid growing uncertainty over Greece's tortuous debt bailout and whether Spain will need help in turn.

8 Oct 2012 - 4:43am

German finance chief warns Spain against seeking extra bailout funds

European Central Bank chief Mario Draghi and IMF managing director Christine Lagarde at the meeting in Nicosia. Photo: EPA

German Finance Minister Wolfgang Schaeuble discouraged Spain from seeking a full international bailout, saying another request for outside aid risked a new round of financial market turmoil.

"I'm not in the camp that says 'take the money'," Schaeuble said, when asked about moves to press Prime Minister Mariano Rajoy's government to seek more aid.

15 Sep 2012 - 4:03am