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...
- Thu
- Oct 3, 2013
- Updated: 5:09pm
Cyprus
Cyprus became the latest euro zone domino to teeter in 2012 just when the worst of the crisis appeared to be over. In March 2013, a compromise rescue plan backed by euro zone finance ministers called for Cyprus to wind down one largely state-owned bank, Popular Bank. The raid on Popular Bank was intended to raise most of the 5.8 billion euros that Cyprus was required to raise as part of the bailout.
16 May 2013
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...
1:06PM
8 May 2013
Rather than sitting back to enjoy his retirement, Michel Verdy embarked on a new mission - looking for Hong Kong buyers interested in purchasing homes in Cyprus.
2:33AM
30 Apr 2013
The Cypriot parliament begins a debate later on Tuesday on a 10-billion-euro (HK$101.5 billion) EU-IMF bailout which Finance Minister Haris Georgiades has described as a tough but necessary...
12:03PM
14 Apr 2013
The price of gold fell to its lowest level in more than 18 months amid fears that sales of the precious metal forced on Cyprus by its desperate financial plight would lead to wholesale dumping by...
7:46AM
12 Apr 2013
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...
1:57AM
Recent events in Cyprus remind all of us that you cannot always count on the cash in the bank. It is vulnerable to bank runs, financial crises, institutional failures and government edicts - of...
3:09AM
According to IMF data, central banks in emerging economies cut their euro holdings by 8 per cent, or €45 billion (HK$450 billion) in 2012. The world economy is moving towards a multipolar currency...
2:04AM
Several people have asked why this column has spent so much time over the last couple of weeks looking at the Cypriot banking crisis. At just 0.2 per cent of the euro zone's gross domestic product...
4:57AM
The European Central Bank (ECB) will hold off from cutting rates or announcing any other policy moves at its meeting next week so as to keep up pressure on governments to solve the euro zone's...
4:13AM
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.
6:22AM
Roman Emperor Julius Caesar was famously warned by a seer about the Ides of March, traditionally March 15.
3:30AM
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23 Sep 2013
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