Tagsbrussels

EU releases first two billion euros in bailout aid

By Stefanos Evripidou 14/05/13
THE EUROGROUP gave its blessings to the disbursement of €3 billion to Cyprus yesterday, with the first €2 billion already sent to the island as part of the first tranche of a €10 billion bailout expected to “buy time” for its ailing economy. The group of eurozone finance ministers met for nearly six hours in Brussels yesterday, discussing among other things the bailout programmes of Cyprus and Greece and the troika’s assessment of Cyprus’ anti-money laundering measures. During the first hour of the Eurogroup meeting, the European Stability Mechanism (ESM) board announced its approval of the Financial Assistance Facility Agreement with Cyprus and the disbursement of the first tranche of ‘rescue’ money worth €3 billion... 12 comments

Tensions over bailout underscore pitfalls ahead

By Michele Kambas and Laura Noonan 28/03/13
THE INK is barely dry on a deal struck in Brussels to save Cyprus from bankruptcy, but rising tension between the island's conservative president and the communist-appointed governor of the central bank foreshadow difficulties ahead.Thinly veiled disdain for governor Panicos Demetriades expressed by officials close to President Nicos Anastasiades has reinforced the perception of a Cypriot leadership reeling under the backlash against an unpopular, last-minute accord hammered out in fraught negotiations in Brussels.Small and so-far peaceful street protests appear to be gaining momentum, and the opposition - denied the right to challenge the deal in parliament - is calling for a referendum... 9 comments

Goodbye to all that, or the other face of Venus

March 28th 2013

Let's face it, the last week or so has been rather ugly in this little corner of paradise.

Cypriots have been bombarded by all sorts of dire proclamations that their (still relatively recent) way of life (read: affluent) is dead. People are bracing themselves for austerity, hardship, layoffs, pay cuts, spirals into heavy debt, belt-tightening and all-round general grimness.

For an island associated with Venus, the goddess who loves pleasure (and money), and all the things that indulge the senses, this is rather dispiriting news, to say the least.

NEW -- Highlights-Comments from eurozone Cyprus talks

24/03/13
BRUSSELS, March 24 (Reuters) - Cypriot President Nicos Anastasiades embarked on last-minute crisis talks with international lenders in an attempt to save the island from financial meltdown. The talks with EU, European Central Bank and IMF leaders in Brussels will be followed by a meeting of eurozone finance ministers, intended to help Cyprus meet a Monday deadline to avert collapse of its banking system and potential exit from the euro. Following are comments from officials and ministers ahead of the finance ministers' meeting:... 5 comments

TIMELINE: Bailout deal reached

24/03/13
UPDATED 2.58am   Cyprus and international lenders reached a draft deal in the early hours of this morning, which had to be approved by the Eurogroup.Details of the deal were sketchy but involved heavy levies on both of Cyprus’ biggest banks. Other banks appeared to have been spared. And no charges will be incurred against any Cypriot bank account with less than 100,000 euros in them, the officials said... 70 comments

UPDATE: Anastasiades seeking last-minute Cyprus reprieve in Brussels

By Michele Kambas and Karolina Tagaris 24/03/13
 Cypriot President Nicos Anastasiades, seeking a last-minute reprieve from financial meltdown at talks in Brussels on Sunday, has a "very difficult task" ahead of him if he is to save the island's economy, a government spokesman said.With Cyprus facing a Monday deadline to avert a collapse of its banking system and potential exit from the euro, late night talks in Nicosia to seal a bailout from the EU and International Monetary Fund broke up without result... 53 comments

Cyprus seeks 11th-hour deal to avert financial collapse

By Michele Kambas and Karolina Tagaris 24/03/13
President Nicos Anastasiades was expected in Brussels on Sunday to seek an 11th-hour reprieve from financial meltdown, with a bailout from the European Union and the island's place in Europe's single currency bloc hanging in the balance.Underlining the gravity of Cyprus' position, the EU's economic affairs chief said there were now "only hard choices left" for the latest casualty of the euro zone crisis... Read on

Savers forced to bear costs in Cyprus bailout

By Annika Breidthardt, Robin Emmott, John O'Donnell and Jan Strupczewski 16/03/13
The eurozone struck a deal on Saturday to hand Cyprus a bailout worth €10 billion, but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risks of a wider bank run. Cyprus becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help in the wake of the region's debt crisis. In a radical departure from previous aid packages, eurozone ministers forced Cyprus' savers, almost half of whom are believed to be non-resident Russians, to pay up to 10 per cent of their deposits to raise almost €6 billion... 289 comments

Entering the final stretch to bailout deal

By George Psyllides 15/03/13
PRESIDENT Nicos Anastasiades said yesterday he was committed to implementing a bailout deal “up to the last iota”, as negotiations appeared to enter the final stretch.Anastasiades, in Brussels to attend the EU and eurozone summits, reiterated that Cyprus was not asking for preferential treatment.“I have assumed the post of president 15 days ago and I immediately started negotiations with the troika representatives,” Anastasiades told reporters. “We look forward to finding the best and fairest agreement.”The Cypriot president said he was committed to implementing a bailout agreement "up to the very last iota," adding that “what we look forward to is not preferential but fair treatment... 3 comments
RSS - brussels