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TagsECB
Banks now have access to more collateral
THE European Central Bank (ECB) announced yesterday that it would start accepting debt issued by Cyprus in exchange for credit, following the bailout deal struck with international lenders.The decision basically means that banks now have access to more collateral that can be exchanged for cheaper liquidity than the one offered by the ECB’s Emergency Liquidity Fund (ELA).“Marketable debt instruments issued or fully guaranteed by the Republic of Cyprus and fulfilling all other eligibility criteria shall again constitute eligible collateral for the purposes of Eurosystem credit operations, subject to special haircuts,” the ECB said... 4 comments
Cyprus can win friends and influence Europeans
WHEN France’s first world war hero Marshall Foch was confronted with an unexpected German offensive he declared : “My front is crumbling. My flanks are turned. Situation excellent. I shall attack!” So too should the collective Cypriot leadership who have only heard incoming in recent weeks now raise their heads above the parapet and work out new lines of attack to show to the world that as in 1974, Cyprus will get over the March Euro disaster and move forward... 8 comments
World’s first bitcoin ATM in Cyprus?
AN ENTREPRENEUR has announced he is keen to introduce in Cyprus the world’s first ATM for virtual currency, bitcoin, which is not regulated by a central bank but has instead been growing via its online peer-to-peer community. Jeff Berwick, founder of StockHouse.com and CEO of TDV Media said on his blog on dollarvigilante.com that he plans to set up the world’s first Bitcoin ATM in Cyprus to enable people to deposit flat currency into it and get bitcoins in their account, as well as put bitcoins in their account and get flat currency back. ... 6 comments
Second chance for BoC in draft deal
Cyprus and international lenders reached a draft deal in the early hours of this morning. 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, EU officials said.Reuters reported that the deal involves setting up a "good bank" and a "bad bank" and will mean that Popular Bank of Cyprus, known as Laiki, will effectively be shut down... 68 comments
ECB gives Cyprus bailout ultimatum, banks face cutoff
The European Central Bank gave Cyprus until Monday to raise billions of euros to clinch an international bailout or face losing emergency funds for its banks and inevitable collapse.The ultimatum came with the island's leaders locked in talks on a "Plan B" to try to raise 5.8 billion euros demanded by the EU under a 10 billion euro ($13 billion) rescue, after angry lawmakers threw out a tax on deposits as "bank robbery... 10 comments
Troika could be back in Cyprus next week
REPRESENTATIVES from the European Commission, the European Central Bank and the International Monetary Fund could return to Cyprus to work on a bailout deal next week, a senior eurozone official was quoted as saying yesterday.Briefing the press ahead of a meeting of eurozone finance ministers in Brussels next Monday, the official said a bailout deal for Cyprus could be reached in late March. “I do strongly believe that we will be in a position to come to a conclusion by the end of March,” the official said... 1 comment
