Photo: BBC Cyprus is to sell off much of its gold reserves to help finance part of its bailout. An assessment by the European Commission says Cyprus must sell about 400m euros (£341m) worth of gold. The country has already been forced to wind down one of its largest banks in order to qualify for a 10bn euro lifeline from… Read more →
Germany’s economy slowed to “near stagnation” last month, while France’s recorded its biggest contraction for four years, according to a closely watched survey. The Markit composite purchasing managers’ index (PMI), which measures both the manufacturing and services sectors, declined to 50.6 in Germany last month, from 53.3 in February. Any figure above 50 indicates growth. France’s reading fell to 41.9… Read more →
(AFP Photo / Patrick Baz) One hundred and thirty-two companies reportedly had inside knowledge of Cyprus’ impending levy tax as they withdrew deposits worth US$916 million in the run-up to the bailout deal. The companies withdrew their savings in the two week period (between March 1 to March 15) leading up to the rescue deal that enforced heavy losses on… Read more →
The Russian government says it will not compensate Russian savers who have lost money in the Cyprus banking crisis. Russians are believed to have billions of euros in Cypriot accounts and deposits above 100,000 euros (£84,300; $128,200) in the two biggest banks could be reduced by as much as 60%. Such losses would be “a great shame”, First Deputy PM… Read more →
Photo: REUTERS/Bogdan Cristel (Reuters) – Cypriots lined up calmly at banks as they reopened on Thursday under tight controls imposed on transactions to prevent a run on deposits after the government was forced to accept a stringent EU rescue package to avert bankruptcy. Banks were shut almost two weeks ago as the government negotiated a 10 billion euro ($13 billion) international bailout, the… Read more →
Cyprus finance ministers are planning to impose a weekly limit on cash withdrawals, the BBC has learned. The country’s draft capital controls include export limits on euros and a ban on cashing cheques, says Newsnight economics editor Paul Mason. In addition, fixed-term deposits will have to be held until maturity. Cyprus’s finance minister earlier confirmed that depositors with more than… Read more →
A national holiday is bitter sweet for Cypriots as the anger and fear of the bailout deal settles in.
Credit: REUTERS/Yannis Behrakis (Reuters) – Cyprus reached a last-ditch deal with international lenders on a 10 billion euro ($13 billion) rescue plan to avoid economic meltdown, agreeing to close down its second-largest bank and inflict heavy losses on big depositors. The agreement came hours before a deadline to avert a collapse of the banking system in fraught negotiations between President… Read more →
Photo: AFP – Getty Images Cypriot leaders held crisis talks on Wednesday to avert financial meltdown after rejecting the terms of a controversial European Union bailout, turning instead to Russia for help. Banks on the Mediterranean island may never reopen, Germany warned after lawmakers late Tuesday turned down a $12.9 billion deal that would have seen Cypriots lose up to 10… Read more →
Photo: Alamy Britain is on course to become the first country in the world to legalise the creation of IVF babies with three biological “parents” after the fertility watchdog announced that the public is in favour of the controversial technology. A major consultation found that a majority of people would back the therapy, under which a small part of a… Read more →
