Since the autumn of 2011, the possibility of assistance to Cyprus under a programme has been under discussion by the Cypriot authorities with the Commission. In July 2012, Cyprus formally asked for assistance under a programme. The need for assistance comes essentially from problems in the Cypriot banking sector which was unsustainably large for the…
Yanis Varoyfakis / http://yanisvaroufakis.eu They called it a ‘stability levy’, when they meant a tax on Cypriot depositors (including the savings of poor widows and small children) so that they spare holders of Cypriot government bonds (including hedge funds who are now having a party in Mayfair and New York) as well as minimise potential long-term…
The Association of Cyprus Banks acknowledges the disruption caused by Eurogroup’s recent decision in relation to Cyprus and the subsequent developments. It urges bank customers to remain calm and avoid panic. The Association and it’s member banks remain vigilant in view of the current developments and are closely monitoring the situation in cooperation with the…
The Eurogroup held a teleconference this evening to take stock of the situation in Cyprus I recall that the political agreement reached οn 16 March on the cornerstones of the adjustment programme and the financing envelope for Cyprus reflects the consensus reached by the Cypriot government with the Eurogroup. The implementation of the reform measures included…
On the 16th of March 2013, an agreement has been reached by the Member States of the Eurozone, for granting financial assistance to the Republic of Cyprus. Financial assistance up to an amount of €10 billion is to be granted to cover fiscal needs, the restructuring of the banking system and for the support of…
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