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Cyprus central bank governor resigns

11.03.14 @ 09:39

The governor of the Cypriot central bank, Panicos Demetriades, on Monday (10 March) resigned after being investigated over a secret deal he negotiated with an American consultancy firm in connection with his country's € ...

Troika to return to Greece in search of debt deal

18.02.14 @ 09:10

Greece's creditors will return to Athens later this week in a bid to conclude the latest review of the country's €240 billion bailout programme, eurozone finance ministers agreed on Monday (17 February). Officials from ...

Big expectations as Cyprus peace talks restart

11.02.14 @ 20:58

Greek Cypriot and Turkish Cypriot leaders held a symbolic meeting on Tuesday (11 February) to launch talks on creating a “united Cyprus federation.” The event, at an abandoned airport in no man’s land, brought together ...

Bailout troika 'in breach' of EU human rights laws

29.01.14 @ 09:29

Austerity programmes agreed with the troika of international lenders (the European Commission, European Central Bank and International Monetary Fund) are in breach of the EU's Charter of Fundamental Rights, according to ...

Troika bullied Cyprus and Portugal, MEPs say

13.01.14 @ 09:48

The troika of international lenders "held a gun to the head" of Cyprus and Portugal and showed little sympathy for social measures, an MEP looking into its work has said. "Both countries had very little room for ...

InvestigationTroika consultancies: A multi-million euro business beyond scrutiny

16.12.13 @ 09:23

Alvarez and Marsal, BlackRock, Oliver Wyman, Pimco: The names mean nothing to the average European. But the financial consultancies have played a central role in all the eurozone bailouts and have so far invoiced ...

Eurozone unemployment down first time since 2011

29.11.13 @ 17:54

Unemployment in the eurozone fell for the first time since February 2011, according to figures released on Friday (29 November). The jobless rate fell to 12.1 percent in October 2013, according to EU statistical agency ...

Cyprus risks remain, Troika warns

18.09.13 @ 18:06

Cyprus has made a "determined start" to its rescue programme, according to a report published on Wednesday (18 September) by the country's creditors. "[But] consumer confidence remains at historically low levels, while ...

Cyprus 'on track' for bailout money

03.09.13 @ 09:33

Cyprus is on the right path to receive the next €1.5 billion tranche of its €10 billion bailout, according to a report by the European Commission. Three months after a hastily agreed bailout package, the EU executive ...

Cyprus sets out plan to end capital controls

09.08.13 @ 09:26

Cyprus has announced a roadmap to eventually lift capital controls in the eurozone country, but the process could take some years. The finance ministry Thursday (8 August) laid out a four-step plan by the end of which ...

Turkish Cypriots seek EU help on peace process

27.07.13 @ 11:54

Turkish Cypriot leader Dervis Eroglu is urging the EU to give his people a greater role in upcoming talks on the 45-year-old Cypriot conflict. Eroglu met with European Commission President Jose Manuel Barroso, EU ...

Cyprus demands revision of 'unjust' EU bailout

19.06.13 @ 09:29

Cypriot President Nicos Anastasiades has demanded a complete revision of his country's €10 billion bailout, which imposed unprecedented cuts on large depositors. But it is unlikely his request will be approved by ...

Capital flight continues as savers flee Cyprus banks

30.05.13 @ 09:28

Savers are continuing to desert Cypriot banks, according to monthly data published by the European Central Bank (ECB) on Wednesday (29 May). Private bank deposits in Cypriot banks fell by 7.3 percent in April to €41.3 ...

Cyprus bank accuses troika of misleading EU ministers

24.05.13 @ 18:01

The Cypriot central bank has said eurozone finance ministers were misled by a critical report on money laundering on the island. The report in question is a four-page summary of a longer study written by Moneyval, a ...

MEPs vote to protect small bank depositors

21.05.13 @ 09:27

Large depositors in the EU will from 2016 be in line to suffer losses if a bank gets into serious trouble, but deposits under €100,000 should be fully protected, MEPs in the economic affairs committee voted late on ...

Leaked report damns Cyprus on money laundering

20.05.13 @ 08:56

Almost 60 percent of one Cypriot bank's clients are "high risk" in terms of money laundering and almost a third of all bank depositors' records contain errors, a leaked EU report says. The confidential paper - published ...

Cyprus gets €2bn despite money laundering concerns

14.05.13 @ 00:02

The EU on Monday (13 May) said many Cypriot banks do not know who their customers really are, but wired Nicosia €2 billion anyway. Commenting on a recent study on money laundering in the Mediterranean island, eurozone ...

EU ministers to debate Cyprus money laundering report

08.05.13 @ 17:57

An EU-mandated report on money laundering in Cyprus contains nothing shocking, sources say. But you would be forgiven for thinking otherwise, given the level of secrecy. The report was drafted by Moneyval, a branch of ...

Cyprus should reunite, Rehn says

08.05.13 @ 17:13

Bailed-out Cyprus should reunite in order to boost its struggling economy, EU economic affairs commissioner Olli Rehn said on Wednesday (8 May). "It is worth recalling that the reunification of the island would give a ...

Cypriot MPs set to back €10bn EU bailout

30.04.13 @ 09:29

Cypriot MPs will vote on Tuesday (30 April) on whether to give the green light to the country's controversial €10 billion bailout. The rescue package includes €10 billion from the EU and the International Monetary Fund ...

Bundestag approves Cyprus bailout

18.04.13 @ 15:12

The German Parliament on Thursday (18 April) approved with a large majority a €10 billion EU and International Monetary Fund bailout for Cyprus. They also backed a request to give seven extra years for Ireland and ...

EU leaders under fire over Cypriot 'fiasco'

17.04.13 @ 18:00

EU leaders were in the firing line in Strasbourg on Wednesday (17 April), as MEPs accused them of "grave mistakes" over the Cypriot bailout. Hannes Swoboda, the Austrian leader of the Socialist and Democrat group, ...

Bundestag likely to approve Cyprus bailout

16.04.13 @ 16:50

The German parliament is likely to approve Cyprus' bailout programme despite concerns over a widening funding gap and growth projections which may prove too optimistic. German finance minister Wolfgang Schaeuble on ...

Ministers finalise €10 billion Cyprus bailout

13.04.13 @ 02:56

Final agreement has been reached on a €10 billion bailout for Cyprus at a meeting of eurozone finance ministers in Dublin on Friday (12 April). Under the terms of the deal, the €10 billion package will be composed of €9 ...

Cyprus economy to shrink 12.5% despite EU bailout

11.04.13 @ 10:17

Cyprus' economy will shrink by 12.5 percent over the next two years and its government needs to sell part of its gold reserves in order to meet the conditions of an EU-IMF bailout, whose final details are to be agreed ...

FeatureIceland to Cyprus: 'People should not pay for speculators'

08.04.13 @ 09:27

On the night of 6 October 2008, Thorfinnur Omarsson got a phone call. He had just quit his job at an Icelandic TV station and was looking forward to a "quiet time" as he was about to go back to study. It did not turn ...

Draghi: Cyprus levy was 'not smart'

04.04.13 @ 21:11

European Central Bank chief Mario Draghi on Thursday (4 April) admitted that an initial plan to tax small savers in Cyprus was "not smart", but stressed that the island is "no template" for others. Looking back on the ...

InterviewBitcoin: Virtual currency gets boost from eurozone troubles

03.04.13 @ 19:45

The eurozone crisis and its latest Cyprus episode has led to a boost in the value of an Internet-based currency known as bitcoin, with Finns now the largest per capita users. One bitcoin was trading at over €100 on ...

Cypriot finance minister resigns as crisis inquest begins

02.04.13 @ 18:17

Cypriot finance minister Michalis Sarris has quit after concluding the country's €10 billion bailout package with the EU and IMF. Sarris, who was swiftly replaced on Tuesday (2 April) by Labour minister Haris Georgiadis ...

Bailout paper gives Cyprus four years to balance budget

02.04.13 @ 10:13

Cyprus has four years to implement austerity plans and to balance its budget, according to a leaked copy of bailout terms proposed by international lenders. The 24-page Memorandum of Understanding (MoU) published in ...

OpinionCypriot deal is welcome change to EU approach

02.04.13 @ 09:36

In the wake of the bailout/half bail-in that is the Cyprus rescue package, Eurogroup chairman Jeroen Dijsselbloem said last week the EU is now "going down the bail-in track." He later clarified his remarks to say Cyprus ...

Prickly reaction to Turkish plan on Cyprus conflict

31.03.13 @ 23:42

Cyprus and Greece have rebuked Turkey for trying to "take advantage" of the bank crisis to get a favourable deal on the Cypriot-Turkish conflict. The Greek foreign minister, Dimitris Avramopoulos, complained about the ...

Cypriot banks re-open without panic

28.03.13 @ 18:26

Cyprus' banks opened without panic on Thursday (March 28) after a 10 day lockout as the government struggled to agree a €10 billion rescue package. With no reports of disruption and with small, orderly queues reported ...

OpinionCyprus bailout: a punishment not a solution

28.03.13 @ 11:24

It is now official: Cyprus will pay a heavy toll for turning its economy into an offshore financial haven, and allowing its banking sector to hyper-inflate. But if the purpose of the dramatic Eurogroup all-nighters was ...

Cyprus foreign minister: the EU has taken us back to 1974

28.03.13 @ 09:20

Cyprus' foreign minister Ioannis Kasoulides has said lack of EU solidarity has put the country's economy back to where it was after the Turkish invasion in 1974. Kasoulides spoke out on Wednesday (27 March) in two ...

Cyprus becomes first ever euro-country to impose cash controls

28.03.13 @ 06:50

Cyprus will become the first ever eurozone country to impose capital controls when its stricken banks open for business at noon local time Thursday (28 March). Payments out of the country and cheque cashing will be ...

InterviewDeutsche Bank: Luxembourg and Malta should learn from Cyprus

27.03.13 @ 19:06

Luxembourg and Malta on Wednesday (27 March) rejected comparisons between their banking sectors and Cyprus. But Deutsche Bank, for one, says they also have reason to worry. The Luxembourg government said in a communique ...

EU lawmakers divided on compulsory bail-ins for savers

27.03.13 @ 09:29

EU lawmakers are divided on whether large holders of large bank deposits should face compulsory levies if their bank hits difficulties. With the dust yet to settle on a last-minute bailout for Cyprus agreed on Monday ( ...

Cypriot banks stay closed amid fears of bank runs

26.03.13 @ 10:30

Cyprus' banks will remain shut until Thursday (28 March) as lawmakers scramble to avoid a bank run when they reopen. Under the deal reached between the Cypriot government and the EU on Monday, Cyprus' two largest banks, ...

FeatureEU audit on Cyprus money laundering - whitewash in the making?

26.03.13 @ 09:25

Auditors on an EU-sponsored mission to see if Cypriot banks launder money for Russian criminals began work last Wednesday (20 March). The project has slipped out of view amid dramatic talks on Cyprus' new bailout. But ...

Success of Cyprus deal depends on 'social consensus'

25.03.13 @ 16:56

The success of the Cyprus bailout deal will depend on the social consensus around it, says the EU commission, with the island's GDP expected to dive as the size of banking sector is drastically cut. Speaking in Brussels ...

InterviewCyprus: 'the insecurity has been incredible'

25.03.13 @ 13:55

Twelve years ago, Roddy Damalis decided to leave South Africa where he was running two restaurants and return to his home country, Cyprus. The chef set up base in the southern Cypriot town of Limassol, where he opened ...

Cypriot archbishop calls for euro-exit

25.03.13 @ 09:13

The leader of the Cypriot orthodox church has said Cyprus should leave the euro and put its former government on trial. Speaking in Greek publication Realnews on Saturday (23 March), Chrysostomos II said: "The euro ...

Eurozone agrees Cyprus bailout 2.0

25.03.13 @ 07:29

Marathon meetings in Brussels ended in the early hours of Monday (25 March) with eurozone finance ministers and international creditors agreeing a second bailout deal for Cyprus. Unlike the agreement last week, which ...

Cyprus MPs pass bank laws, start bailout talks

23.03.13 @ 09:28

Cyprus edged back from the brink of bankruptcy on Friday (22 March) after MPs agreed to a series of emergency reforms in a bid to avoid financial meltdown and a traumatic exit from the euro. Facing a Monday deadline (25 ...

AnalysisCyprus 'business model' was no mystery to EU

22.03.13 @ 09:30

Be it the German finance minister, European Central Bank (ECB) officials or the head of the Eurogroup - they all agree on one thing: Cyprus must scrap its "unsustainable business model" based on low taxes and attracting ...

Cyprus on the brink of euro exit after ECB ultimatum

22.03.13 @ 09:29

Cyprus is on the brink of bankruptcy and of becoming the first-ever country to leave the euro after the European Central Bank (ECB) issued an ultimatum on Thursday (21 March). In its statement, the ECB warned that it ...

Eurogroup boss: Cyprus levy is 'inevitable'

21.03.13 @ 14:38

Eurogroup boss Jeroen Dijsselbloem told MEPs on Thursday (21 March) that Cypriot savers will have to lose money no matter what the final shape of the bailout deal. "It is inevitable that there will be some kind of levy ...

Cyprus struggling on bailout Plan B

21.03.13 @ 09:29

Cypriot officials are scrambling to find alternative money to put on the table for a €10 billion bailout by the EU and the International Monetary Fund (IMF). In a sign of the drastic situation on the island, the Cypriot ...

Cyprus blamed for decision to tax small savers

20.03.13 @ 16:18

The European Commission on Wednesday (21 March) said Cyprus itself was responsible for the most unpopular detail of its bailout. Following the Cypriot parliament's rejection of the €10 billion bailout, the commission ...