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Cyprus: Votes on Mandatory Levy
Politics ♦
Published: March 23, 2013; 20:01 ♦ (Vindobona)
In case the government will not come to conclusion how to generate the required money (€ 5.8bn), the ECB will cut off the money supply for Cyprus’ ramshackle banks.
Cyprus: Votes on Mandatory Levy / Picture: © Bank of Cyprus
On Friday the Cyprian parliament has agreed on a capital restriction and the establishing of a solidary fund which is supposed to be used for recapitalizing national banks. Also the plan to split one of the major banks, Popular Bank (Laiki Bank), into a regular banking institute and a so-called bad bank has been approved. Further agreements will have to be voted on in the next few days.…
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