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CBC Central Bank of Cyprus

Cyprus Is Showing Progress

According to estimates by its international creditors, Cyprus is showing progress at the reorganization of its state budget.

July 31, 2013

47.5 Percent Compulsory Levy in Cyprus

Major investors are losing almost half of their assets.

July 30, 2013

Cyprus Demands Further Capital Aid

In a letter to the European Union, President of Cyprus Nikos Anastasiades demands further capital support for the Bank of Cyprus, the “Wallstreet Journal” reports. According to him, Cyprus’ economy depended on it.

June 19, 2013

RBI to Take Over Bank of Cyprus Affiliate?

The Bank of Cyprus has split up with the assets of its Romanian affiliate. Apart from RBI, Banca Transilvania is a potential buyer.

April 18, 2013

Investigation Report Incriminates Managers of Bank of Cyprus

Mass purchase of Greek state bonds and removing of data.

April 5, 2013

Cyprus: Evidence Destroyed?

According to reports by the media in Cyprus, important evidence about the heavily affected Bank of Cyprus was destroyed.

April 4, 2013

Cyprus: Prone to Recession

Despite of the bail-out package, the country is threatened by a deep recession in the coming two years.

April 3, 2013

Cyprus: 37.5 % Only The First Cut

Assets will be burdened much higher than assumed. Apart from the mandatory levy of 37.5 % a further amount of 22.5 % will be frozen in.

March 30, 2013

Cyprus: 37.5 % Tax on Assets

The compulsory levy on bank assets exeeding € 100,000 has now been fixed. Assets above the amount will be taxed with 37.5 %.

March 30, 2013

Cyprus: No Bank Run

The feared bank-run after the almost two-weeks long closing of the banks in Cyprus has not occured.

March 29, 2013

Cyprus: Trying to Avoid Chaos at Banks

Today, Cyprus‘ banks are supposed to be opened after almost two weeks of closing. The citizens are called for calm and there are limits for drawing money. The currency rate was downgraded to Caa2 by Moody’s.

March 28, 2013

Cyprus: Mandatory Levy on Assets Not Yet Fixed

Banks in Cyprus will open again tomorrow, yet the capital flow is still limited. Dijsselbloem is criticized by the ECB. Bank employees demand Demetriades’ stepping down.

March 27, 2013

Cyprus: Outflow of Billions of Euros Presumed

Investors in Cyprus could face haircuts up to 50 %. Parliamentary President, Omirou want to go into details about the alleged transfer of assets despite of the banks closing.

March 26, 2013

Head of Bank of Cyprus Withdraws

Head of Cyprus’ biggest bank withdraws. Cyprus’ Labor Minister warns of recession and economic downturn due to the austerity measures imposed by the EU and Commission.

March 26, 2013

Cyprus: Negotiations About “Plan B“ Today

After days of negotiations in Moscow, Cyprian Finance Minister had to return empty-handed. Talks about “plan B” will continue today.

March 22, 2013

Cyprus: Parliament Rejects EU Bail-Out Package

Not a single member of the Cyprian parliament has voted in favor of the controversial plan where a compulsary levy for all creditors was planned.

March 19, 2013

Cyprus: Small Investors To Be Excluded From Tax

After protests among Cyprus‘ citizens arised and harsh criticism was expressed, the government now intends to exclude small savers from the compulsary tax and grant them a relief.

March 19, 2013

Cyprus: Parliament Votes Tomorrow For Rescue Package

The Cyprian parliament is unlikely to vote in favor for the rescue package which forces bank clients to contribute with their private money.

March 18, 2013
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