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Cyprus

Green’s Fear of Russian Black Money in Austria

Once more, the Austrian Greens insist on a reform of the bank secrecy.

April 2, 2013

Cyprus: Finance Minister Steps Down

According to reports by the media, Finance Minister of Cyprus, Michael Sarris will be replaced.

April 2, 2013

Cyprus: Anastasiades Comes Under Suspicion

President Nikos Anastasiades is in dire straits as he is accused of having transferred huge amounts of money to foreign countries and having warned relatives. In the meantime, the austerity package is almost set.

April 2, 2013

Slovenia: “We Will Need No Bailout This Year”

Since Greece, Spain and Cyprus are currently finding themselves in disastrous economic situations, Slovenia does not want to seem like the next bail-out candidate.

March 30, 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

Slovenia: Situation For Banks Still Shaky

According to the National Bank, the new government in Slovenia needs to avoid becoming the new setting of bail-out negotiations with the EU after the banking crisis in Cyprus.

March 28, 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

Moody’s Warns EU

The rating agency warns the EU governments about over-estimating the ability to overcome the Euro-crisis.

March 27, 2013

Hungary: Tax Overhaul Finalized

Minister for National Economy: taxation system completed - time for fine-tuning.

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

Poles Reject The Euro

According to polls, two thirds of polish citizens do not want to change the zloty for the Euro.

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

Medvedev Vexed Over EU

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.

March 25, 2013

Cyprus: Bail-Out Package Accepted

Cyprus has been granted the € 10bn worth aid package by the EU. After ten hours of negotiations in Brussels the decision was made early this morning. Assets below € 100,000 will not be taxed.

March 25, 2013

Cyprus: Agreement on Bank Asset Tax

Today, the Cyprian government has come to a solution on the compulsory charges on bank accounts.

March 23, 2013

Cyprus: Votes on Mandatory Levy

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.

March 23, 2013

“Polish Economy Continues to Enjoy Full Trust of Foreign Markets”

Polands Finance Minister is satisfied with the result of the auction of Polish bonds issued earlier this week.

March 23, 2013

Fekter: “Austrians can rest easy knowing that their bank deposits are safe.”

Current situation in Cyprus is an exceptional case and not comparable in any way with Austria.

March 22, 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

Medvedev: Harsh Criticism For EU At Conference in Poland

At a two day’s international press convention for EU journalists, Russian Prime Minister Medvedev has highlighted the improved political and economic interaction between Russia and Poland. However, he critized the EU on its Cyprus-politics.

March 21, 2013

Cyprus: No Hope in Sight Yet

It is still uncertain if an agreement with Russia about the sale of gas fields can be found. President of the EU commission has joined the talks in Moscow.

March 20, 2013

Cyprus Appeals for Help to Russia

In a vote on Tuesday the government has decided not to use the private money of Cyprus‘ citizens to help bail out the banks. After the rejection, the EU aid package is now off. Cyprus hopes rest on Russia at this point.

March 20, 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

Cyprus to Receive € 10bn in EU Aid Money

Russia being the biggest investor in Cyprus offered extension of credits. In return, austerity measures and reforms are demanded.

March 16, 2013

Russia: Banks At Risk Of Losing Billions

According to rating agency Moody’s, Russians banking institutes are at risk of losing money to investments in Cyprus.

March 14, 2013

Support for Financial Transaction Tax Keeps Within Limits

In order to introduce the tax, nine countries must agree thereon. The time pressure is growing.

October 6, 2012

EU Budget Proposal “Excessive” for Austria

EU multiannual budget 2014 – 2020 negotiated in Cyprus: Austria underlines its position as net contributor.

August 31, 2012

Austrian Guarantees Total € 80bn

In the worst case, Austria´s public debt quota may increase up to 100%, the Austrian opposition warns.

August 27, 2012

EU: "Growth without New Debt"

Austrian State Secretary Wolfgang Waldner at the General Affairs Council in Brussels: “Further intensive work on Europe in the next six months under Cypriot EU Presidency”

July 25, 2012

Survival of the Euro Questionable

Regarding the future of the common currency, the Austrian economist Fritz Breuss is highly skeptical.

June 26, 2012

Austria to Expand Relations with Cyprus

Federal President Fischer and WKO´s President Leitl accomodated the Cypriot-Austrian Business Forum. Economic relations show potential for expansion and further development.

June 4, 2012

Austrian FDI: 2010 Was a Year of Stabilization

Active foreign direct investment increased, while inward flows stagnated in 2010. Turkey was the top destination for Austrian investors.

May 18, 2011
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