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Thursday, 19 December 2024
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Cyprus News Agency: News in English, 13-03-18Cyprus News Agency: News in English Directory - Previous Article - Next ArticleFrom: The Cyprus News Agency at <http://www.cyna.org.cy>CONTENTS
for Eurogroup decision [01] Deliberations underway to amend controversial bailoutThe Cyprus government is working towards mitigating the levy on deposits, decided during the last Eurogroup meeting for Cyprus, in the framework of a bailout agreement with the Troika (European Commission, ECB, IMF).Reliable sources told CNA that a meeting would take place at the Presidential Palace in the evening under President of the Republic Nicos Anastasiades, with the participation of ministers, the Governor of the Central Bank, officials of the Ministry of Finance and finance professionals. Earlier Monday, Finance Minister Michalis Sarris told members of the House Finance Committee on Monday that Troika and Eurogroup members would endorse a plan to soften the repercussions on smaller investors. Sarris told the members of the Committee who were debating the bill to impose a levy on all deposits in banks on the island, that he confirmed the change of stance after contacting European Commissioner for Economic and Monetary Affairs Olli Rehn, the IMF and the ECB. [02] FinMin: Eurogroup decision an extraordinary measureEurogroup's decision supported by the ECB, the European Commission and the IMF, is without any doubt an one-off, extraordinary measure that will not be repeated under any circumstances, an announcement by the Cyprus Ministry of Finance says.It is added that the levy will be imposed on the credit balance of deposits accounts as of Friday, 15th March 2013. The Ministry of Finance characterizes the decision as "very difficult and painful" for all, it adds however that under the circumstances, the implementation of the decision is necessary in order to end uncertainty in the economy and to ensure the country's rescue. [03] CySEC to decide the closure or not of Cyprus Stock ExchangeThe board of the Cyprus Securities and Exchange Commission (CySEC), the financial regulatory agency of the Republic of Cyprus, will convene on Tuesday morning to decide whether the Cyprus Stock Exchange will remain closed.Speaking to CNA, Chairwoman of the Commission, Demetra Kalogirou said the CSE would have to remain closed in the event the banks are not open either because it will not be able for financial transactions to be cleared through the banks. If the banks open, she added, the CySEC would discuss the possibility of suspending the trading of securities that are included in the CSE bank trading, in view of developments. She also said that the CySEC would take into consideration the decision, which the CSE will take during a board meeting at 0800 local time (0600GMT). [04] Cyprus banks to remain closed during next two daysCyprus banks will remain closed during the next two days, since Tuesday and Wednesday have been declared bank holidays.According to an announcement by the Ministry of Finance, on the 16th of March 2013, a financial assistance agreement was reached between the Republic of Cyprus and the euro area member states. "To facilitate the implementation of this agreement, it was deemed necessary to declare the 19th and the 20th of March 2013 as a bank holiday," the announcement says, adding that no baking transactions will be carried out with the public, during the bank holiday. [05] Schäuble says Nicosia, European Commission and IMF responsible for Eurogroup decisionThe Cypriot government, the European Commission and the ECB are responsible for the Eurogroup decision, which imposes an one-off tax on minor Cyprus depositors, as well as on depositors with savings over 100,000 euros, according to German Finance Minister Wolfgang Schäuble.According to Deutsche Welle, Schäuble told ARD on Sunday that "both the German government, as well as the IMF have respected the rule to safeguard deposits". He pointed towards Nicosia, the European Commission and ECB saying that "they have opted for this solution and will now have to explain it to the people of Cyprus". The Cypriot government has dismissed statements made by Schäuble From his part, member of the European Central Bank Executive Board, Jörg Asmussen, has said that Cyprus could change the structure of the controversial levy forcing all Cypriot bank customers handing over up to 10% of their savings. Cyprus News Agency: News in English Directory - Previous Article - Next Article |
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