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Cyprus News Agency: News in English, 13-03-22

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] Commission still examines proposals submitted by Cypriot authorities,

    O` Connor says

  • [02] UK Cypriots come forth to support their country
  • [03] Any solution must involve a
  • [04] British MP calls for a Cyprus crisis solution which will not punish

    everyday depositors


  • [01] Commission still examines proposals submitted by Cypriot authorities, O` Connor says

    The European Commission is examining the alternative proposals submitted by the Cypriot authorities, with a view to secure a deal on a financial assistance to Cyprus, EU Commission Vice President Spokesman, Simon O` Connor has said.

    O' Connor recalled Commissioner Rehn's call for the approval of the bills on banking resolution and on capital movement restrictions that will be debated by the Cypriot parliament.

    "These bills are absolutely essential at the current juncture," he said. After rejecting a proposed levy on banking deposits that would secure €5.8 billion that would unlock a €10 billion financial assistance package from the ESM, the Cypriot authorities submitted alternative proposal featuring an Investment Solidarity Fund.

    [02] UK Cypriots come forth to support their country

    Senior members of the well established Greek Cypriot community in the UK, based mostly in northern London, have assumed action trying to coordinate an effort to garner support for their native country.

    The National Federation of Cypriots in the UK executive body met on Thursday evening and agreed to call an extraordinary plenary meeting for next Thursday.

    The new meeting will explore ways in which the UK Cypriot community can help Cyprus and, in particular, encourage its members' potential participation in the Solidarity Investment Fund that has been proposed by the authorities in the island (or any other similar scheme that is finally set up).

    [03] Any solution must involve a

    Any solution to the Cyprus financial problem must be accompanied by a "haircut" on bank deposits on which the Troika is insisting, if the Republic of Cyprus wishes to obtain a loan from the EU, according to CNA sources.

    Parliamentary parties, however, are reacting to such a solution while the government is calling them to approach the issue in the way that would better serve the interest of the country.

    A government source at the Presidential Palace stated that time has run out and any delay will lead to a complete collapse of the banking system. The Government hopes that the political parties will rise to the circumstances at the meeting of the House later Friday afternoon and give solution to the problem.

    [04] British MP calls for a Cyprus crisis solution which will not punish everyday depositors

    British Conservative MP Mike Freer has said that eurozone member states should find a rescue package for Cyprus which will not punish everyday depositors and will not create conditions of mass exodus of capital from large European banks.

    In an interview with London Greek Radio (LGR), Freer also said that Financial Secretary to the Treasury Greg Clark will be meeting in two weeks with members of the Greek Cypriot community in London.

    As soon as the crisis broke out Clark asked of Freer to find out what the worries of the Greek Cypriot community in his constituency are, he noted.


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