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Cyprus News Agency: News in English, 13-04-29

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

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


CONTENTS

  • [01] Chairman of Socialist Group at PACE to visit Cyprus
  • [02] Defence Minister: Basis of talks should be agreed before new

    negotiations

  • [03] Cypriots and Greeks of America support Cyprus in crisis
  • [04] Bank of Cyprus enforces 37.5% haircut on uninsured deposits

  • [01] Chairman of Socialist Group at PACE to visit Cyprus

    Chairman of the Socialist Group at the Parliamentary Assembly of the Council of Europe (PACE), Andreas Gross, will pay Cyprus a two-day working visit.

    Gross, who is also rapporteur at the PACE Committee of Legal Affairs and Human Rights, for the Magnistsky case, arrives Sunday to Cyprus for a two- day working visit, in the framework of a tour in some countries of the Council of Europe.

    During his stay in Cyprus, the Swiss MP, will be received by President of the House of Representatives Yiannakis Omirou and will hold a series of meetings, including Minister of Justice and Public Order Ionas Nicolaou, Attorney General Petros Clerides, and members of the PACE, Cypriot MPs Stella Kyriakidou, Giorgos Loukaides, Athena Kyriakidou and Nikos Nikolaides.

    [02] Defence Minister: Basis of talks should be agreed before new negotiations

    The basis on which the Cyprus negotiations will take place, should be agreed before the resumption of the talks, Minister of Defence Fotis Fotiou said on Sunday, urging the international community to exert its pressure on Turkey to abandon its intransigent policy on Cyprus.

    Referring to the economic situation in Cyprus, the Minister urged everyone to work hard so that Cyprus comes out of the current economic crisis.

    "Our country is currently in the most difficult situation since 1974- when Turkish troops invaded Cyprus- due to the unprecedented economic crisis" Fotiou said, in a speech at the memorial service of a Soteris Georgiou, who lost his life during the Turkish invasion against Cyprus in 1974.

    [03] Cypriots and Greeks of America support Cyprus in crisis

    Cypriots and Greeks residing in the US are mobilizing with a view to assisting Cyprus to recover from the economic difficulties it is facing.

    On arch 25 Eurozone Finance Ministers, known as the Eurogroup, decided on a €10 billion bailout for Cyprus coupled by a bail-in by uninsured depositors. The decision provided that Cyprus` second largest lender, the Cyprus Popular Bank, will be wound down, whereas Bank of Cyprus` uninsured deposits will take losses up to 60%.

    Leading Cypriot and Greek personalities in the US will discuss with Cyprus government representatives details of a possible issuance of Cyprus bonds linked with future proceeds from natural gas exploitation.

    [04] Bank of Cyprus enforces 37.5% haircut on uninsured deposits

    Bank of Cyprus has enforced a conversion of 37.5% of uninsured deposits (over €100,000) to shares as part of an agreement between Cyprus with the Euro area and the IMF over a €10 billion financial assistance to the island.

    Under the Central Bank of Cyprus` decree on the Rescue of Banks with own means, the 37.5% of uninsured deposits will be converted into class A shares worth of €1 with full voting and dividend rights. The contribution of the depositors is described as "Initial deposits contributing sum" as a further 22.5% of uninsured deposits will remain frozen until the finalization of a more detailed and updated independent valuation of the assets of Bank of Cyprus as required by the bank resolution framework, by end June 2013.

    Furthermore, 30% of uninsured deposits is also frozen temporarily and is subject to a whole or partial conversion, at the notification of the CBC, acting a Resolution Authority.


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