Cyprus to vote on new plan, Europe skeptical
Associated Press
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 8:25 am, Friday, March 22, 2013
Cyprus needs to find a way to raise the 5.8 billion euros to qualify for 10 billion euros in rescue loans from other eurozone countries and the International Monetary Fund. The rest of the money could come from a proposed tax on deposits from the Bank of Cyprus, the country's largest lender, one lawmaker with knowledge of the deliberations said on condition of anonymity because the talks were ongoing. A government official, speaking only on condition of anonymity as negotiations were on-going, indicated that a tax on deposits in other banks was also still on the table. The bank warned Cypriots that "a potential collapse of the banking sector could lead to the total loss of all deposits above 100,000 euros and the immediate sale of all collateral accompanying non-performing loans." Russia's finance minister, Anton Siluanov, said the Cypriots were seeking investment from Russian companies in a Cypriot state-owned firm that will manage revenue from the island's newfound offshore gas. "The bank is finished, we'll lose our jobs and I'm worried about my kids," Laiki employee Nikos Tsiangos said, standing behind barricades and a cordon of police that have blocked the way to Parliament. The bills lawmakers were considering also included setting up an "Investment Solidarity Fund" to receive donations from the church and to pool revenue from other measures. Reported by SeattlePI.com 2 hours ago.
Associated Press
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 8:25 am, Friday, March 22, 2013
Cyprus needs to find a way to raise the 5.8 billion euros to qualify for 10 billion euros in rescue loans from other eurozone countries and the International Monetary Fund. The rest of the money could come from a proposed tax on deposits from the Bank of Cyprus, the country's largest lender, one lawmaker with knowledge of the deliberations said on condition of anonymity because the talks were ongoing. A government official, speaking only on condition of anonymity as negotiations were on-going, indicated that a tax on deposits in other banks was also still on the table. The bank warned Cypriots that "a potential collapse of the banking sector could lead to the total loss of all deposits above 100,000 euros and the immediate sale of all collateral accompanying non-performing loans." Russia's finance minister, Anton Siluanov, said the Cypriots were seeking investment from Russian companies in a Cypriot state-owned firm that will manage revenue from the island's newfound offshore gas. "The bank is finished, we'll lose our jobs and I'm worried about my kids," Laiki employee Nikos Tsiangos said, standing behind barricades and a cordon of police that have blocked the way to Parliament. The bills lawmakers were considering also included setting up an "Investment Solidarity Fund" to receive donations from the church and to pool revenue from other measures. Reported by SeattlePI.com 2 hours ago.
