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Cyprus bailout 'painful' but averted collapse: president

March 25, 2013 16:15
President Nicos Anastasiades admitted the eurozone bailout deal he struck in Brussels on Monday was painful but said Cyprus could now make a fresh start after having come a "breath away" from collapse. He had taken "painful decisions to save the country from bankruptcy" and pledged that Cyprus "would find its feet again".

Cyprus banks to open Tuesday except for two worst-hit

March 25, 2013 16:01
Cyprus banks except for its two biggest lenders, the two worst-hit by a financial crisis, are to reopen on Tuesday after a 10-day lockdown for fear of a run on deposits, the Central Bank announced. "We wish to clarify that due to their restructuring and merger, Laiki Bank and the Bank of Cyprus will remain closed for two days and will re-open for business on Thursday," it said in a statement. "All other banks will operate normally during business hours," it said.

URGENT ¥¥¥ Cyprus bailout 'painful' but island will recover: president

March 25, 2013 15:46
Cyprus President Nicos Anastasiades acknowledged the terms of a eurozone bailout deal he struck in Brussels on Monday were "painful" but vowed the island would recover. He had taken "painful decisions to save the country from bankruptcy" and pledged that Cyprus "would find its feet again". The conservative president said his mission in make-or-break talks with international creditors had been an "extremely difficult task with one sole aim -- to achieve the salvation of our country through the consolidation and streamlining of our banking system."

EU Commission says capital controls in Cyprus must be brief

March 25, 2013 09:30
By Robin Emmott and John O'Donnell BRUSSELS (Reuters) - Cyprus may impose controls on the movement of capital but only for a temporary period of time, the European Commission said on Monday, hours after the island sealed a deal to close its second-largest bank in return for international aid.

URGENT ¥¥¥ Negotiations pay off, Cyprus's Anastasiades tweets

March 24, 2013 20:00
Fierce negotiations to resurrect a deal for the EU and the IMF to bail out Cyprus appeared to have wrapped up early on Monday, President Nicos Anastasiades indicated on Twitter. "Efforts have culminated," read a translation from the Greek, with EU sources subsequently stating that a preliminary agreement was in place to hit Bank of Cyprus depositors with a massive 40 percent "haircut" on deposits of more than 100,000 euros pending endorsement by Eurogroup finance ministers. rt/jj

Cypriot president threatens resignation in bailout talks

March 24, 2013 18:01
BRUSSELS (Reuters) - Cypriot President Nicos Anastasiades threatened to resign during a heated exchange with European Union and IMF officials over a rescue package for his country, a senior official taking part in the negotiations said on Sunday. Anastasiades objected to a proposal that two Cypriot banks be shut down if Cyprus is to meet the terms of the bailout being offered by the EU and IMF, the official said.

URGENT ¥¥¥ Cypriot president in Brussels for crunch bailout talks: AFP

March 24, 2013 09:31
Cyprus President Nicos Anastasiades entered EU headquarters in Brussels shortly after 2:00 pm (1300 GMT) Sunday for last-ditch bailout talks with international creditors, an AFP correspondent reported. The European Central Bank has warned Cyprus it will pull the plug on emergency funding for its banks -- in lockdown for 10 days -- if Nicosia does not agree a deal with eurozone and IMF partners. gg-rt/mfp

Cyprus president faces "very difficult task" to save economy

March 24, 2013 06:15
NICOSIA (Reuters) - Cypriot President Nicos Anastasiades, due in Brussels on Sunday to seek an 11th-hour reprieve from financial meltdown, has a very difficult task ahead of him if he is to save the island's economy, a government spokesman said. Anastasiades and his team, who are seeking a bailout from international lenders, have a "very difficult task to accomplish to save the Cypriot economy and avert a disorderly default if there is no final agreement on a loan accord," the spokesman said.

Crowds gather outside Cyprus parliament, burn flag

March 22, 2013 15:30
Restive crowds, mostly bank employees anxious that their lenders not collapse as Cyprus struggles to clinch a bailout deal, gathered outside parliament Friday awaiting an emergency session expected to determine their future. A group of about 30 hooded youths burned a European flag next to the parliament building in front of police barricades, as they chanted "The haircut is robbery, the crisis should be solved by plutocracy."

Cyprus must be saved, president tweets

March 22, 2013 14:17
Cyprus President Nicos Anastasiades took to his Twitter account on Friday to send out a distress signal: "The country must be saved." "The House of Representatives will soon be called upon to make difficult decisions. There will be painful aspects, but the country must be saved," he wrote. The tweet came as an emergency session of parliament due to have started by 0800 GMT to weigh a raft of eight bills aimed at raising billions of euros to secure a vital bailout was still not under way more than nine hours later.
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