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Cyprus MPs approve tough EU bailout deal

Agence France-PresseApril 30, 2013 14:47
The Cypriot parliament narrowly approved on Tuesday a controversial EU-IMF bailout deal after the government warned that a rejection would be "catastrophic" for the eastern Mediterranean island's teetering economy. The agreement with the "troika" of the European Commission, European Central Bank and International Monetary Fund was endorsed by a vote of 29-27, with no abstentions. It means that the virtually bankrupt government can hope to receive a first tranche of the 10-billion-euro ($13.1 billion) loan in May.

Cyprus MPs narrowly approve EU-IMF bailout deal

Agence France-PresseApril 30, 2013 12:57
The Cypriot parliament narrowly approved on Tuesday a controversial 10-billion-euro ($13 billion) bailout deal agreed with international lenders to stave off bankruptcy for the eurozone member. The agreement with the European Commission, European Central Bank and International Monetary Fund was backed by 29 MPs and opposed by 27, in a live television broadcast of the vote. Among the parties that voted in favour were the ruling rightwing Disy, its coalition partner Diko, and an MP from the centrist Evroko party.

Cyprus MPs to debate 'difficult' bailout deal

Agence France-PresseApril 29, 2013 22:15
The Cypriot parliament begins a debate Tuesday on a 10-billion-euro EU-IMF bailout which Finance Minister Haris Georgiades has described as a tough but necessary measure that has to be ratified without delay. Speaking on the eve of the parliament meeting, Georgiades warned that without a positive vote on the bailout deal, the eastern Mediterranean island would be driven to full economic collapse and could be forced to exit the eurozone. Such an outcome would be "dramatic", said Georgiades.

Cyprus's new cabinet

April 2, 2013 11:17
Cypriot President Nicos Anastasiades made two changes to his cabinet after Finance Minister Michalis Sarris resigned on Tuesday. Sarris' portfolio will be taken up on Wednesday by Labour and Social Insurance Minister Haris Georgiades, who will be replaced by Zeta Emilianidou, permanent secretary at the commerce ministry. Here is the new line-up: - Foreign Minister: Ioannis Kasoulides (Disy) - Finance Minister: Haris Georgiades (Disy) - Interior Minister: Socrates Hasikos (Disy) - Justice and Public Order Minister: Ionas Nicolaou (Disy)

Cyprus parliament opens session on key bailout vote

March 19, 2013 13:16
The Cypriot parliament on Tuesday opened a session in which MPs are to vote on a controversial bailout agreement with a troika of international lenders, as thousands of protesters gathered outside. It was unclear if a vote would go ahead, however, after the ruling Disy party of President Nicos Anastasiades said it would abstain, and Sigma private television reported all other parties would also not take part.

Cyprus postpones debate on controversial EU bailout

March 17, 2013 05:31
The Cyprus government postponed a planned emergency session of parliament on Sunday to debate a controversial EU bailout, state media said, as the scale of opposition to its terms became clear. President Nicos Anastasiades also put off until Monday a planned briefing of MPs and a promised address to the nation to defend what he acknowledged were "painful" sacrifices in return for a desperately needed 10-billion-euro ($13 billion) bailout for the island's banks.

Cyprus details heavy losses for major bank customers

March 16, 2013 09:45
By Karolina Tagaris NICOSIA (Reuters) - Major depositors in Cyprus's biggest bank will lose around 60 percent of savings over 100,000 euros, its central bank confirmed on Saturday, sharpening the terms of a bailout that has shaken European banks but saved the island from bankruptcy. Initial signs that big depositors in Bank of Cyprus would take a hit of 30 to 40 percent - the first time the euro zone has made bank customers contribute to a bailout - had already unnerved investors in European lenders this week.

Cyprus' new cabinet

February 27, 2013 11:16
Cypriot president-elect Nicos Anastasiades named his cabinet team on Wednesday after the rightwing Disy candidate clinched victory in a runoff against communist-backed Stavros Malas. The cabinet includes non-aligned economist Michalis Sarris, 66, as finance minister tasked with sealing a rescue package for the Mediterranean island's crisis-hit economy. The following is the line-up of the new all-male cabinet: - Foreign Minister: Ioannis Kasoulides (Disy) - Finance Minister: Michalis Sarris (non-aligned) - Interior Minister: Socrates Hasikos (Disy)

Cyprus announces new cabinet to tackle economic crisis

February 27, 2013 10:45
Cypriot president-elect Nicos Anastasiades named a cabinet on Wednesday as he focused on sealing an EU rescue package for the small Mediterranean island's crisis-hit economy. Conservative Anastasiades, 66, will be sworn in on Thursday to a five-year term, replacing discredited communist Demetris Christofias, who did not run for re-election. His all-male cabinet team will be sworn in on Friday.

New Cyprus leader begins forming govt to clinch bailout

February 25, 2013 11:31
Cyprus president-elect Nicos Anastasiades on Monday began forming a government to secure an international bailout for the financially crippled EU state after romping to victory in a run-off vote. Rightwinger Anastasiades cruised to victory in the Cyprus presidential election on Sunday, vowing to secure an "earliest possible" bailout for the crisis-hit euro state winning support from the European Commission.
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