Cypriot lender Bank of Cyprus said on Sunday it had carried out a conversion of uninsured cash deposits in the bank into equity, one of the conditions of international lenders to offer the cash-starved island financial aid. The process, known as a 'bail-in', made depositors in the bank pay for its recapitalisation, after the institution
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Rating agency Moody's believes Italy may still eventually need to seek a bailout despite forming a new government and avoiding immediate crisis. "We cannot yet rule out Italy will end up asking for help to the European Central Bank and the European Stability Mechanism," Dietmar Hornung, senior credit officer at Moody's, was cited as saying
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APOEL Nicosia won the Cyprus championship on Sunday after arch-rivals Omonia beat their nearest contender and paved the way for the Nicosia team to return to the Champion’s League tournament. APOEL, headed by Serb coach Ivan Jovanovic, has clinched the championship title for the 22nd time in its 86 years as the leading club of
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President Putin said that it was “possible and necessary” to react to the legalization of same sex marriage in France, so that Russian orphans could not be adopted by French same sex families. “We treat our partners with respect but we also ask them to show equal respect to our cultural traditions, our life and
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Bank of Cyprus Public Co. Ltd. Sucursala Romania, a subsidiary of the island’s biggest lender, will be taken over by Marfin Bank (Romania) SA, whose parent company, Cyprus Popular Bank, is being wound down and its assets and operations transferred to Bank of Cyprus. Under the agreement, gross assets of 82 mln euros, deposits of
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Bank of Cyprus, the island’s biggest lender, finally has a board of directors ending a month of uncertainty after the bank’s previous administration was sacked over an excessive exposure to the Greek market and an administrator was appointed to undertake a recapitalisation plan. None of the past board members have been recalled and many directors
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Quick, cheap and chock full of flavor, street food gives hungry passers-by a lot to love in locales around the world. Trying the local open-air fare is also a key ingredient to sampling any city's culture. That's why online travel adviser Cheapflights.com (www.cheapflights.com) has put together its Top 10 street-food cities. Reuters has not endorsed
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The Group’s senior executives assured President Anastasiades that they will continue to support Cyprus Senior executives of global leisure travel company TUI Travel, led by its Deputy Chief Executive Johan Lundgren, yesterday assured the President of the Republic, Nicos Anastasiades, that the Group would continue to support Cyprus. The prospects of recovery for Cypriot tourism
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Austrian Airlines expands the range of flights on its Larnaca-Vienna route: Starting with April 26, 2013 Austrian Airlines will operate an additional flight during the summer season until the end of November, offering up to twelve flights a week on the route from Larnaca. With this improved offer, Austrian Airlines is continuing to build up
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The European Commission adopted Friday a reprogramming plan that will help promote growth in Cyprus and strengthen the impact of EU regional funds there. In a press release, the Commission said that the decision to redirect €21 million worth of Regional Funds “is intended to help the country deal with the current socio-economic crisis and
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