Greece has already started the ring-fencing of Cyprus-owned bank branches with their takeover “by a Greek banking group” in agreement with the Central Bank of Cyprus. “This will shield Greece and safeguard all deposits held in Cypriot-owned banks,” Finance Minister Yiannis Stournaras said in Athens on Friday. Bank of Cyprus and Popular Bank Laiki share
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Pope Francis urged the West on Friday to intensify dialogue with Islam and appealed to the world to do more to combat poverty. The new pontiff made his appeal in an address to diplomats accredited to the Vatican, sending a message through them to the leaders of the more than 170 countries with which the
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– Russian finance minister says talks end without result – ECB says to cut off bank funds without bailout deal by Monday – Cypriot leaders mull "solidarity fund", capital controls – Germany says unclear if Eurogroup to meet over weekend Russia rebuffed Cypriot entreaties for aid on Friday, leaving the island's increasingly isolated leaders scrambling to
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Cyprus's government urged lawmakers on Friday to "take the big decisions" to save the island from a financial meltdown, saying they had only a matter of hours. "The next few hours will determine the future of the country," government spokesman Christos Stylianides said in a televised statement before parliament was due to debate a raft
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Cyprus has agreed with Greece on a takeover of the Greek units of Cypriot banks, the island nation's presidency said on Friday, ending uncertainty over the fate of those operations. "After talks between Cyprus President Nicos Anastasiades with Greek Prime Minister Antonis Samaras, it was confirmed that the spinoff issue of Greek branches of Cypriot
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Petrol stations in Cyprus are in danger of closing since owners do not have cash to refill their reserves. Chairman of the Petrol Owners Association, Stephanos Stephanou told CNA that the situation has worsened since yesterday with gas stations accepting only cash, while people are running out of cash. He clarified that Cyprus has enough
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Italy's surprise decision to return two marines accused of murdering two Indian fisherman followed intense negotiations over 24 hours in which Rome secured a vow from New Delhi the two would not face the death penalty if convicted, officials said. The marines, part of a military security team protecting a tanker from piracy in February
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U.S. President Barack Obama visited Israel's most powerful national symbols on Friday, paying homage at the Holocaust memorial and the graves of the founder of modern Zionism and assassinated prime minister Yitzhak Rabin. The image of Obama crouching in reflection after laying a wreath in the Yad Vashem memorial to the six million Jews killed
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Credit Suisse upped the remuneration of Chief Executive Brady Dougan by one third in 2012, likely adding to public and political dismay over the scale of banker pay in a year when the Swiss bank's stock stalled. Anger at pay levels has already driven Swiss voters to back some of the world's strictest controls on
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Overseas Greeks are undertaking an intensive effort to inform the US administration as well as parliamentarians how to better understand the economic crisis in Cyprus and America’s obligation to assist. In a statement, the President of the Coordinated Effort of Hellenes, Andy Manatos, announced on Thursday their group undertook an intensive effort to help top
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