– Finance minister extends stay in Moscow, seeking aid – President to meet party leaders on "Plan B" – Russia says EU behaving like "bull in a china shop" Cyprus considered nationalising pension funds and ordered banks to stay shut till next week to avert financial chaos after it rejected the terms of a European
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Cyprus and Russia are discussing cooperation in the banking and energy sectors in addition to a loan, and any deal to solve the island's debt crisis should also be in Moscow's interests, the Cypriot finance minister said on Thursday. "There's a lot of teams now working on a number of issues. Banks, natural gas, are
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Cyprus's stock exchange has extended a suspension of trading to Thursday and Friday, hit by a shutdown of banks amid financial turmoil engulfing the island threatened with default. The bourse said its decision followed that of authorities to extend bank closures to next week.
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Banks will remain closed Thursday and Friday, to secure financial stability, a statement issued by the Finance Ministry says. In the statement issued Wednesday, the Ministry notes that "subsequently to the rejection of the Bill for the imposition of a fee on deposits, by the House of Representatives, it is deemed necessary, on grounds of
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New York-based hedge fund Greylock Capital has sold most of its Cypriot government bond holdings and may dump the rest, its founder said on Wednesday, as the state of talks between the island and its creditors heighten the risk it will default. Greylock, well-known for a history of building up positions in risky sovereign bond
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President of the European Council Herman Van Rompuy spoke Wednesday of the need to find a solution for the economic crisis in Cyprus, stressing that the uncertainty is highly damaging, especially for the people of Cyprus. Rompuy, who was speaking before the European Parliament, said that the situation in Cyprus must be resolved urgently. The
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A decision on a Cyprus rescue must be made on Thursday at the latest, Cyprus President Nicos Anastasiades was quoted as saying, on Wednesday evening, leaving the Presidential Palace. A series of long meetings, first of the Cabinet and later with his close associates, including coalition junior party DIKO leader Marios Garoyian, had taken place
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President of the Republic of Cyprus Nicos Anastasiades held Wednesday a telephone conversation with his French counterpart Francois Hollande, asking for Paris’ support to Nicosia’s efforts to come out with a plan B’ to overcome its economic crisis. According to an official press release, Anastasiades and Hollande held a constructive and fruitful discussion. “During their
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A solution must be found to reopen Cypriot banks within days before it is "too late", one of Europe's top bankers warned on Wednesday, saying he feared the island's problems risked knocking confidence across the region. "Everything needs to be solved very quickly. This is a matter of a very few days before it gets
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. From Lars Seier Christensen’s blog, co-founder and CEO, Saxo Bank A/S Confusion reigns supreme in the Cyprus bailout. So it is fairly risky to stick out your neck commenting on an unknown outcome that could leave you exposed to ridicule in hours if things change. And this blog is not intended to be a
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