– Fekter: ESM, ECB cannot allow bottomless pit for Cyprus  – Banks closed Friday would be worse than current scenario  – Germany, IMF, Austria would have preferred debt haircut The European Central Bank will not provide Cypriot banks with liquidity indefinitely unless a bailout is agreed and banks there may not be able to reopen

Cypriot Finance Minister Michael Sarris said that Cyprus and Russia did not reach a decision on a loan from Moscow during talks on Wednesday. "We had a very honest discussion, we've underscored how difficult the situation is," Sarris told reporters as he was leaving after talks with Russian Finance Minister Anton Siluanov. "We'll now continue

Cyprus Minister of Finance Michalis Sarris said on Wednesday that Cyprus is focusing on alternative solutions to stabilize the economy following the rejection of a haircut on deposits overwhelmingly rejected by the Cypriot parliament yesterday. Sarris is in Moscow where he will meet with his Russian counterpart Anton Siluanov today in a bid to explore

The current economic situation in Cyprus was among the issues Presidents of Russia and Cyprus, Vladimir Putin and Nicos Anastasiades, discussed during a telephone conversation they had on Tuesday. A press release issued by the Kremlin said Putin and Anastasiades discussed a wide range of issues of their bilateral relations and a number of international

The European Central Bank said on Tuesday after Cypriot lawmakers overwhelmingly rejected a key element of a proposed bailout that it was in contact with its IMF and EU partners and remained committed to providing liquidity within certain limits. "The ECB takes note of the decision of the Cypriot parliament and is in contact with

New Zealand depositors could face a Cyprus-style tax on their bank accounts, as the government is planning to impose a similar strategy on its banks warns the country's Green Party.   New Zealand is facing a similar bank failure to Cyprus, is likely to adopt open bank resolution (OBR), which will see small depositors lose

 * EU vultures ready to grab Russian deposits, as parliament rejects deposit tax for bailout * Members of parliament rejected a deeply unpopular tax on bank deposits on Tuesday, throwing into doubt a 10 bln euro bailout needed to avert default and a banking collapse. The 56-seat parliament voted by 36 votes against and 19

The chiefs of the local banks are urging the government to avoid a bank levy on foreign savers as this would be “catastrophic” and about 50% of deposits would be wiped out with foreign-owned branches closing overnight that would spell the end of the Cypriot ambitions to become a finance services centre. The bankers are

Russia could ultimately benefit from Cyprus' introduction of a levy on bank deposits because it will make Russia's investment climate appear more stable, Deputy Prime Minister Igor Shuvalov said on Tuesday. "It is a good chance for the Russian banking system to fight for new depositors, new clients. And demonstrate that our banking system is