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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Banks in Cyprus will remain closed on Thursday and Friday as the euro zone country tries to avoid a financial meltdown having rejected the harsh terms of a European Union bailout that aim to punish local and Russian savers. With Monday a public holiday, the move effectively closes lenders until Tuesday, March 26. The Eurogroup
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Cyprus sent two of its key cabinet ministers to Moscow to broker a fresh rescue deal, but have so far had little success as Russian depositors fear been victimised in a “bail in” plan that will see a tax of more than 10% on their savings held on the island. Finance Minister Michalis Sarris has
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Banks in Greece seem prepared to take over the Greek branches of Cypriot lenders, Finance Minister Yannis Stournaras said on Wednesday, confirming earlier reports that Alpha Bank and Piraeus Bank were close to a deal that would ringfence the Greek operations and lower the Cyprus bank’s recapitalisation needs. Stournaras also said Greece was "shielded" from
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Stock markets around the world rose and the euro held firm on Wednesday on hopes that European policymakers would contain the financial crisis in Cyprus after MPs there voted down an unpopular rescue plan that would see a levy of about 10% on all savings accounts. Investors also turned their attention to the outcome of the
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Making his first official visit to Israel, U.S. President Barack Obama pledged on Wednesday enduring support for the Jewish State, where concern over a nuclear-armed Iran has clouded U.S.-Israeli relations. He also stressed the need for Middle East peace at the start of a three-day trip, which is aimed at resetting strained relations with both
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Britain launched incentives to help struggling home buyers on Wednesday as the government looks to support growth in a real estate market it sees as key to reviving the country's ailing economy. Finance minister George Osborne said Britain would commit 3.5 bln pounds ($5.3 bln) over the next three years to shared equity loans for
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Pressure grew on Wednesday for Boeing to compensate airlines in hard cash for disruption caused by the grounding of its 787 Dreamliner as two airlines manoeuvred for immediate help instead of future purchase discounts. Leading 787 customer All Nippon Airways wants cash refunds, rather than discounts on future orders, for losses inflicted by the worldwide
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