Euro zone ministers struck a deal on Saturday to hand Cyprus a bailout worth 10 bln euros ($13 bln) to stave off bankruptcy. Under the programme, the island's debt should fall to 100% of economic output by 2020, much more sustainable from the previous estimates of 120% and 140%. Here are the outlines of the
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* After "scorched earth", island left with ashes * Savers in Cyprus are being forced to bear the brunt of a painful cost of a 10 bln euro bailout agreed by eurozone partners and the IMF early Saturday in Brussels, with 6 bln raised from a haircut on bank deposits, something the new government headed
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* First “luxury retirement resort” in Ayia Napa; Church lost €9.5 mln from investments, blames Christofias for haircut and banking crisis * The outspoken head of the Church of Cyprus, often described as a shrewd administrator with good business sense, believes that the only way out of the current economic crisis is through growth, and
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The Lufthansa Group increased its revenue by 4.9% to EUR 30.1 bln in the past financial year. At EUR 524 mln, the Group’s operating result was down 36.1% but the net result went up from -13 mln in the previous year to EUR 990 mln in 2012, primarily due to the disposal of shares in
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The bidding process for the auditing firms interested in taking part in the independent audit into Cyprus` legal framework against money laundering concludes today. According to CNA sources, the evaluation of the tenders submitted will start immediately after the completion of the process. It is expected that the audit firm will be selected during the
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EU officials worked on a rescue package for Cyprus on Friday, hoping to get approval from the IMF and euro zone finance ministers later in the day. Senior sources involved in the negotiations said the package is expected to contain a mixture of tax increases, one-off revenue raising measures, plans for privatisations and the overhaul
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Prime Minister of Luxembourg Jean Claude Juncker has said that, not only must progress be made, but a solution must be found for Cyprus at Friday`s Eurogroup meeting. Juncker said he could not imagine that this weekend would pass without a solution for Cyprus. Asked if a debt haircut would mean losses for private investors,
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The energy sector is key for achieving the government’s goals of economic recovery and growth as well as for the creation of new jobs, Cyprus President Nicos Anastasiades has stressed. In an address, delivered by Minister of Communications and Works Tasos Mitsopoulos, at an official dinner of the 2nd Cyprus Energy Symposium, in Nicosia, President
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Honda Motor Co Ltd will recall nearly 250,000 vehicles globally, including sedans, minivans and SUVs, due to braking problems, the automaker said on Thursday. Seven models are affected by the recall. In the United States and five other countries, the Acura RL sedan, Acura MDX crossover SUV and the Honda Pilot SUV will be recalled.
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A U.S.-style ban on Britain's banks trading with their own money is not needed and would be too difficult to enforce, a group of influential lawmakers said on Friday. Instead, Britain should use the threat of capital add-ons or other tools to bear down on any bank that shows signs of proprietary trading, said the
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