The outlook for Cyprus`s banking system remains negative, says Moody`s Investors Service in a new Banking System Outlook published Thursday evening entitled "Banking System Outlook: Cyprus." At the same time Moody`s expects that over the 12-18 month outlook period, the Cypriot banks will face substantial recapitalisation needs as a result of acute asset-quality pressure. According
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Cyprus has made preliminary plans to take up to 10 bln euros from international creditors to recapitalise the island's struggling banks, its central bank governor said on Friday. Cyprus is now awaiting an interim report from consultants on the capital needs of its banking sector, anticipated by December 7, one part of a bailout analysts
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Finance Minister Wolfgang Schaeuble urged German lawmakers on Friday to approve the latest bailout for Greece despite their growing unease about the cost to taxpayers less than a year before federal elections. Schaeuble praised the new Greek government's commitment to tough austerity measures but said speculation – including among German politicians – that Athens's international
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Cyprus could agree to a bailout deal with euro zone finance ministers by mid-December and get a first tranche of funds to shore up its banks by the end of January, its finance minister said on Thursday. The island, whose banks are heavily exposed to debt-crippled Greece, has been discussing aid conditions with the IMF
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One of the gas turbines with an output capacity of 75 megawatts is ready for operation once the whole Unit 4 at Vassiliko power station is up and running, some time before the end of 2012, the Electricity Authority of Cyprus announced. Unit 4 still has a second gas turbine and a steam turbine that
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Laiki Popular Bank reported nine-month losses of 1.67 bln euros, compared to a loss of 292 mln in the same period last year, due mainly to a 350% increase in provisions to nearly 1.3 bln euros in Cyprus and Greece, and the continued burden from the writedown of Greek sovereign bonds. Despite the recent approval
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Deposits in the Cyprus banking system in October saw “a slight decrease” of about 400 mln euros, according to data released by the Central Bank of Cyprus. The central bank said that deposits in domestic financial institutions recorded a decrease of 386.5 mln euros to 70.3 bln euro from 70.7 bln the previous month. On
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Asian shares touched their highest levels in more than three weeks and commodities rose on Thursday as sentiment improved after a senior U.S. lawmaker said he was "optimistic" on reaching a budget deal before the end of the year to avoid a fiscal crisis. European shares will likely extend gains seen in the previous session,
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The foreign minister of neighbouring Greece boycotted festivities on Wednesday marking 100 years of Albania's independence after its prime minister hailed a town over the border as "Albanian lands". Reflecting the delicate nature of Balkan politics after the wars that split Yugoslavia, the president of Macedonia also stayed away after the car of his prime
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Bank of Cyprus posted a nine-month loss after tax of 211 mln euros on Wednesday after including an impairment in the value of Greek bonds held and on higher provisions for non-performing loans. The island's biggest lender posted a net loss of 793 mln euros in the nine month period of 2011 on its Greek
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