Arab Today, arab today cyprus bank workers protest over pension fears
Last Updated : GMT 16:29:09
Arab Today, arab today
Arab Today, arab today

Cyprus bank workers protest over pension fears

Arab Today, arab today

Arab Today, arab today Cyprus bank workers protest over pension fears

Nicosia - AFP

Bank workers were to hold a work stoppage on Thursday over fears that pensions may be at risk under Cyprus\'s bailout, as the island looked set to top the agenda at a European Central Bank policy meeting. Bank employees\' union ETYK called the two-hour stoppage over concerns that pension funds at Laiki and Bank of Cyprus are not being protected under the island\'s 10-billion-euro ($12.8 billion) bailout deal with the International Monetary Fund, European Commission and ECB. The strike comes despite reassurances last week from President Nicos Anastasiades that every effort would be made to preserve pension funds at the two banks. There has been no labour unrest in Cyprus so far, but the terms of the bailout will force the island to make painful reforms, raising taxes, downsizing the public-sector workforce, privatising some state-owned firms and drastically reducing the size of its bloated banking sector.The country\'s new Finance Minister Haris Georgiades vowed Wednesday to implement the bailout terms in full.  \"We... shall do whatever it takes to fix our public finances and put our economy back on track for growth,\" he said after swearing in to his new post. Georgiades, a British-educated economist who had been serving as labour minister, took over from Michalis Sarris, who announced Tuesday he was resigning to cooperate with a judicial probe into the causes of the crisis.Sarris had been chairman last year of failed bank Laiki, the collapse of which was a major contributor to the crisis. Cyprus is already in recession, with unemployment at around 15 percent and expected to grow sharply this year and next. Forecasts before the deal was agreed saw GDP contracting by 3.5 percent this year. Banks have been operating under stringent capital controls since they reopened last Thursday, after a near two-week lockdown prompted by fears of a run on deposits.  The central bank has been progressively easing these restrictions, and has now raised the limit on business transactions from 5,000 euros to 25,000 and allowed people to write cheques of up to 9,000 euros.But under the terms of the deal, those with savings larger than 100,000 euros in Bank of Cyprus, the country\'s largest, face losing up to 60 percent of their deposits over that amount. Those in second lender Laiki will have to wait years to see any of their money over 100,000 euros as the bank is shuttered. Cyprus was expected to top the agenda at the European Central Bank\'s policy meeting in Frankfurt on Thursday. Markets panicked when Eurogroup chief Jeroen Dijsselbloem appeared to suggest that the Cyprus deal which rattled world markets might be used as a template for future eurozone bailouts. The consequences of the Cyprus bailout for the eurozone were expected to be the main focus of ECB chief Mario Draghi\'s\'s monthly post-meeting news conference.  On the political front, Turkish President Abdullah Gul said Wednesday the crisis was a chance to work towards a peace deal on the island, divided since Turkish troops invaded its northern third in 1974 after a Greek Cypriot coup. \"The economic crisis should also be an important lesson to all of us because at the end of the day if the island were united then there would be a greater economic potential,\" he said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cyprus bank workers protest over pension fears Arab Today, arab today cyprus bank workers protest over pension fears

 



Arab Today, arab today
Arab Today, arab today Rabia Fatima reveals role of "Facebook" in her career

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday