Arab Today, arab today cyprus hints at bailout before end of month
Last Updated : GMT 22:04:34
Arab Today, arab today
Arab Today, arab today

Cyprus hints at bailout before end of month

Arab Today, arab today

Arab Today, arab today Cyprus hints at bailout before end of month

Nicosia - Arabstoday

Eurozone member Cyprus strongly hinted Monday it may have to apply for an international bailout before the end of this month, both for its banks and its general coffers. “The issue is urgent. We know the recapitalization of the [island’s] banks must be completed by June 30, and there are a few days left,” Finance Minister Vassos Shiarly told journalists. Cyprus is under growing pressure to apply for aid to salvage its second-largest lender Cyprus Popular Bank, bowed by its exposure to debt-crippled Greece, ahead of a regulatory deadline of June 30. It assumes the rotating EU presidency for six months the following day. Responding to a question on whether any potential bid for aid would be focused on support for its banks, Shiarly said in his view it would be a comprehensive package, based on existing practice. “When one applies to the support mechanism you take into account all the facts, including needs which may arise in coming periods. Consequently it would be a comprehensive request covering not only present circumstances and the recapitalization of the banks but also future needs,” he said. The cash-strapped country, shut out of financial markets for a year and running deficits, will need the equivalent of 10 percent of its gross domestic product just to prop up Popular, which is looking for an investor willing to fill a 1.8 billion regulatory shortfall, or the government must come to its aid. Shiarly said he could not say how much a potential aid request could total. Cyprus has just over 2.0 billion euros in short-term debt maturing next year. Timings wise, and because bailouts typically occur over weekends to minimize disruption to markets, Cyprus would in theory have a slot to make any application next weekend, when the focus will be on the Greek election on June 17, or the weekend of June 23-24. Yet the island, representing 0.2 percent of the eurozone’s economy, has so far shown reluctance to take the plunge, spooked at the experience of Greece and worried that pressure could be applied to change its tax regime which is one of the lowest in the EU. As potential leverage, it is negotiating separately with a third country in the hope that it could secure better bailout terms from its EU partners. That country has not been named, but it is widely thought to be China. Cyprus received a 2.5 billion euro bilateral loan from Russia late last year, sidestepping its EU partners. Earlier, Shiarly said that he had anticipated some conclusion to discussions at the end of May, but that he now expected news “very soon.”from national news.

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 hints at bailout before end of month Arab Today, arab today cyprus hints at bailout before end of month

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Hamas leader accuses Israel

GMT 11:43 2017 Tuesday ,28 March

Hamas leader accuses Israel
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 13:21 2017 Tuesday ,28 March

Samsung plans to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" 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