Arab Today, arab today russia snubs cyprus investment pleas as bankruptcy looms
Last Updated : GMT 18:18:50
Arab Today, arab today
Arab Today, arab today

Finance Minister Michalis Sarris leaves empty-handed

Russia snubs Cyprus investment pleas as bankruptcy looms

Arab Today, arab today

Arab Today, arab today Russia snubs Cyprus investment pleas as bankruptcy looms

Eurogroup finance ministers urged Cyprus to ‘take serious measures’
Nicosia - Arabstoday

Eurogroup finance ministers urged Cyprus to ‘take serious measures’ Russia on Friday spurned investment proposals that would have helped rescue the Cyprus economy, piling pressure on Nicosia as it races to stave off financial meltdown and possible exit from the eurozone. Cyprus government spokesman Christos Stylianides will make a statement to the press at 1000 hrs GMT, the Interior Ministry said, as the island races against time to stave off bankruptcy.
"At 12 noon, the government spokesman will read a statement to the press...He will not be taking any questions," the Ministry said in a curt statement.
The European Union has given Nicosia until Monday to raise €5.8bn ($7.47bn) to unlock loans worth €10bn or face being choked from European Central Bank emergency funding in a move that would bankrupt the island.
EU sources have said the bloc is ready to eject Cyprus from the eurozone to prevent contagion of other debt-hit members such as Greece, Spain and Italy.
MPs were to meet in emergency session Friday to race through a raft of bills aimed at raising the funds and heading down a growing sense of anger and panic among Cypriots fearful that their life savings will disappear in the rubble of a banking collapse.
Local media said the start of the session, due at 0800 hrs GMT, was delayed as the bills went back to parliament's finance committee for further examination.
One bill gives effect to a key plank of the rescue plan -- the so-called “Plan B” -- setting up an investment fund and the nationalisation of pension funds, with bonds issued against future natural gas revenues.
A second bill imposes "temporary restrictive measures on the movement of capital.”
Government hopes of an economic lifeline from Russia proved to be illusory and Cypriot Finance Minister Michalis Sarris left Moscow on Friday after two days of talks without reaching an agreement.
Russian officials said two major state-owned energy firms had turned down deals put forward by Sarris and that Russia refused a loan request to fill a €5.8bn shortfall left by the EU-IMF bailout offer.
"Our investors examined this issue and showed no interest," Russian news agencies quoted the country's Finance Minister Anton Siluanov as saying.
He added that Moscow never reviewed the issue of providing a new loan fearing Cyprus, already on the brink of bankruptcy, could not withstand more debt.
Moscow has been angered by the original terms of a rescue plan for Cyprus proposed by the troika of international lenders that would have slapped a levy of up to 9.9 percent on bank deposits.
That plan was overwhelmingly rejected by parliament, leaving the government scrambling to put together its current Plan B.
News of the Russian rejection did little to brighten the mood of bank customers standing in long queues at dispensing machines outside banks.
Banks have been in lockdown this entire week and are not due to reopen at least until Tuesday.
Around 200 protesters gathered outside the legislature on Friday and some sat down in the street, blocking access to the complex, after anger boiled over and scuffles with police broke out briefly late on Thursday.
Most of the crowd were employees of the Laiki or Cyprus Popular Bank, which is in the eye of the storm.
 The bank's chief on Friday slammed the government's Plan B, saying the earlier proposal for a "haircut" on savings would have been preferable.
"Although we knew the gravity of the situation, and the initial proposal of the Eurogroup was painful, it ensured the future of the banking sector," Takis Phidias told state radio.
The chairman of the Eurogroup of finance ministers, Jeroen Dijsselbloem, said currency partners were willing to work with Nicosia on its new plans.
"The Eurogroup stands ready to discuss with the Cypriot authorities a draft new proposal, which it expects the Cyprus authorities to present as rapidly as possible," Dijsselbloem said after a two-hour conference call with fellow ministers.
But German Finance Minister Wolfgang Schaeuble was quoted by the mass-circulation Bild daily as saying he was sceptical about Plan B.
"Cosmetic changes alone are not enough," the newspaper quoted Schaeuble as saying, citing government coalition members who met him late on Thursday.
Cyprus "must move and take serious measures" to consolidate its finances, he was quoted as saying.
Stock markets in Tokyo, Hong Kong and Shanghai opened down Friday in the shadow of the Cyprus banking crisis.

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 russia snubs cyprus investment pleas as bankruptcy looms Arab Today, arab today russia snubs cyprus investment pleas as bankruptcy looms

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today As Olympics loom,China plunges into biz

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom,China plunges into biz
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues

GMT 08:51 2017 Saturday ,25 February

Shaking off dieselgate, VW races back into profit

GMT 08:48 2017 Saturday ,25 February

France's Macron takes on critics over 'vague' programme

GMT 10:10 2017 Friday ,24 February

France's Macron gets boost, but election is wide open

GMT 12:38 2017 Thursday ,23 February

Lower fares hit Qantas first half profit

GMT 10:57 2017 Thursday ,23 February

Chief executive out at Paramount Pictures
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
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