a bailout deal in best interests of cyprus eurozone
Last Updated : GMT 03:09:26
Arab Today, arab today
Arab Today, arab today

A bailout deal in best interests of Cyprus, eurozone

Arab Today, arab today

Arab Today, arab today A bailout deal in best interests of Cyprus, eurozone

London - AFP

A top European Central Bank official said Wednesday it is in the best interests of both Cyprus and the eurozone as a whole for Nicosia to reach agreement with international creditors on a bailout. "I remain convinced that an aid programme is in the best interests of Cyprus and all members of the eurozone," ECB executive board member Joerg Asmussen told the weekly Die Zeit in an interview. On Tuesday, Cyprus's parliament rejected a proposal to impose a levy on bank savings as part of a bailout deal agreed in return for a 10-billion-euro ($13-billion) rescue from the EU, ECB and International Monetary Fund. That means authorities must go back to the drawing board for an alternative plan, heightening the risk that the country's banks could default. Asmussen said that the solvency of Cyprus's banks would not be assured "if an assistance programme for Cyprus that guarantees a rapid recapitalisation of the banking sector is not agreed upon soon." And the ECB will not be able to come to the rescue of the banks because the central bank can only provide emergency liquidity assistance to solvent banks, he said. Asmussen said the ECB had always been open to shielding smaller depositors or not even taxing them at all, and hitting larger depositors with a heavier levy. "What was paramount for us was that Cyprus's own contribution be enough for the country to find a way to sustain its debt," he said. Under the terms of the bailout, bank bond investors would also be forced to face losses, but that alone would not be enough because Cypriot banks are largely funded by deposits, Asmussen said. Asmussen insisted that the situation in Cyprus was unique. "I see no other country in Europe where the banking sector is in anywhere so out of balance. That means, no other country would need such a programme," he told the newspaper.

arabstoday
arabstoday

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*

a bailout deal in best interests of cyprus eurozone a bailout deal in best interests of cyprus eurozone

 



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*

a bailout deal in best interests of cyprus eurozone a bailout deal in best interests of cyprus eurozone

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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