Arab Today, arab today cypriots\ withdrawals limited to €260
Last Updated : GMT 14:24:58
Arab Today, arab today
Arab Today, arab today

Cypriots\' withdrawals limited to €260

Arab Today, arab today

Arab Today, arab today Cypriots\' withdrawals limited to €260

Nicosia - UPI

Panicked Cypriots withdrew as much money as they could from cash machines as Parliament was to vote Friday on a new bailout formula that doesn\'t tax depositors. Lines of three dozen people or more were common on the island, especially at Cyprus Popular Bank PCL, also known as Laiki Bank, the country\'s second-largest bank and most-troubled lender. The government proposed restructuring the bank and creating unprecedented restrictions on financial transactions as the European Central Bank threatened to cut off bailout funds if the country\'s banks aren\'t stabilized by Monday. Cyprus has been promised $12.9 billion in aid from the eurozone if it can come up with $7.5 billion on its own. Cyprus and the eurozone created panic Saturday when they agreed the $7.5 billion, or 5.8 billion euros, should come from a tax on all bank deposits. Cyprus\' Parliament rejected the proposal amid furious opposition. The tax idea was viewed as a breach of the principle that small depositors\' money should be safe in banks. Germany has said it would oppose any solution that included nationalizing pension funds from state-run companies in Cyprus, The New York Times reported Friday. As alarmed Cypriot depositors flocked to cash machines to withdraw as much money as possible, they found themselves suddenly able to withdraw only up to 260 euros, or about $335, a day -- down from 800 euros, or about $1,033 -- after Laiki announced the scale-back. All Cypriot banks have been closed all week to allow time for a bailout deal to be reached. The proposals before Parliament, if they take effect, would let authorities restrict non-cash transactions, curtail check cashing, limit withdrawals and even convert checking accounts into fixed-term deposits when banks reopen. Parliament was to debate the 61-page bill Friday morning, less than a day after President Nicos Anastasiades presented it. The bill scraps the controversial tax on bank deposits. It also puts underperforming loans and questionable assets into a so-called bad bank and moves healthy assets to the Bank of Cyprus, the nation\'s largest financial institution. It additionally limits the amount of cash people can take out the country. Eurozone finance ministers issued a statement late Thursday saying they were \"conditionally satisfied\" with most of the new proposals. The statement said the so-called troika of lenders -- the International Monetary Fund, the European Central Bank and the European Commission -- would assess the final measure Friday after the Parliament vote.

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 cypriots\ withdrawals limited to €260 Arab Today, arab today cypriots\ withdrawals limited to €260

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 20:02 2017 Saturday ,18 February

Gold edges higher as global equities lose momentum

GMT 10:20 2017 Thursday ,16 February

New Zealand's Spark rings up interim profit rise

GMT 05:40 2017 Thursday ,16 February

Stocks rise on Yellen’s positive US outlook

GMT 05:34 2017 Thursday ,16 February

‘Protectionism, populism threaten euro zone’

GMT 04:51 2017 Thursday ,16 February

Oil pulls back after brief rally
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
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