Arab Today, arab today greek cypriots agree with eu and imf on bailout package
Last Updated : GMT 11:16:14
Arab Today, arab today
Arab Today, arab today

Greek Cypriots agree with EU and IMF on bailout package

Arab Today, arab today

Arab Today, arab today Greek Cypriots agree with EU and IMF on bailout package

Brussels - Anadola

Greek Cypriot administration of southern Cyprus agreed with the EU and the IMF on the new bailout package on early Monday. Following a 10-hour-long meeting in Brussels with head of the EU Council Herman Van Rompuy, head of the EU Commission Jose Manuel Barroso, IMF chief Christine Lagarde, head of the Euro Group Jeroen Dijsselbloem and president of the European Central Bank Mario Draghi, leader of the Greek Cypriot administration Nicos Anastasiadis accepted the new package. The package keeps Greek Cypriots in the Euro zone but would prune the size of oversize banking sector. Parliamentary approval will not be needed for the new package. Diplomatic sources said Anastasiadis tried to resist IMF\'s demands on restructuring banking sector, and threatened to resign and go to referendum, but at the end seeing that the EU leaders were not backing him, he had to step back and agree on the new package. Sources said that Van Rompuy and Barroso persuaded Anastasiadis by saying \"either agree restructuring banking sector or leave the Euro zone\".     The new package, that was framed at the 10-hour-long meeting, was detailed later by the finance ministers of the Euro zone.   Contrary to the first package that was rejected by the Greek Cypriot parliament last week, deposits under 100,000 Euros will not be affected and there won\'t be a regulation for the sector for the deposits over 100,000 Euros. Under the agreement, Laiki Bank, one of largest bank of Greek Cypriots, would be wound down and senior bondholders would take losses. Depositors in the bank with accounts holding more than 100,000 euros would also be heavily penalized but the exact amount of those losses would need to be determined.   The plan to resolve Laiki Bank should allow the Bank of Cyprus, the largest lender, to survive. But the Bank of Cyprus will take on some of Laiki\'s liabilities in the form of emergency liquidity, which has been drip-fed to Laiki by the European Central Bank (ECB). That short-term financing, which the ECB had threatened to cut off on Monday, is expected to continue. Depositors in the Bank of Cyprus are likely to face forced losses rather than any form of tax.   Head of the Euro Group Jeroen Dijsselbloom stated that with the new package, banking sector of Greek Cypriots would be accorded with the EU average as of 2018. Dijsselbloem said he did not know when the banks, that were closed for the last 10 days, would be reopened in southern Cyprus. - New limitations fixed for cash machines in the Greek Cypriot administration - After the agreement between Greek Cypriot administration and officials from the Troika of the EU and the IMF, a limitation for cash machines was accepted. After the bailout plan was accepted, the National Bank Laiki Trapeza lowered the limit for cash machines from 260 euro to 100 euro. Banks in the Greek Cypriot administration have been closed for ten days, creating big distress. While the leader of the Greek Cypriot administration Nicos Anastasiades and officials from the Troika of the EU and the IMF met, the communist party AKEL organized protests in front of the parliament where 1,000 people took part and marched to the European Union House. They held posters with slogans \"Troika go home\", \"We won\'t be 21st century slaves\" and \"That is our money, that is our life\". In Polemidhia city near to Limassol, a Cypriot bank office was attacked by unknown assailants with a hand-made bomb Sunday night.

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 greek cypriots agree with eu and imf on bailout package Arab Today, arab today greek cypriots agree with eu and imf on bailout package

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
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 Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables
View News in Arabic - Business: نفط وبتروكيماويات
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 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
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 Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

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 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

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 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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