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Cyprus News Agency: News in English, 13-07-26

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] Germany wanted to destroy Cyprus as a financial centre, former

    FinMin says


  • [01] Germany wanted to destroy Cyprus as a financial centre, former FinMin says

    Germany wanted a "dramatic haircut" on baking deposits seeking to destroy Cyprus as a financial centre, Former Minister of Finance Michalis Sarris has said.

    Sarris, who as Finance Minister attended the crucial Euro area Finance Ministers meetings on March 16 and 25, 2013, which decided on imposing a haircut on banking deposits in Cyprus, testified on Thursday in Nicosia before the investigation committee on the economy.

    On March 25 Cyprus and its international lenders, the European Commission, the European Central Bank and the IMF agreed on a €10 billion bailout featuring a haircut on uninsured deposits (over €100,000) in a bid to replenish the depleted capital of the island`s two largest banks, which posted massive losses following the haircut of the Greek sovereign debt.


    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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