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Cyprus News Agency: News in English, 13-02-12

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

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


CONTENTS

  • [01] Cyprus Central Bank: Legal rights of depositors not to be affected
  • [02] Government agrees that Cyprus poses a systemic risk for the Eurozone

  • [01] Cyprus Central Bank: Legal rights of depositors not to be affected

    The Central Bank of Cyprus has clarified that legal rights of depositors in the Cypriot Banks will not be affected, either by imposing restrictions on withdrawals or transfers or otherwise.

    The bank was commenting on a publication of the Financial Times, according to which "a radical new option for the financial rescue of Cyprus would force losses on uninsured depositors in Cypriot banks, as well as investors in the country's sovereign bonds, according to a confidential memorandum prepared ahead of Monday's meeting of eurozone finance ministers".

    "There is no issue of affecting the legal rights of depositors, either by imposing restrictions on withdrawals or transfers or otherwise," Spokeswoman of Central Bank Aliki Stylianou told CNA.

    [02] Government agrees that Cyprus poses a systemic risk for the Eurozone

    Cyprus is a country that poses a systemic risk for the Eurozone and this is something we have pointed out, Government Spokesman Stephanos Stephanou has said, invited to comment on statements made by Jorg Asmussen, Member of the Executive Board of the European Central Bank.

    In an interview with German business daily "Handelsblatt" published on Monday, Asmussen noted that if Cyprus gets no external help, it will slide into default. He also warned that failing to help a systemically relevant euro zone country would "put at risk progress made last year on the euro crisis - and that would have high financial and political costs".

    Speaking to the press following a meeting of the Cabinet, Stephanou said that "despite the size of the country and its economy, a member of the Eurozone is a systematically relevant euro zone country and this is how it should be approached by the EU and the Eurozone as well as their members".


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