World

IMF Approves $1.3 Bln Cyprus Bailout

International Monetary Fund headquarters

International Monetary Fund headquarters

© AFP 2013/ Yuri Gripas

01:15 16/05/2013

The International Monetary Fund said on Wednesday it had approved a bailout of 1 billion euros (over $1.3 billion) for Cyprus, with the first installment of $110.7 million already allocated to the country’s government.

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Cyprus Gets First Installment of Bailout
22:09 13/05/2013
Cyprus received the first installment of its multi-billion-dollar international bailout package on Monday with the delivery of 2 billion euros ($2.6 billion), the European Stability Mechanism (ESM) said on Monday.
Russia Hasn’t Agreed to Extend Loan to Cyprus - Storchak
16:20 11/05/2013
Russia’s Deputy Finance Minister Sergei Storchak said an announcement by a Cypriot minister that the reconstruction of the island nation’s 2.5 billion euro loan from Russia had been agreed was premature.
Cyprus Lifts Restrictions for VTB Subsidiary
23:06 10/05/2013
Cyprus Finance Ministry issued a decree on Friday lifting restrictions on financial operations for the Russian Commercial Bank, a subsidiary of state-run VTB, and OJSC Promsvyazbank, a Russian privately-owned bank.
EU Sanctions Saved Belarus from Cyprus Losses – Lukashenko
16:57 19/04/2013
Sanctions imposed by the European Union on Belarus over its human rights record saved Belarusian businessmen from taking a Cyprus deposit "haircut," President Alexander Lukashenko said on Friday.
‘No Losses’ in Cyprus - Russia
22:45 17/04/2013
Russian state-controlled and private companies have not sustained any losses due to the financial crisis in Cyprus, Prime Minister Dmitry Medvedev said on Wednesday.
S&P Revises Outlook on Cyprus to Stable
08:14 11/04/2013
Standard & Poor’s Ratings Services has revised the outlook on Cyprus to stable from negative, the ratings agency reported Wednesday.
Russia to Restructure Cyprus Loan – Putin
14:28 08/04/2013
Russia has decided to restructure its multibillion euro loan to Cyprus to help the island nation resolve its financial crisis, President Vladimir Putin said on Monday.
Cyprus Collapse Taught Russian Investors a Lesson – Putin
22:09 05/04/2013
Russian President Vladimir Putin said on Friday that the recent financial meltdown in Cyprus proved how "risky" and "insecure" investments in Western financial institutions can be.
Bank Boss Emptied Cyprus Account Days Before Bailout – FT
18:01 03/04/2013
The president of Gazprombank, the Russian energy giant’s banking arm, is among individuals who pulled their money from the troubled Laiki Bank just days before Cyprus agreed a “haircut deal” with international lenders, The Financial Times said on Wednesday, citing local media.
Cypriot Finance Minister Resigns After Controversial Bailout Deal
18:34 02/04/2013
Cypriot Finance Minister Michalis Sarris has tendered his resignation after concluding talks with the troika of international lenders on a controversial bailout deal to rescue the island nation from financial collapse, Cypriot TV channels reported on Tuesday.
Russia’s Support to Cyprus to Depend on VTB Situation
22:18 01/04/2013
The Russian government will closely watch the situation around the Russian Commercial Bank, a subsidiary of state-run VTB, when deciding on the forms of its support for Cyprus’s financial system, Prime Minister Dmitry Medvedev’s spokeswoman Natalya Timakova said Monday.
No State Help to Russians Affected by Cyprus Crisis - Shuvalov
02:56 01/04/2013
Russian authorities plan no support measures for citizens who might partially lose their funds deposited in crisis-stricken Cypriot banks, Russian First Deputy Prime Minister Igor Shuvalov said late on Sunday.
Archbishop of Cyprus Says His Country Should Quit EU
18:56 31/03/2013
Archbishop Chrysostomos II of Cyprus said his country should withdraw from the European Union as the EU will fall apart and cease to exist in the future.
Uncertain World: A Framework for a New Europe
21:59 27/03/2013 Bi-weekly column by Fyodor Lukyanov
The financial crisis in Cyprus has made headlines in Russia for days. At first, the Russian media were surprised by Europe’s seemingly irrational and destructive approach to the relatively small Cypriot problem, but the surprise soon turned to anger at the fact that Europe had informed Russia about its decision post factum and neglected to consult it, even though it was aware of Russia’s interests in Cyprus.
Bank of Cyprus Head Resigns Over Bailout Deal
18:11 26/03/2013
Andreas Artemis, head of Bank of Cyprus, the country’s biggest lender, has submitted his resignation in the wake of a bailout deal that the Eurogroup reached with the Cypriot authorities to rescue the island nation from bankruptcy, western media reported on Tuesday.
Fitch Downgrades Laiki, Bank of Cyprus Ratings to ‘Default’ Level
17:33 26/03/2013
Fitch Ratings has downgraded the ratings of Cyprus’ two largest banks to default levels after the Eurogroup struck a bailout deal with the Cypriot authorities as a precondition for Cyprus to receive much-needed aid, the international rating agency said on Tuesday.
Putin Tells Government to Revise 2.5 Bln Euro Loan to Cyprus
18:49 25/03/2013
Russia will consider restructuring its multibillion euro loan to Cyprus, President Vladimir Putin’s spokesman said Monday, possibly giving the nation more breathing room hours after it secured a eurozone bailout.
Cyprus Deposit Haircut is ‘Legalized Theft’ Says Russian Businessman
16:25 25/03/2013
The Cypriot authorities’ plans to force losses on local account holders to unlock a much-needed bailout from international lenders breach international accords and will be challenged in court, the head of the Association of Russian Businessmen in Cyprus said on Monday.
Eurozone Finance Ministers Reach Bailout Deal on Cyprus
07:04 25/03/2013
The finance ministers of the 17-nation eurozone agreed in the early hours of Monday on a 10 billion euros bailout deal for Cyprus to prevent the country’s banking system from collapsing and bankruptcy.
Only Hard Choices Left for Cyprus – EU Commissioner
02:36 24/03/2013
Cyprus is facing tough economic future as the country has been left without any “optimal” solution to the current financial crisis, European Commissioner for Economic and Monetary Affairs Olli Rehn said on Saturday.
Cyprus MPs Pass Bills on Capital Movement, Investment Fund
03:27 23/03/2013
The Cypriot parliament passed bills Friday to entitle the government to restrict withdrawal of funds from bank accounts in exceptional cases and to establish a “solidarity fund.”
Russia Says Door Still Open for Cyprus Rescue Deal
16:10 22/03/2013
Russia is still willing to provide Cyprus with financial aid to help it overcome its economic woes, but only after the European Union and the island nation work out a joint plan for its recovery, Russian Prime Minister Dmitry Medvedev said on Friday.
Russia Rejects Cyprus Rescue Deal Proposals
12:38 22/03/2013
Talks between Russia and Cyprus on Moscow’s possible bailout of the island nation’s economy have ended, with Russian investors rejecting Cypriot proposals, Russian Finance Minister Anton Siluanov said on Friday.
S&P Downgrades Cyprus’ Long-term Rating to ‘CCC’
03:43 22/03/2013
Standard & Poor's Ratings Services has lowered its long-term sovereign credit rating on the Republic of Cyprus to 'CCC' from 'CCC+' with a negative outlook, the ratings agency reported.
Russia, Cyprus in Second Day of Gas for Cash Talks
14:14 21/03/2013 Originally posted at 12:35.
Russia and Cyprus are set to launch a second day of talks in Moscow on Thursday over a multibillion-dollar loan to help the island nation avoid a financial collapse.
Video Conference: Experts Talk Cyprus
13:00 21/03/2013
At 1 p.m. Moscow time on March 21, RIA Novosti presents a Moscow-Brussels video link-up: “The Cyprus Bank Situation: Expert Analysis.”
EU, Cyprus Act ‘Like Bull in China Shop’ – Russian PM
03:51 21/03/2013 Originally published at 00:42
Russian Prime Minister Dmitry Medvedev on Wednesday slammed the European Union and Cyprus for what he described as their dismal management of the island nation’s debt woes.
EU, Cyprus Act ‘Like Bull in China Shop’ – Russian PM
23:08 20/03/2013
Russian Prime Minister Dmitry Medvedev on Wednesday slammed the European Union and Cyprus for their handling of the island nation’s debt woes.
Russia, Cyprus to Continue Vital Loan Talks
16:20 20/03/2013 Originally published at 15.12
Cypriot Finance Minister Michael Sarris is set to continue negotiations on a potential Russian loan with Russia's First Deputy Prime Minister Igor Shuvalov on Wednesday, after initial talks between the two countries' finance ministries ended without an agreement.
Russian Banking Giant VTB Alarmed by Cyprus Deposit Tax
14:17 20/03/2013
State-run VTB Bank, Russia’s second largest lender by assets, said on Wednesday it was concerned at the possibility that Cyprus could resolve its economic woes at the expense of deposits held in local banks.
Russian, Cypriot Presidents Discuss Deposit Tax Crisis
02:09 20/03/2013
Russian President Vladimir Putin and Cypriot President Nicos Anastasiades discussed the economic situation in Cyprus after Cypriot lawmakers rejected the Eurogroup’s bailout proposals, Kremlin spokesman Dmitry Peskov said.
Cypriot Parliament Rejects Tax on Deposits
23:54 19/03/2013 Originally published at 22:44
Parliament in Cyprus on Tuesday overwhelmingly rejected a bill aimed at charging steep levies on bank deposits, jeopardizing the country’s chances of securing a desperately needed international bailout.
Russia’s Ex-Finance Minister Slams Cyprus Deposit Levy Plans
16:46 19/03/2013 Originally posted at 16:30.
Russia’s former finance minister, Alexei Kudrin, said on Tuesday that plans by Cyprus to force all savers to agree to a levy on their deposits ignored the interests of Russian investors.
Trendwatcher: Cyprus Bailout: March Madness for Russia’s Rich
23:37 18/03/2013 Weekly column by Natalia Antonova
For as long as I can remember (so basically for the last three years or so), March in Moscow has consistently sucked. Perhaps you would like me to put this in a different, more profound way - but no, it just sucked. And will probably suck for many, many years to come. No point in pretending otherwise.
Putin Blasts Cyprus Levy on Bank Deposits as ‘Unfair’
17:53 18/03/2013 Originally posted at 13:57.
Russian President Vladimir Putin believes the Cypriot government’s plans to impose a one-off levy on all bank deposits as part of a bailout deal to get much-needed loans from international creditors would be “unfair, unprofessional and dangerous,” Kremlin spokesman Dmitry Peskov said Monday.
Russian Ruble, Stocks Nosedive on Cyprus Debt Crisis
16:54 18/03/2013 Originally posted at 12:42.
The Russian ruble and stocks plummeted at the opening of a trading session on the Moscow Exchange on Monday amid investors’ growing concerns over the Cyprus bailout deal and fears of an escalation of the eurozone debt crisis.
Cyprus Central Bank Orders Banks to Suspend Operations - Report
22:00 17/03/2013
The Central Bank of Cyprus has ordered all national banks to suspend operations at both domestic and foreign offices, a Cypriot news website reported on Sunday.

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Cyprus Bailout

The European Union and the IMF agreed to bail out Cyprus’ debt-laden economy and grant the island nation a loan worth 10 billion euros ($13 billion) in return for the government’s obligation to tax all deposits kept at Cypriot banks. The bailout plan has yet to be approved by Cyprus’ parliament.

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