The Conservative Cave

Current Events => Economics => Topic started by: bijou on March 18, 2013, 11:29:58 AM

Title: Cyprus told it can amend bailout, as key vote postponed
Post by: bijou on March 18, 2013, 11:29:58 AM

Quote

Cyprus can amend the terms of a bailout deal that has sparked huge public anger and led to heavy cash withdrawals, German and European bank officials say.

President Nicos Anastasiades has been meeting MPs to discuss the terms, with a crucial debate and vote in parliament postponed until Tuesday.

Cyprus banks are closed and will remain closed until Thursday amid the crisis.

The 10bn-euro ($13bn; £8.6bn) bailout agreed with the EU and IMF demands that all bank customers pay a one-off levy.

Stock markets in the US, Asia and Europe have fallen amid the uncertainty.


Russian President Vladimir Putin called the proposed levy "unfair, unprofessional and dangerous", his spokesman said. Russian banks and businesses have large deposits in Cyprus. ...

http://www.bbc.co.uk/news/world-europe-21832187

Potted background here (http://money.cnn.com/2013/03/18/news/economy/europe-cyprus-5-reasons/?hpt=hp_t2)
Latest news is that banks will now not open until Thursday. They can't stave off a bank run for ever. 

Title: Re: Cyprus told it can amend bailout, as key vote postponed
Post by: JohnnyReb on March 18, 2013, 11:40:15 AM

Makes the old mattress look even better, huh?