Nicosia: The president of Cyprus assured his people a bailout deal he struck with the European Union was in their best interests and would end anxiety, but he also announced "very temporary" capital controls to stem a run on the island's banks.
Returning on Monday from fraught overnight negotiations in Brussels, the conservative leader said the 10-billion euro rescue plan agreed there in the early hours of the morning was "painful" but essential to avoid economic meltdown.
He has agreed to close down the second-largest bank, Cyprus Popular, and inflict heavy losses on big depositors, many of them Russian, after Cyprus's outsize financial sector ran into trouble when its investments in neighbouring Greece went sour.
"The agreement we reached is difficult but, under the circumstances, the best that we could achieve," Anastasiades said in a televised address to the nation on Monday evening....
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07:35 AM, Mar 26, 2013
Cyprus has agreed to shrink its bloated financial industry and tap big depositors at its two leading banks for billions of euros. The last-minute deal has cleared the way for a 10 billion euro bailout from the European Union. ...
11:40 AM, Mar 25, 2013
Nicosia: Cyprus's bid to avert financial collapse will go down to the wire after the island said it would hold a crucial sitting of parliament only after finance ministers of the 17-nation euro zone meet on Sunday. Cyprus faces a Monday deadline to clinch a 10 billion euro bailout from the European Union or the European Central Bank sauys it will cut off emergency funding to the country's stricken banks,...
06:50 AM, Mar 24, 2013
Cyprus is expected to make a dramatic U-turn on Saturday to avert the imminent threat of financial meltdown, having signalled it is willing to tax big savers in its stricken banks to clinch a bailout from the European Union. The island's partners in the 17-nation euro zone scheduled a meeting for Sunday in Brussels, in a strong sign they believe a solution is near. ...
06:40 AM, Mar 23, 2013
Stocks around the world and the euro fell sharply Monday as investors fretted over a plan to tax depositors in Cypriot banks as a way to partly fund a bailout of the Mediterranean island nation. Although Cyprus accounts for only around 0.2 per cent of the economic output of the 17 European Union countries that use the common euro, the tax on depositors was a significant policy shift that has...
05:45 PM, Mar 18, 2013
A meeting between the core lenders group and the grounded Kingfisher Airlines, which is trying to resume operations by February, ended inconclusively in Mumbai on Friday evening, as the airline failed to table a concrete revival plan. ...
09:27 PM, Jan 18, 2013
New Delhi: India will infuse Rs 2000 crore in equity into ailing state-run carrier Air India as part of a turnaround and financial restructuring plan, a government statement said on Friday. Last year, the government had approved a $5.8 billion bailout plan for the national carrier. The latest equity infusion is part of that plan. ...
02:15 PM, Dec 07, 2012
New Delhi: Put your house in order first - that's the message that Power Minister Veerappa Moily sent to the power companies on Tuesday when he said that the debt restructuring package announced by the government to bail them out would be performance-linked. "We want to ensure they don't go into debt trap again. The package is performance-linked. States discoms need to come up with a concrete plan to improve...
03:23 PM, Sep 25, 2012
New Delhi: The Cabinet has cleared a Rs 2 lakh crore proposal to restructure the debt of the state power boards. But the question is whether this will address India's long-term energy problems or drag the government lenders deeper into the red. Just seven of the country's 28 states - Rajasthan, Uttar Pradesh, Haryana, Tamil Nadu, Punjab, Madhya Pradesh and Andhra Pradesh - have between them accumulated losses of Rs...
08:23 AM, Sep 25, 2012
In yet another major reform push, the Cabinet clears a restructuring package for state electricity boards. ...
10:00 PM, Sep 24, 2012
New Delhi: Maharashtra Chief Minister Prithviraj Chavan on Monday met Congress President Sonia Gandhi amidst reports that there may be a possible change in leadership in the state. Recently, Maharashtra chief ministerial hopeful and state Industries Minister Narayan Rane had met Sonia. The meeting between Chavan and Sonia sparked off speculation over a possible leadership change. Chavan, however, has dismissed the reports and party sources said that he was scheduled...
01:51 PM, Sep 24, 2012
New Delhi: With Trinamool Congress chief Mamata Banerjee out of the Congress-led United Progressive Alliance (UPA), the government is now getting ready to roll out more reforms, starting with the power sector. A bailout plan for power discoms will be discussed during the Cabinet Committee on Economic Reforms meeting on Monday. The government is likely to propose a three-year transitional finance mechanism, a move which will provide liquidity support by...
01:28 PM, Sep 24, 2012
Athens: Greece's conservatives and socialists edged towards a deal on a new government on Tuesday that would seek concessions from the country's lenders on its punishing austerity programme, and the euro zone signalled it was ready to negotiate. Both the conservative New Democracy party, which narrowly won elections on Sunday, and PASOK Socialists expressed hope that a government backing Greece's bailout agreement with the EU and IMF - albeit with...
03:24 AM, Jun 20, 2012
The main contenders, the right-wing New Democracy and left-wing Syriza party, are at odds over whether to stick with the tough EU bailout deal. ...
10:16 PM, Jun 17, 2012
A win for the Left-wing Syriza LED party would mean Greece's exit from the EU and bloodbath in the markets worldwide. ...
12:49 PM, Jun 17, 2012
Brussels/Madrid: Euro zone finance ministers agreed on Saturday to lend Spain up to 100 billion euros to shore up its teetering banks and Madrid said it would specify precisely how much it needs once independent audits report in just over a week. After a 2 1/2-hour conference call of the 17 finance ministers, which several sources described as heated, the Eurogroup and Madrid said the amount of the bailout would...
09:19 AM, Jun 10, 2012
Athens: Attempts to form a government in Greece collapsed on Tuesday, jolting financial markets at the prospect that leftists opposed to the terms of an EU bailout could sweep to victory in a June election and tip the euro zone deeper into crisis. The turmoil in Athens sent shock waves around other troubled members of the 17-nation European single currency area. The euro slipped below $1.28, world stocks slid and...
08:50 AM, May 16, 2012
Brussels: Euro zone finance ministers dismissed talk of Greece leaving the euro zone as "propaganda and nonsense" on Monday, but said the country had to respect the terms of the bailout programme agreed with the EU and the International Monetary Fund. If Greece can form a government and that government signs up to the bailout agreement, then it is possible some of the targets in the programme could be softened,...
07:32 AM, May 15, 2012
Athens: Greeks angry at years of austerity shrugged off the risk of a euro zone exit and punished their ruling parties, which failed to win enough votes to form a ruling coalition in Sunday's election. With about 95 per cent of the vote counted, conservative New Democracy and Socialist PASOK, who have dominated Greece for decades and are the only two major parties supporting an EU/IMF bailout program that keeps...
11:14 AM, May 07, 2012
The Sukma Collector is back home after 12 days in the Naxal captivity but Chhattisgarh Chief Minister has denied reports of any backroom deal. ...
09:52 PM, May 04, 2012
