Wednesday November 26, 2014 Search
Weather | Athens
12o C
9o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Schaeuble: Nicosia did not want bank shareholders to shoulder lenders' losses

Nicosia is reportedly upset by the latest statement of German Finance Minister Wolfgang Schaeuble, who told Welt Am Sonntag that Germany wanted to shareholders of Cypriot banks to shoulder their lenders’ losses, but the Cypriot government refused to accept that.

In his interview with the German Sunday newspaper, Schaeuble left open the possibility of failure in the negotiations between Cyprus and the eurozone and stressed that rules will have to be obeyed.

Cypriot media reported as hostile the “I will not be blackmailed” statement of the German minister to his country’s newspaper, as just a few hours before the crucial Eurogroup meeting on Sunday evening he warned that Cyprus’s eurozone membership depends on the bailout plan it is negotiating with the troika of the European Commission, the European Central Bank and the International Monetary Fund.

“While negotiations are ongoing, I cannot say with certainty whether the eurozone will accept to extend financial assistance to Cyprus. Only if the troika estimates there is a plan which offers a solution to Cyprus’s problems, and which adheres to the rules, will the Eurogroup be able to examine the problem,” said Schaeuble.

“Cypriot officials should have told the truth to their citizens. Our proposal was never about the involvement of depositors [in the bailout]. The German position was identical to the IMF’s: If the two main banks do not have a sustainable model anymore, it is their shareholders who should shoulder the losses. But [Cypriot] officials did not even want to hear about that,” Schaeuble told Welt Am Sonntag.

“At any rate Cyprus has got a tough road ahead of it. And that is not due to European inflexibility, but due to a financial model that is not operative any longer.”

The IMF is said to be insisting on Bank of Cyprus absorbing the healthy part of Cyprus Popular Bank, which BoC has rejected as that would entail 9 billion euros of more loans from the emergency liquidity assistance mechanism of the ECB to burden the island’s biggest lender.

Some sources add that the IMF also wants a break-up of BoC in a good and bad bank.

ekathimerini.com , Sunday March 24, 2013 (11:23)  
Hundreds of migrants on crippled ship off Crete
Policemen suspected of working at Piraeus bar where shooting took place
Ankara proposes private firm to seek natural gas off Cyprus
Further tension builds up at universities
Debtors snap up offer for easier settlements
The government’s plan for the settlement debts to the state is paying off as Greeks are signing up in numbers for the more favorable payment scheme. In less than 24 hours since the opening o...
Belgium gas firm said to be eyeing DESFA
Belgian natural gas network operator Fluxys is said to be eyeing the Greek gas grid, after signing an agreement on Monday with its Greek counterpart (DESFA) for the drafting of a study on th...
Inside Business
SOCCER
Atletico eyes last 16 berth against Olympiakos
Greek champion Olympiakos faces a tough task if it is to prevent last season's beaten finalist Atletico Madrid sealing its passage into the last 16 of the Champions League at the Vicente Cal...
SOCCER
EPO ends soccer suspension, Super League resumes
Soccer action will resume this weekend after the Super League convened on Monday, elected a new president and alternate president and sent a letter to the soccer federation that assures it t...
Inside Sports
COMMENTARY
Beware of the fallen idols
Akis Tsochatzopoulos, a legendary figure of the Greek socialist movement, a man who came very close to taking over the party that governed the country for half of the time following the fall...
EDITORIAL
The hard truth
The coalition government must tell the truth to the Greek people, even if this entails admitting to mistakes made over the last few months. The country’s citizens are fully aware of how cruc...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Hundreds of migrants on crippled ship off Crete
2. Atletico eyes last 16 berth against Olympiakos
3. Debtors snap up offer for easier settlements
4. Belgium gas firm said to be eyeing DESFA
5. OLP approval paves way for investment in Piraeus
6. Airport tender exceeds expectations
more news
Today
This Week
1. Anastasiades to undergo heart surgery in the US on Dec 4
2. Cargo vessel carrying hundreds of migrants adrift southeast of Crete
3. Trade deficit widens by 8.7 percent during Jan-Sept period, says ELSTAT report
4. Two police officers among 9 arrested for drug trafficking
5. Fraport, Copelouzos offer highest bid for Greek regional airports
6. Stop Mediterranean becoming vast migrant cemetery, Pope tells Europe
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Give Greece a chance
4. Every age has its collaborators
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Scientists expand excavation of ancient Amphipolis
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.