Friday October 24, 2014 Search
Weather | Athens
19o C
12o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
After long delay, Eurogroup meets to discuss deal between Cyprus and troika

Eurozone finance ministers were to start talks in Brussels at about 1.30 a.m. Greek time to discuss a bailout for Cyprus after the countrys President Nicos Anastasiades held talks with European Union and International Monetary Fund officials for several hours.

The Eurogroup meeting in Brussels had been due to start at 7 p.m. Greek time on Sunday but ministers were kept waiting as Anastasiades held talks with European Commission President Jose Manuel Barroso, European Council chief Herman Van Rompuy, European Central Bank head Mario Draghi, European Economic and Monetary Affairs Commissioner Olli Rehn and International Monetary Fund managing director Christine Lagarde.

It appeared that after much disagreement, all parties arrived at a blueprint that was to be put to eurozone finance ministers for approval.

"It seems that the whole process is nearing an agreement," Cypriot parliamentary speaker Yiannakis Omirou told reporters in Nicosia. "A proposal is taking shape, an agreement, a program ... that will put in the next half hour, or hour, to the Eurogroup," he said.

Kathimerini understands that the hold-up was caused by differences between Nicosia and the IMF over the potential merger of Cyprus Popular Bank (Laiki) and Bank of Cyprus following a resolution process.

The IMF and Germany insist that after being split into a good and bad bank, good Laiki should be merged with Bank of Cyprus and the new lender should then assume liability for the 9 billion euros that Laiki received as Emergency Liquidity Assistance (ELA) from the European Central Bank.

Anastasiades reportedly rejected this proposal and warned Lagarde that he would be forced to resign if the IMF insisted on it.

Furthermore, deposits that are above 100,000 euros, and therefore uninsured, at the Bank of Cyprus face a deposit tax of between 30 and 40 percent, as Nicosia tries to raise the funds demanded by the troika to qualify for a 10-billion-euro bailout.

Sources suggested that deposits at other banks in Cyprus would be spared a haircut, as would savings under 100,000 euros at Laiki and Bank of Cyprus.

ekathimerini.com , Monday March 25, 2013 (01:39)  
Interior Minister accused of not paying his health fund contributions
EU leaders to support Cyprus over EEZ rights
Protests over university security persist
Samaras, Juncker examine Greek proposal for emerging from bailout
Tax rate cut in catering sector has paid off
The reduction in the value-added tax on catering has not only resulted in smaller-than-expected revenue losses for the state coffers, it has also stemmed the flow of restaurant shutdowns and...
Improvement in VAT collection
While Greece came top among European Union states in terms of improving its value-added tax deficit in 2012, it still ranks among those with the biggest problems in VAT collection. According...
Inside Business
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
BASKETBALL
Greens succumb to first loss at Bayern
Panathinaikoss unbeaten run in all competitions came an end on Thursday as the Greek champion lost 81-75 at Bayern Munich for the Euroleague. Bayern is a team that improves every year, and ...
Inside Sports
COMMENTARY
Tension for tensions sake?
It is evident that Turkish President Recep Tayyip Erdogan feeds off tension. He would barely have achieved as much as he has and prevailed if he had not been so keen to confront a series...
EDITORIAL
Testing ground
The Regional Authority of Attica is a good testing ground for politicians who appear to thrive on accusations to prove whether they can actually solve major problems of a practical nature. T...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Panathinaikos snatches point at Eindhoven
2. Greens succumb to first loss at Bayern
3. Tax rate cut in catering sector has paid off
4. Improvement in VAT collection
5. Just two banks seen to require more capital
6. Solidarity levy extended to 2016 in bid to meet targets
more news
Today
This Week
1. Strong winds hamper sea travel
2. TBEX brings together 800 travel bloggers in Athens
3. Samaras to represent Anastasiades at European Council meeting
4. Spanish unemployment lowest since 2011 as economy grows
5. Cyprus president to sit out EU summit due to high blood pressure
6. Arrivals show increase in January-June 2014 period
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Coalition shooting itself in the foot
3. Greeces closed society is central to its current malaise
4. Greece must stick to reforms, says Schaeuble
5. At least 11 banks to fail European stress tests, three in Greece, report says
6. Cyprus to block Turkey's EU talks after EEZ violation
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.