Monday March 2, 2015 Search
Weather | Athens
11o C
6o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Cyprus braces for banks to reopen and capital controls to begin

Protesters cast their shadows on a Cypriot flag during an anti-bailout rally outside the presidential palace in Nicosia on Wednesday.

Banks in Cyprus are due to open on Thursday for the first time since March 15 as Nicosia becomes the first government in the eurozone to impose capital controls in an effort to prevent a collapse of the island’s financial system.

Lenders will open their doors to customers from noon to 6 p.m. local time but there will be severe restrictions on what Cypriots will be able to do with their money, including a limit of 300 euros per person per day on cash withdrawals.

Finance Minister Michalis Sarris was to issue a decree on Wednesday imposing capital controls, which means checks can be deposited but not cashed. The transfer of money abroad will be severely limited, with Cypriot students abroad not being able to receive more than 10,000 euros per quarter.

Savers will not be able to redeem time deposits before maturity. Those leaving the country will not be allowed to carry more than 3,000 euros in cash on them per trip. The capital controls apply to all accounts, payments and transfers, regardless of currency used.

Cyprus kept its banks closed for eight working days as it negotiated a bailout with the troika that will involved Cyprus Popular Bank (Laiki) being closed down and Bank of Cyprus being restructured.

Sarris said Laiki depositors faced losses of up to 80 percent on deposits above 100,000 euros. Bank of Cyprus savers have been warned they may lose 40 percent of their uninsured savings.

The opening of the banks in Cyprus comes amid a tense political atmosphere, with MPs from President Nicos Anastasiades’s DISY party calling for Central Bank Governor Panicos Demetriades to resign. The conservative politicians accused him of acting in the interests of the European Central Bank rather than Cyprus. Lawmakers from opposition parties questioned whether Sarris should remain in his job.

There was a sense of relief in Athens on Thursday after the Greek branches of Cypriot banks reopened after 11 days without any signs of a bank run.

Prime Minister Antonis Samaras reportedly stressed to ministers that the absence of panic was no reason for complacency and asked them to seek a swift resolution in talks with troika envoys next week on the streamlining of the civil service and on a new unified property tax.

ekathimerini.com , Wednesday March 27, 2013 (21:34)  
Greece seeks to assure it can cover funding needs, repay IMF loan
Varoufakis urges ´intelligent´ debt restructuring
Merkel wants ´good future´ in eurozone for Greece
Parliament will not vote on loan extension, says government
Eldorado Gold says Greece blocks work at Skouries mine
Eldorado Gold Corp., battling to develop a mine in Greece in the face of government opposition, said it was blocked from completing construction of a processing plant at the site. The compan...
Greece has ways to cover March funding needs, says ministry official
Greece has alternative ways to cover its funding needs for March, a finance ministry official told Reuters on Monday, without specifying the options at hand. Shut out of debt markets and fac...
Inside Business
SOCCER
Super League to seek way out of impasse
The Super League governing board is convening again on Monday in a bid to overcome the tensions that keeps building up in Greek soccer despite the suspension of action on the field over the ...
BASKETBALL
Spanoulis leads Olympiakos to win over Malaga
A good second half was enough for Olympiakos to get the better of Unicaja Malaga (77-72) and score its seventh win in eight games at the second group stage of the Euroleague on Friday. Playi...
Inside Sports
COMMENTARY
A unionist agenda
Maybe Greece will not experience a credit event, “because it is in no one’s interest,” as Minister of State for Coordinating Government Operations Alekos Flambouraris recently assured. Maybe...
EDITORIAL
The beguiling limelight
Too much media exposure is never a good thing and there is no shortage of newcomers in politics who are beguiled by the limelight. What usually comes after this thrall of publicity is the in...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greece seeks to assure it can cover funding needs, repay IMF loan
2. Eldorado Gold says Greece blocks work at Skouries mine
3. Varoufakis urges ´intelligent´ debt restructuring
4. Merkel wants ´good future´ in eurozone for Greece
5. Greece has ways to cover March funding needs, says ministry official
6. Parliament will not vote on loan extension, says government
more news
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. Greek reforms could prompt bailout payment in March, says Dijsselbloem
3. Schaeuble urges Greece to implement reforms during extension
4. Next Greek aid deal will emerge in coming months, Moscovici says
5. EU Commission: seeking unity in EU after Spain, Portugal clash with Greece
6. ECB uncomfortable with leading role in Greek funding drama
Today
This Week
1. Time for Alexis Tsipras to keep his nerve
2. A fierce battle looms
3. Greece to make international protest over Turkey reserving Aegean air space
4. The ignorance of the West about the culture of Islam
5. SYRIZA feeling the pain
6. Spain said to lead push to hold Greece to terms as Podemos grows
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.