Friday May 29, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Schaeuble says decision to tax small deposits was taken by Cyprus, European Commission and ECB

Germany's finance minister said on Sunday Berlin would have respected the bank deposit guarantee on small savers' insured deposits but the Cypriot government, European Commission and European Central Bank (ECB) decided against this.

In a radical departure from previous aid packages, euro zone finance ministers agreed on Saturday that Cyprus savers should forfeit up to 9.9 percent of their deposits in return for a 10 billion euro bailout to the island, which has been financially crippled by its exposure to neighboring Greece.

The decision, announced on Saturday morning, stunned Cypriots and caused a run on cash points. Electronic transfers were stopped.

"It was the position of the German government and the International Monetary Fund that we must get a considerable part of the funds that are necessary for restructuring the banks from the banks owners and creditors - that means the investors,» German Finance Minister Wolfgang Schaeuble told public broadcaster ARD in an interview.

"But we would obviously have respected the deposit guarantee for accounts up to 100,000,» he said. «But those who did not want a bail-in were the Cypriot government, also the European Commission and the ECB, they decided on this solution and they now must explain this to the Cypriot people."

Schaeuble said the Cypriot business model, of attracting capital with low taxes and favorable legal regulation, had proven to be unsustainable. But it had been «imperative in the interest of defending our common currency» to offer Cyprus aid.

[Reuters]

ekathimerini.com , Sunday March 17, 2013 (23:43)  
Next Greek aid program isn’t on table yet, says Moscovici
Hoteliers seek VAT solutions
Chaos in the system for tax declarations
Lenders’ first-quarter data suffer from NPL expansion
Greece creditors say no deal near as G-7 frustration vented
Greece’s creditors said a deal to unlock rescue aid isn’t imminent as they demanded the debt-ravaged nation make stronger commitments to overhaul its economy. The Greek government saw its op...
PM speaks to Merkel, Hollande as lenders increase pressure
With negotiations between Greece and its creditors at a critical phase, Prime Minister Alexis Tsipras on Thursday sought the assistance of German Chancellor Angela Merkel and French Presiden...
Inside News
SOCCER
Panathinaikos conquers PAOK through Tavlaridis goal
A Stathis Tavlaridis goal has brought Panathinaikos to practically within one point from clinching a spot in next season’s Champions League qualifiers, as the Greens made it three out of thr...
SOCCER
AEK Athens returns to top league after financial collapse
Greek club AEK Athens has just returned to the country's top soccer league, two years after financial collapse sent it to a lower league. One of the country's largest clubs, AEK sealed its s...
Inside Sports
COMMENTARY
Only Greece can end its miserable ´Groundhog Day´
In the film "Groundhog Day," Bill Murray is condemned to relive the same 24 hours on an endless loop. The happy ending (he gets the girl) only comes when he changes his destiny by becoming a...
COMMENTARY
FIFA and fair play
Greeks must be among the less excited observers of the ferocious crackdown on the highest echelons of global soccer’s administrative body, FIFA: from the lowest leagues to our top teams, fro...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Next Greek aid program isn’t on table yet, says Moscovici
2. Greece creditors say no deal near as G-7 frustration vented
3. Hoteliers seek VAT solutions
4. Chaos in the system for tax declarations
5. Lenders’ first-quarter data suffer from NPL expansion
6. Regional airport concession deal ‘to be sealed soon’
more news
Today
This Week
1. Greece creditors say no deal near as G-7 frustration vented
2. Only Greece can end its miserable 'Groundhog Day'
3. Next Greek aid program isn’t on table yet, says Moscovici
4. Endless confusion and worry
5. G-7 weighs in on Greece as Tsipras government told to be serious
6. ECB's Nowotny says no to loosening funding for Greece now
Today
This Week
1. Hotel contracts with a ‘Greek default clause’
2. Some 300 mln left banks on Tuesday
3. Neither Grexit nor a dual currency will solve Greece’s problems
4. No more 'quick and dirty' fixes for Greece
5. Romantic notions meet reality
6. Tsipras faces down radicals within SYRIZA over terms of deal
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.