Tuesday October 21, 2014 Search
Weather | Athens
24o C
16o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Demetriades reveals deal for Cyprus bailout

Cyprus and international lenders have agreed on the terms of a bailout the eastern Mediterranean country needs to refinance its banks and pay bills, European Central Bank governing council member Panicos Demetriades said on Friday.

“The memorandum has been agreed and the only thing missing is the exact amount which will be discussed at a Eurogroup meeting,” Demetriades told reporters in Nicosia. “The main thing is that there is an agreement.” Cyprus in June became the fourth euro-area nation to request a financial rescue since Greece’s 2010 bailout after Cypriot lenders including Bank of Cyprus Plc and Cyprus Popular Bank pcl were weakened by their exposure to the Greek economy.

Cypriot banks lost more than 4 billion euros in Greece’s debt restructuring. The exact amount needed to recapitalize Cypriot banks, which will determine the total bailout amount, hasn’t been established yet while the so-called troika of the International Monetary Fund, the European Central Bank and the European Commission estimates the lenders may need 10 billion euros, Demetriades said.

The deal with creditors ensures the viability of Cypriot debt, he said. The outlook for the Cypriot banking system remains negative, reflecting in part the likelihood of severe capital shortfalls, Moody’s Investors Services said on Thursday. Moody’s said it estimates that the cost of recapitalizing Cyprus’s three largest banks to a 10 percent core Tier 1 ratio, which is a measure of financial strength, will be more than 8 billion euros. Cyprus is awaiting the results of an interim report from Pacific Investment Management Co (PIMCO) that will determine the capital needs of each lender. The final report will be published in late January, Finance Minister Vassos Shiarly said on November 22. The interim figures will be published on December 7. (Bloomberg)

ekathimerini.com , Friday November 30, 2012 (20:53)  
At loggerheads over role of the IMF
Hong Kong telecom group buys out Greek start-up
Local tourism could see more arrivals, investments next year
Troika exerts pressure using return date
Wage dispute hurts gov’t unity before troika return
Changes to the public sector wage structure are at the heart of a dispute within the coalition that has raised concerns about whether the government will be in a position to negotiate effect...
Most Britons want to see Parthenon Marbles back in Athens, poll shows
The majority of Britons think that their country should return the Parthenon Marbles to Greece, a new poll has found. According to the survey, which was conducted by the YouGov international...
Inside News
BASKETBALL
PAOK fans stop coach Markopoulos´s move to Olympiakos
Olympiakos is once again in the lookout for a new coach after the refusal of PAOK to release Soulis Markopoulos, while Panathinaikos defeated Kolossos on Rhodes on Monday to become the only ...
BASKETBALL
Reds lose to Nea Kifissia, search for new coach
Nea Kifissia recorded the biggest win of its short history in the top flight defeating Olympiakos 68-67 on Sunday, in a Basket League weekend marred by the abandonment of the Thessaloniki de...
Inside Sports
COMMENTARY
Stop moaning and get in the game
There are so many people who love spending their days talking about the crisis and proclaiming that they know exactly what needs to be done to solve the country’s problems. Some of them obvi...
EDITORIAL
Exorcising the ghosts
Developments last week held in store an uncomfortably realistic understanding of the risks engulfing the country. The massive sell-off in Greece’s stock and bond markets was a strong shock. ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. PAOK fans stop coach Markopoulos´s move to Olympiakos
2. At loggerheads over role of the IMF
3. Hong Kong telecom group buys out Greek start-up
4. Local tourism could see more arrivals, investments next year
5. Troika exerts pressure using return date
6. Wage dispute hurts gov’t unity before troika return
more news
Today
This Week
1. Greece must stick to reforms, says Schaeuble
2. Bakers encircle Thessaloniki's White Tower with giant 'koulouri'
3. Turkish vessel enters Cypriot Exclusive Economic Zone
4. European leaders pivot back to debt crisis after wake-up call
5. Hardouvelis does not see 'big surprises' in ECB stress tests
6. Stop moaning and get in the game
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Greece to contribute 1 mln towards Gaza reconstruction
3. Greece nearing bailout exit, says gov't spokesperson after IMF talks
4. Istanbul skyscraper casts shadow over Greece's banking ambitions
5. Coalition shooting itself in the foot
6. GPO poll gives SYRIZA clear lead over New Democracy
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.