Cyprus in Crisis

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More phlegmatic than their cousins in mainland Greece, many Cypriots simply accepted the draconian terms of the deal, although there were protests. Most saw the structural changes — starting with cuts to civil service jobs and salaries — as not only long overdue but more palatable than budget-enhancing tax increases, the policy favoured by the government in Athens. Ongoing reunification talks have triggered hopes of an economic boom, with Greek and Turkish Cypriot leaders working to clinch a deal by the end of the year. The economy grew by 1. The policy pursued to revive the bank has been similar to the way the economy has been streamlined.

The bank has also secured fresh funds. Ross is now deputy chairman while Josef Ackermann — who ran Deutsche Bank until four years ago — is chairman. The immediate next steps will require repaying the rest of the emergency funding and setting up the holding company in Ireland that is needed to help Bank of Cyprus meet the criteria to eventually join the FTSE.

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A London listing will subject the bank — and its management — to tougher scrutiny. Topics Banking The Observer. Order by newest oldest recommendations. Show 25 25 50 All. As for debt mutualisation, after imposing losses on local depositors, the price of support from the rest of Europe is arguably costlier now than it ever has been. In strategic terms the EU hurt not only Cyprus and itself, but also the interests of the US and other allies in the West.

Europe pushed Cyprus directly into the arms of the Russian government. Not only did this hurt the prospects for its own deal, but it gave leverage to Moscow in the process. More important still, however, by forcing Anastasiades between the rock of a forced bank levy and the hard place of seeking assistance from Moscow, the EU seriously undermined him domestically precisely when the West was about to reap the benefits at long last of a fairly pro-Western Cypriot president, crucially necessary to overcome sour relations with Turkey that continue to undermine NATO relations, EU relations, NATO-EU relations , and US relations with both.

Crisis In Cyprus (1964)

To top it all off, a peace deal along the lines of the Annan Plan for a final resolution of the year-old Cypriot divide — the prospects for which had improved with the election of Anastasiades — has seen its prospects diminished. This is basically the officials of the banks and the political leaders going to the mass of people and saying to them, "This awful deal that makes you, who have nothing to do with the crisis and didn't get any bailout, pay the costs of the crisis and the bailout.

The Cyprus Crisis Explained (Like You're an Idiot)

You must do this, because if you don't, we will do even more damage to you and your economy. So give us your deposits, give us your money, pay more taxes, suffer fewer social programs, because if you don't, we will impose even worse on you. And I think it's the confrontation of a system that does not work with the mass of the people, saying, "We will go down and take you with us, unless you bail us out.

Cyprus has seen a number of reactions and responses towards the austerity measures of the bailout plan. Leaflets with alternative proposals for the economy were distributed in the protest, with proposals including the nationalization of banking, the reduction of the army and the freezing of the army budget, and the increase of the corporate tax. In the protest NEDA gave out leaflets, which expressed the view that "the EU is trying to burden the workers with the debts from the collapse of the bankers" and that "if this happens, the Cypriot economy and the future of the new generations will then be mortgaged to local and foreign profiteers and usurious bankers".

Contract teachers protested outside the House of Representatives on 29 November against austerity measures that would leave of them without a job next year.

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The teachers stormed the building and bypassed the policemen, entering the parliament. The teachers shouted against the banks and poverty. The storming of the parliament led to the interruption of the discussions of the parliamentary committee of customs. The protesters were asked to leave so that the committee could continue its work, and the protesters left half an hour later.

Cyprus Crisis Explained (Like You're an Idiot) - ABC News

A number of protests took place on 12 December. Members of large families protested outside the House of Representatives against cuts in the benefits given by the state to support large families. Protesters threw eggs and stones at the main entrance of the parliament, and a number of protesters tried to enter the building, but were blocked by the police force that arrived to handle the protest.

It was reported that a woman fainted during the incidents. The protesters shouted for the MPs to come out but no response was given.

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Non-resident investors who held deposits prior to 15 March when the plan to impose losses on savers was first formulated, and who lost at least three million euros would be eligible to apply for Cypriot citizenship. Cyprus's existing "citizenship by investment" program would be revised to reduce the amount of investment required to be eligible for the program to three million euros from the previous ten million euros.

Other measures were also under consideration, he said, including offering tax incentives for existing or new companies doing business in Cyprus. Frozen deposits in Cyprus banks attracted interest from specialized distressed assets investors and brokers.

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A team of 16 Cypriot economists, organized by the citizens group Eleutheria "Freedom" , [45] attributed the crisis to sliding competitiveness, increasing public and private debt, exacerbated by the banking crisis. From Wikipedia, the free encyclopedia. Economic Adjustment Programme for Cyprus. The New York Times no. Retrieved 2 April Archived from the original on Retrieved 25 March Petersburg Bank "Russia" in the crisis in Cyprus, a billion dollars: According to independent experts, a third of the organization's money was frozen in the Cyprus accounts.

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Retrieved May 12, Archived from the original on 25 February Listener Sponsored Free Speech Radio". Archived from the original on 31 December Retrieved 14 April Retrieved 18 April