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Cyprus crisis

ECB Says Will Offer Liquidity to Cyprus Despite Deposit Tax Rejection

The European Central Bank (ECB) said on Tuesday it remains committed to providing liquidity within certain limits despite Cypriot lawmakers overwhelmingly rejecting a levy on savers - a key term of the €10 billion proposed bailout. "The ECB takes note of the...

Cyprus Rejects Bank Deposit Tax for EU Bailout, Plan B Coming

The Cypriot Parliament late on March 19, by a vote of 36-0 with 19 abstentions, overwhelmingly rejected a proposal put forth by international lenders and backed by President Nicos Anastasiades to confiscate up to 9.9 percent of bank deposits...

Finance Minister of Cyprus Resigns Over Financial Crisis

Michalis Sarris, the Cypriot Finance Minister, has resigned on Tuesday. Only three weeks into the job and taking the blame for failing to stand up to Eurozone demands to force the confiscation of up to 9.9 percent of Cypriot bank...

Russians Say Cyprus Restructuring Offer Initiated, but Not On Table

The Russian news agency ITAR-TASS says that there is not a restructuring offer for Cyprus on the table, however an offer has been "initiated." Russia's Gazprom has not offered the Republic of Cyprus financial assistance in restructuring the country's banks...

Gazprom Offers Cyprus Restructuring Deal to Avoid EU Bailout

Russian energy giant Gazprom has offered the Republic of Cyprus a plan in which the company will undertake the restructuring of the country's banks in exchange for exploration rights for natural gas in Cyprus'’ exclusive economic zone, local media...

Cyprus Expects Troika Bailout Talks Next Week

Eurozone member Cyprus said Wednesday the troika of international lenders was expected on the island next week to discuss the terms of a bailout to save Greece-exposed banks and the economy. Finance Minister Vassos Shiarly said intensive discussions could begin...

Cyprus May Seek Financial Aid from EU

Cyprus could become the fourth country to seek financial help from its European neighbors as early as this month. The island nation is likely to need a bailout to recapitalize its banks, which have been rocked by neighboring Greece’s crisis,...