Laiki Bank

Cyprus FinMin Says Bailout Too Tough

As Cyprus ratchets down its oversized banking sector to get a pending 10 billion euros ($13 billion) bailout from international lenders, the price it's paying, including confiscating up to 80 percent of uninsured bank deposits over 100,000 euros ($130,000)...

EU Wants Cyprus To Lift Capital Controls

Just ahead of the banks reopening on Cyprus on March 28 for the first time in two weeks while the government worked out a deal with international lenders that has led to the confiscation of as much as 80...

Bank of Cyprus CEO Gets The Axe

Cyprus' bank and economic crisis has led to the firing of Bank of Cyprus chief Yiannis Kypri who is being replaced by a special administrator to run the bank during its restructuring as part of a deal with international...

Anastasiades Says Cyprus Bank Probe Next

With fury in Cyprus that large account holders in the country's banks could face 80-100 percent losses and see their money confiscated by the government to meet demands of international lenders and trigger a 10 billion euros ($13 billion)...

Sarris Wanted Confiscation Tax On All Deposits

Instead of a tax of up to 80 percent on big banks accounts, Cyprus Finance Minister Michalis Sarris said that a confiscation tax should have been levied on all depositors in the country's banks, including those under 100,000 euros...

Greek Withdrawal Rush At Cypriot Branches

After being closed since March 15 during Cyprus' economic crisis amid fears depositors would rush to withdraw their money, 312 branches of Cypriot banks in Greece were back in operation on March 27 after being taken over by the...

The 112-Year History of Laiki Bank

Laiki Bank, whose healthy part merges into the Bank of Cyprus transferring a debt of 9.2 billion euros, has a history of 112 years. Nobody could imagine that this would be the end of a bank that was lucrative...

While Anastasiades Fiddled, Money Fled Cyprus

Delays and indecision by newly-elected Cypriot President Nicos Anastasiades' government allowed a huge outflow of cash from the island's banks even though they were closed and limits were placed on most withdrawals, the news agency Reuters reported. In banknotes at...

Cyprus Runs Up The White Flag To Bankers

On Feb. 25, conservative lawyer Nicos Anastasiades, promising Cypriots he would never allow foreign entities to steal money out of their bank accounts to pay for mistakes the banks made, was easily elected the island’s new President. On March 25...

Greece Backs "Painful" Cyprus Bailout Deal

Greece described a bailout deal between international lenders and Cyprus that will confiscate as much as 30-100 percent of bank accounts over 100,000 euros ($130,000) as "painful" but didn't object as it faces negotiations with the same lenders who...