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    Cyprus Bailout

    The European Union and the IMF agreed to bail out Cyprus’ debt-laden economy and grant the island nation a loan worth 10 billion euros ($13 billion) in return for the government’s obligation to tax all deposits kept at Cypriot banks. The bailout plan has yet to be approved by Cyprus’ parliament.

    19:13 GMT 12 September 2013
    • Last update: 21:24 GMT 30.01.2014
      21:24 GMT 30.01.2014

      Bank of Cyprus to Unfreeze 900M Euros in Deposits – Report

      The board of directors of Bank of Cyprus voted Thursday to unfreeze 900 million euros in deposits, Prime business news agency reported.

      Cyprus Bailout
    • Last update: 23:28 GMT 28.06.2013
      23:28 GMT 28.06.2013

      S&P Downgrades Cyprus

      Standard & Poor’s Ratings Services has lowered its long- and short-term sovereign credit ratings on Cyprus to 'SD' (selective default) from 'CCC/C', the agency reported Friday.

      Cyprus Bailout
    • Last update: 14:39 GMT 19.06.2013
      14:39 GMT 19.06.2013

      Cyprus to Compensate Russian Depositors With Bank of Cyprus Equity

      Cyprus plans to give shares of the island nation’s largest bank, Bank of Cyprus, to Russian depositors as compensation for recent deposit “haircuts” imposed under a €10 billion ($13 billion) bailout agreement to pull the economy out of financial crisis, Cyprus’ president said Wednesday.

      Cyprus Bailout
    • Last update: 22:15 GMT 15.05.2013
      22:15 GMT 15.05.2013

      IMF Approves $1.3 Bln Cyprus Bailout

      The International Monetary Fund said on Wednesday it had approved a bailout of 1 billion euros (over $1.3 billion) for Cyprus, with the first installment of $110.7 million already allocated to the country’s government.

      Cyprus Bailout
    • Last update: 19:09 GMT 13.05.2013
      19:09 GMT 13.05.2013

      Cyprus Gets First Installment of Bailout

      Cyprus received the first installment of its multi-billion-dollar international bailout package on Monday with the delivery of 2 billion euros ($2.6 billion), the European Stability Mechanism (ESM) said on Monday.

      Cyprus Bailout
    • Last update: 13:20 GMT 11.05.2013
      13:20 GMT 11.05.2013

      Russia Hasn’t Agreed to Extend Loan to Cyprus - Storchak

      Russia’s Deputy Finance Minister Sergei Storchak said an announcement by a Cypriot minister that the reconstruction of the island nation’s 2.5 billion euro loan from Russia had been agreed was premature.

      Cyprus Bailout
    • Last update: 20:06 GMT 10.05.2013
      20:06 GMT 10.05.2013

      Cyprus Lifts Restrictions for VTB Subsidiary

      Cyprus Finance Ministry issued a decree on Friday lifting restrictions on financial operations for the Russian Commercial Bank, a subsidiary of state-run VTB, and OJSC Promsvyazbank, a Russian privately-owned bank.

      Cyprus Bailout
    • Last update: 13:57 GMT 19.04.2013
      13:57 GMT 19.04.2013

      EU Sanctions Saved Belarus from Cyprus Losses – Lukashenko

      Sanctions imposed by the European Union on Belarus over its human rights record saved Belarusian businessmen from taking a Cyprus deposit "haircut," President Alexander Lukashenko said on Friday.

      Cyprus Bailout
    • Last update: 19:45 GMT 17.04.2013
      19:45 GMT 17.04.2013

      ‘No Losses’ in Cyprus - Russia

      Russian state-controlled and private companies have not sustained any losses due to the financial crisis in Cyprus, Prime Minister Dmitry Medvedev said on Wednesday.

      Cyprus Bailout
    • Residents of Nicosia, Cyprus queue outside Cyprus Popular Bank in March 2013
      Last update: 05:14 GMT 11.04.2013
      05:14 GMT 11.04.2013

      S&P Revises Outlook on Cyprus to Stable

      Standard & Poor’s Ratings Services has revised the outlook on Cyprus to stable from negative, the ratings agency reported Wednesday.

      Cyprus Bailout
    • Last update: 11:28 GMT 08.04.2013
      11:28 GMT 08.04.2013

      Russia to Restructure Cyprus Loan – Putin

      Russia has decided to restructure its multibillion euro loan to Cyprus to help the island nation resolve its financial crisis, President Vladimir Putin said on Monday.

      Cyprus Bailout
    • Last update: 19:09 GMT 05.04.2013
      19:09 GMT 05.04.2013

      Cyprus Collapse Taught Russian Investors a Lesson – Putin

      Russian President Vladimir Putin said on Friday that the recent financial meltdown in Cyprus proved how "risky" and "insecure" investments in Western financial institutions can be.

      Cyprus Bailout
    • Last update: 15:01 GMT 03.04.2013
      15:01 GMT 03.04.2013

      Bank Boss Emptied Cyprus Account Days Before Bailout – FT

      The president of Gazprombank, the Russian energy giant’s banking arm, is among individuals who pulled their money from the troubled Laiki Bank just days before Cyprus agreed a “haircut deal” with international lenders, The Financial Times said on Wednesday, citing local media.

      Cyprus Bailout
    • Last update: 15:34 GMT 02.04.2013
      15:34 GMT 02.04.2013

      Cypriot Finance Minister Resigns After Controversial Bailout Deal

      Cypriot Finance Minister Michalis Sarris has tendered his resignation after concluding talks with the troika of international lenders on a controversial bailout deal to rescue the island nation from financial collapse, Cypriot TV channels reported on Tuesday.

      Cyprus Bailout
    • Last update: 19:18 GMT 01.04.2013
      19:18 GMT 01.04.2013

      Russia’s Support to Cyprus to Depend on VTB Situation

      The Russian government will closely watch the situation around the Russian Commercial Bank, a subsidiary of state-run VTB, when deciding on the forms of its support for Cyprus’s financial system, Prime Minister Dmitry Medvedev’s spokeswoman Natalya Timakova said Monday.

      Cyprus Bailout
    • Last update: 23:56 GMT 31.03.2013
      23:56 GMT 31.03.2013

      No State Help to Russians Affected by Cyprus Crisis - Shuvalov

      Russian authorities plan no support measures for citizens who might partially lose their funds deposited in crisis-stricken Cypriot banks, Russian First Deputy Prime Minister Igor Shuvalov said late on Sunday.

      Cyprus Bailout
    • Last update: 15:56 GMT 31.03.2013
      15:56 GMT 31.03.2013

      Archbishop of Cyprus Says His Country Should Quit EU

      Archbishop Chrysostomos II of Cyprus said his country should withdraw from the European Union as the EU will fall apart and cease to exist in the future.

      Cyprus Bailout
    • Last update: 17:59 GMT 27.03.2013
      17:59 GMT 27.03.2013

      Uncertain World: A Framework for a New Europe

      The financial crisis in Cyprus has made headlines in Russia for days. At first, the Russian media were surprised by Europe’s seemingly irrational and destructive approach to the relatively small Cypriot problem, but the surprise soon turned to anger at the fact that Europe had informed Russia about its decision post factum and neglected to consult it, even though it was aware of Russia’s interests in Cyprus.

      Cyprus Bailout
    • Last update: 14:11 GMT 26.03.2013
      14:11 GMT 26.03.2013

      Bank of Cyprus Head Resigns Over Bailout Deal

      Andreas Artemis, head of Bank of Cyprus, the country’s biggest lender, has submitted his resignation in the wake of a bailout deal that the Eurogroup reached with the Cypriot authorities to rescue the island nation from bankruptcy, western media reported on Tuesday.

      Cyprus Bailout
    • Last update: 13:33 GMT 26.03.2013
      13:33 GMT 26.03.2013

      Fitch Downgrades Laiki, Bank of Cyprus Ratings to ‘Default’ Level

      Fitch Ratings has downgraded the ratings of Cyprus’ two largest banks to default levels after the Eurogroup struck a bailout deal with the Cypriot authorities as a precondition for Cyprus to receive much-needed aid, the international rating agency said on Tuesday.

      Cyprus Bailout