Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/18/2013 (1 year ago)

Catholic Online (www.catholic.org)

Cypriots with cash in bank lose between 6.75 and 9.9 percent of savings under levy

Shares and the bonds of struggling euro zone governments were sent tumbling under the terms of a financial bailout in Cyprus. The surprise decision by euro zone leaders to tax bank deposits sent shockwaves throughout the European and international markets.

Fearful that a large percentage of their savings will be wiped out with a bail-out plan, Cypriots rushed ATMs to withdraw funds.

Fearful that a large percentage of their savings will be wiped out with a bail-out plan, Cypriots rushed ATMs to withdraw funds.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

3/18/2013 (1 year ago)

Published in Europe

Keywords: Cyprus, savings, bailout, euro zone


LOS ANGELES, CA (Catholic Online) - The bloc struck a deal this past weekend to hand Cyprus rescue loans worth $13 billion in U.S. dollars. The decision defied numerous warnings, including those from the European Central Bank and imposed a levy against those with savings in the bank. Those who put a little away in Cyprus now stand to lose between 6.75 and 9.9 percent of their money.

The parliament here put off a vote on the measure until later this week. There is widespread public anger in Cyprus and the government has assured the citizenry it was already looking to ease the pain for small savers.

Cyprus would be unable to avoid a default barring the bailout, undermining the promise that Greece's debt write-down last year was a one-off. The unprecedented move to hit depositors adds a shocking new dimension to the euro zone crisis.

The economic reaction came as no surprise. Shares tumbled lower; the euro fell to a new three-month low, while safe-haven assets such as gold and German government bonds jumped. The cost of insuring the debt of even high-quality European banks against default rose sharply with analysts citing fears the decision could spark contagion across peripheral regions with the potential for widespread outflows of deposits.

"If I were a saver, certainly in Spain or maybe Italy, I think I'd be looking askance at these measures and think this could yet happen to me," global financial economist at Commerzbank Peter Dixon said.

Some credit default swaps in Spanish, Italian and Portuguese banks widened more sharply with the five-year CDS for Spain's Santander 30 basis points higher, while for Italy's UniCredit it was 23.5 basis points wider.

Markets were drawing support from a view that the safety measures put in place at the European Central Bank should contain the fallout.

"Clearly this is a negative development for European assets but in the terms of contagion we think it is quite limited," Guillermo Felices, head euro asset allocation at Barclays in London said.

"There are tools - such as the ECB's OMT (bond buying program) and the option of more 3-year LTROs (ECB loans to banks) that can provide liquidity if needed - that the market will feel comfortable about when assessing the longer-term implications."

Three of the world's biggest central banks are also expected to signal their fresh commitment to loose monetary policies this week.

---


Pope Francis: end world hunger through 'Prayer and Action'


ę 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2014
Sports:
That sports may always be occasions of human fraternity and growth.
Lay Missionaries: That the Holy Spirit may support the work of the laity who proclaim the Gospel in the poorest countries.



Comments


More Europe

Spiritual Ecumenism: Pope Francis Visits Evangelical/Pentecostal Church in Caserta Italy Watch

Image of Pope Francis took a trip to Caserta, Italy on Monday, June 28, 2014. He visited with a friend named Giovanni Traettino who pastors an evangelical, charismatic/Pentecostal protestant Church.

By Deacon Keith A Fournier

Pope Francis took a trip to Caserta, Italy on Monday, June 28, 2014. He visited with a friend named Giovanni Traettino who pastors an evangelical, charismatic/Pentecostal protestant Church. This friend of Francis oversees the growing evangelical Church of the ... continue reading


He Went to Find Brothers: Message of Pope Francis to Evangelical/Pentecostal Brother John and the Church at Caserta Watch

Image of The welcome given to the Pope by the members of this evangelical/pentecostal protestant community of Christians was beautiful, respectful and loving. The way in which the entire encounter proceeded is a sign of where we are being challenged to live our own Christian lives. The message of Pope Francis at Caserta is clear and convincing. He went to find brothers, and sisters. So should we!  Authentic ecumenical efforts are a part of being a Catholic Christian.

By Deacon Keith A Fournier

The Pope addressed several hundred members of the Church of the Reconciliation who had gathered for this historic visit. He and his friend, a protestant pentecostal/evangelical pastor named John, stood together under an overhang which bore the words "Jesus is ... continue reading


Spanish priest packs them into church - by dancing the flamenco Watch

Image of Father Pepe danced in front of the late Pope John Paul II at the Vatican in 1997. He says w he will retire this coming September.

By Catholic Online (NEWS CONSORTIUM)

Jose Planas Moreno, known as "Father Pepe," has revived interest in his church in Malaga, Spain. The priest has brought parishioners flocking back to the Nuestra Se├▒ora Del Carmen church in Campanilla, a district of Malaga, with his unusual style of worship. ... continue reading


LUNCH SURPRISE: Pope Francis eats with Vatican employees in surprise visit Watch

Image of The Pope spent about an hour dining at a table with around 10 other people.

By Catholic Online (NEWS CONSORTIUM)

A "lunch surprise" usually means an item that's not on the menu offered at a lower price. At the Vatican, employees got quite a "lunch surprise" on Friday when their "boss" and bishop, Pope Francis, turned up at their cafeteria. LOS ANGELES, CA (Catholic Online) ... continue reading


Stop! I am asking you with all my heart. Stop! - Pope Urges End to Wars in Ukraine, Iraq and Gaza

Image of Brothers and sisters: never war.My thoughts go especially to the children, from whom we take away the hope for a decent life: dead children, injured children, maimed children, orphaned children, children who have war relics for toys, children who do not know how to smile.- Pope Francis

By Asia News

He mentions children, victims of war, "from whom we take away the hope for a decent life," urging the parties to address "every diatribe with the tenacity of dialogue and negotiation and the power of reconciliation". As tomorrow marks 100 years since the outbreak ... continue reading


Meriam Ibraham is Free! The Living God Has Heard the Cry of His People! Jesus Christ is Lord! Watch

Image of Meriam receives the blessing and the gratitude of the successor of Peter, Francis.- What should be front and center in every Christian news report on this remarkable story is that God intervened on behalf of Meriam and her family. The God whom we profess is real and His power is greater than any regime or any form of opposition. Yes, He used men and women, and even government leaders, to accomplish His deliverance. He often does. But it was His Love and Mercy which broke the shackles of evil. He deserves all the praise.

By Deacon Keith A Fournier

The photo of Pope Francis blessing Meriam Ibrahim and her little daughter Maya in the Casa Santa Marta on Thursday, July 24, 2014, reciving a blessing from a smiling Pope Francis, made millions of hearts leap for joy. The God of love answers the prayers of His ... continue reading


'A negative act necessarily must be condemned:' Vatican revising law on abuse penalties Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

In regards to canonical law regarding acts of sexual misconduct, according to law ended up being too vague, Bishop Juan Ignacio Arrieta says, church sanctions were being applied so haphazardly that the church appeared to be divided. In response, the Vatican is ... continue reading


VILE: Somali girl smuggled into United Kingdom for organ harvesting Watch

Image of In perhaps the most horrific recent case, law enforcement learned that a Somali girl had been brought to England for the express purpose of harvesting her organs for transplant.

By Catholic Online (NEWS CONSORTIUM)

There has been a noticeable uptick of cases of human trafficking in the United Kingdom. In perhaps the most horrific recent case, law enforcement learned that a Somali girl had been brought to England for the express purpose of harvesting her organs for ... continue reading


HORRIFIC ABUSE: 18-year-old girl coerced into group sex while being recorded on cell phone Watch

Image of The incident is being called an example of

By Catholic Online (NEWS CONSORTIUM)

An 18-year-old girl performed explicit sex acts on 24 men on a dance floor with the promise of a holiday - which never arrived. Presented with a mixed drink for her acts of indecency, the sordid episode was recorded on a cell phone camera - for the world to ... continue reading


Female genital mutilation threatens young females in England, Wales Watch

Image of The Department of Health has ordered hospitals to report signs of genital mutilation. The first statistics aren't due until September.

By Catholic Online (NEWS CONSORTIUM)

Far away from Africa and parts of Asia, girls and young women are still at risk for female genital mutilation, or FGM within the United Kingdom. The barbaric practice, FGM, is still carried out among various immigrant females in both Great Britain and Wales. ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Jeremiah 18:1-6
1 The word that came to Jeremiah from Yahweh as ... Read More

Psalm, Psalms 146:1-2, 2-4, 5-6
1 Alleluia! Praise Yahweh, my soul!2 I ... Read More

Gospel, Matthew 13:47-53
47 'Again, the kingdom of Heaven is like a dragnet ... Read More

Saint of the Day

Saint of the Day for July 31st, 2014 Image

St. Ignatius Loyola
July 31: St. Ignatius was born in the family castle in Guip˙zcoa, Spain, ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter