Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/19/2013 (2 years ago)

Catholic Online (www.catholic.org)

Changes to bailout plan to protect personal savings tabled

Cypriot government officials proposed changes to a volatile EU bailout plan in order to limit the impact on small savers. The fallout from the initial announcement this past weekend spurred angry protests outside the parliament building in Nicosia. Consumers on the tiny island nation of Cyprus rushed to banks and ATMs in an attempt to withdraw savings before the parliament ratified the measure.

Cyprus has shut its banks until at least Thursday and delayed a parliamentary vote on the package until Tuesday.

Cyprus has shut its banks until at least Thursday and delayed a parliamentary vote on the package until Tuesday.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

3/19/2013 (2 years ago)

Published in Europe

Keywords: Cyprus, compromise, eurozone, banks, decision


LOS ANGELES, CA (Catholic Online) - The amended bill would drop the tax on bank savings of fewer than 20,000 euros but retain the levy at 6.75 percent on deposits of 20,000-100,000 euros, and 9.9 percent for deposits of 100,000 euros or more. Tabled before the House finance committee, the compromise was to be voted on by parliament later in the day.

The draft bill on the deposits levy does not compensate for the lost revenue by raising it for those who have deposits of more than 100,000 euros, and as a result, Panicos Demetriades, the central bank governor of Cyprus, told a parliamentary committee that the country would fail to raise the required $7.52 billion to secure a bailout from the EU if it scrapped the tax for smaller savers. "We will take less than 5.8 billion euros," Demetriades said.

After a meeting between Cypriot and EU officials, the eurozone told Cyprus to change its original plan, according to a statement issued.

The one-time tax was announced as part of an agreement that would see Cyprus granted a $12.95 billion sovereign bailout to avoid defaulting on its debts.

The euro and European shares fell for a second day, with investors unsettled by the risk of failure for the bailout deal aimed at saving Cyprus from default and its banks from collapse.

U.S. markets are expected to get off to a weak start due to the turmoil in the eurozone.

Eurogroup President Jeroen Dijsselbloem of the Netherlands said in a written statement that finance ministers "continue to be of the view that small depositors should be treated differently from large depositors and reaffirms the importance of fully guaranteeing deposits below [$130,000]."

The Cyprus government maintains that the raid on savings was required alongside international loans to supplement the bailout, the fifth such bailout in the eurozone over the past three years.

Cyprus has shut its banks until at least Thursday and delayed a parliamentary vote on the package until Tuesday.

---


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


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2015
Universal:
That political responsibility may be lived at all levels as a high form of charity.
Evangelization: That, amid social inequalities, Latin American Christians may bear witness to love for the poor and contribute to a more fraternal society.



Comments


More Europe

Vatican withdraws support of 'questionable' anti-human trafficking initiative Watch

Image of It has been noticed in recent days that the Global Freedom Network's representative from the Holy See, Archbishop Marcelo Sanchez Sorondo, had left the group's executive board.

By CNA/EWTN News

Faithful to its commitment against human trafficking, the Holy See has left the board of an initiative it helped to found, as questions have been raised around both its effectiveness and its chair's possible use of the Pope to raise funds. Vatican City ... continue reading


Romans not enthusiastic over Pope Francis' declaration of a Jubilee Year in Rome Watch

Image of

By Talia Ramos (NEWS CONSORTIUM)

A Jubilee Year was officially declared by Pope Francis in Rome, as it expected for millions of pilgrims to gather around the city to observe the celebration. However, Romans are less enthusiastic and more worried, as Rome is in crisis following the discovery of ... continue reading


French locals not happy about King Salman of Saudi Arabia's three-week Riviera vacation Watch

Image of King Salman visits the Riviera Beach in France together with 1,000 of his entourage.

By Linky C. (NEWS CONSORTIUM)

The King of Saudi Arabia, King Salman was scheduled to arrive in France Friday for a holiday trip at the Riviera Beach. The King was expected to arrive together with 1,000 of his entourage. MUNTINLUPA CITY, PHILIPPINES (Catholic Online) - King Salman's visit was ... continue reading


Islamic State may use store-bought drones to launch terror attacks at British sporting events Watch

Image of ISIS could easily get its hands on cheap drones, with more than 127,000 being bought and sold on online auction site eBay in the last year alone.

By Catholic Online (NEWS CONSORTIUM)

Drones, unmanned aerial devices that can now be commercially purchased by civilians, may be used by Islamist State for terrorist attacks at British sporting events. The sick terror group would use the devices to drop explosives on to playing fields, and use the ... continue reading


New financial rules reveal Vatican had a billion euros off the books Watch

Image of The statements were prepared by the Prefecture for the Economic Affairs of the Holy See, the Vatican's budget management office.

By Catholic Online (NEWS CONSORTIUM)

The Holy See reports €1 billion in net assets never before reported, and in a consolidated form. This was part of the revelations that came under new reporting procedures more in line with international accounting standards. LOS ANGELES, CA (Catholic Online) - ... continue reading


Romans lose hope for city, fear mayor is too weak to conquer political scandals Watch

Image of

By Hannah Marfil (NEWS CONSORTIUM)

Arrests of powerful political figures in Rome continuously add up. After discoveries of corruption and mafia linkages, Romans feel more burdened over their falling apart home. Although the current mayor proved to be free from any criminal accusations linked to ... continue reading


Horrific female genital mutilation becomes shocking factor in many areas of England Watch

Image of Despite there being a lot of cases against FGM in England, there have been no prosecutions.

By Nikky Andres (NEWS CONSORTIUM)

Due to mass immigration, female genital mutilation (FGM) has made its way to the United Kingdom. Female genital mutilation is the practice of cutting off a girl's clitoris and labia before stitching up the vulva. According to recent reports, this damaging practice is ... continue reading


Quran manuscript, at 1,500 years old, may be the oldest one discovered to date Watch

Image of The leaves of parchment date back to A.D. 568 and A.D. 645.

By Catholic Online (NEWS CONSORTIUM)

After initiating radiocarbon dating, measuring the age of the parchments organic materials, researchers are confident they have found the oldest surviving copies of the Quran. University of Birmingham scholars in the United Kingdom say the parchment was produced within ... continue reading


Prince George turns two! Take a look at some of our favorite moments from the royal toddler's life Watch

Image of Prince George in December 2014.

By Hannah Marfil (NEWS CONSORTIUM)

Prince George, the firstborn of the Duke and Duchess of Cambridge, turned two recently and reportedly celebrated with a private tea party at his home in Norfolk. The young, cheeky prince has been in the media spotlight ever since the announcement of Kate's pregnancy. ... continue reading


Shocking footage of horrifying MH17 airplane crash captures HUMAN BODIES falling from the sky (VIDEO) Watch

Image of

By Atarah Haely (NEWS CONSORTIUM)

An amateur video, shot with a mobile phone, was released over the Internet revealing horrifying and disturbing moments from the MH17 crash in a Ukrainian field. The video was shot by a traumatized couple who witnessed the victims fall from the sky. The shakey footage ... 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, Leviticus 23:1, 4-11, 15-16, 27, 34-37
1 Yahweh spoke to Moses and said:4 "These ... Read More

Psalm, Psalms 81:3-4, 5-6, 10-11
3 blow the trumpet for the new month, for the full ... Read More

Gospel, Matthew 13:54-58
54 and, coming to his home town, he taught the people ... Read More

Saint of the Day

Saint of the Day for July 31st, 2015 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