Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/21/2013 (1 year ago)

Catholic Online (www.catholic.org)

Island nation has until Monday for revised plan or face collapse, exit from Euro

There is little time left - the tiny island nation of Cyprus has until this coming Monday to agree to a revised version of the proposed economic plan. If they fail to do so, financial collapse is certain, and it may prompt the nation to leave the euro altogether.

Cyprus has been crippled by the losses that its oversized banking sector sustained on investments in Greece and a deep recession.

Cyprus has been crippled by the losses that its oversized banking sector sustained on investments in Greece and a deep recession.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

3/21/2013 (1 year ago)

Published in Europe

Keywords: Cyprus, compromise, eurozone, banks, decision


LOS ANGELES, CA (Catholic Online) - Cyprus' banks are being kept afloat by emergency funding from the European Central Bank. This will come to an end next week without an agreement. 

Officials have been scrambling to find ways to raise 5.8 billion since the country's parliament threw out an unprecedented plan to tax bank deposits on Tuesday. Without the money, Cyprus can't access a 10 billion rescue package offered by the EU.

Leaders of Cyprus' political parties have agreed this week to create an "investment solidarity fund," which would issue bonds backed by state and church assets.

The plan was due to be discussed by both the government and parliament this evening, but few details were available and it was not clear how much the fund would be worth.

Banks in Cyprus have been shut all week, and are not due to reopen until Tuesday next week in order to prevent customers from raiding their savings accounts. Cypriots have been lining up to empty ATMS since the proposed bank account levy was announced this past weekend.

The European Central Bank said it would continue to provide liquidity until Monday but would only consider funding beyond then if Cyprus can resolve its differences with eurozone partners and the International Monetary Fund over how to fund a rescue.

"Thereafter, Emergency Liquidity Assistance could only be considered if an EU/IMF program is in place that would ensure the solvency of the concerned banks," the ECB said in a statement.

Cyprus has been crippled by the losses that its oversized banking sector sustained on investments in Greece and a deep recession.

Eurozone policymakers want it to fund 5.8 billion as part of any rescue to ensure the country's debt doesn't soar to levels that are not sustainable. The total funding required to recapitalize the banks and meet government commitments is almost equal to annual gross domestic product.

The proposed tax on all bank accounts, including deposits covered by the national guarantee scheme have outraged Cypriots and has prompted widespread criticism for undermining the principle that ordinary savers should not pay for bank failures.

"I still think it is probably inevitable there will be some kind of levy in the final package which we will agree upon," Dutch finance minister Jeroen Dijsselbloem said, who chairs Eurogroup meetings of eurozone finance ministers.

"And I hope, as many members in the Eurogroup hope, that it will be a fair package in the way it addresses the burden sharing in a fair way," he said in a speech to the European Parliament.

---


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


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

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 Señora 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


Putin vs. the World: One plane crash may spell the end for Russian president's ambitious plan of conquest Watch

Image of Russian backed separatists stand around wreckage from the downed Malaysian Airlines plane.

By Catholic Online (NEWS CONSORTIUM)

World opinion continues to oppose Russian President Vladimir Putin, with the destruction of Malaysian Airlines Flight 17 over Ukraine being the most notable and recent example of Russian interference in Ukraine. LOS ANGELES, CA (Catholic Online) - Time and evidence ... continue reading


Prophetic Pope Does It Again: Words to an Economic Conference Make Waves Watch

Image of Pope Francis is absolutely correct. It is not

By Deacon Keith A Fournier

On July 12, 2014, this prophetic Pope made waves again. He addressed participants in an international conference entitled - The Global Common Good: Towards A More Inclusive Economy. The conference was convened in Rome and sponsored by the Pontifical Council for ... 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 13:1-11
1 Yahweh said this to me, 'Go and buy a linen ... Read More

Psalm, Deuteronomy 32:18-19, 20, 21
18 (You forget the Rock who fathered you, the God who ... Read More

Gospel, Matthew 13:31-35
31 He put another parable before them, 'The kingdom ... Read More

Saint of the Day

Saint of the Day for July 28th, 2014 Image

St. Innocent I
July 28: Innocent was born at Albano, Italy. He became Pope, succeeding ... 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