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By Catholic Online (NEWS CONSORTIUM)

3/22/2013 (2 years ago)

Catholic Online (www.catholic.org)

Due to open next week, government considers new rules to prevent money in banks after 10-day closure

The island nation of Cyprus is making emergency efforts to restructure its second largest bank. It is also considering new rules to stop money from being taken out of accounts after the country's banks after they reopen next week after being closed for ten days.

In the Cyprus capital of Nicosia, Cypriots lined up for hours in the hope of withdrawing cash with lines frequently moving at a snail's pace because of the inability of cash machines to dispense more than €40 at a time.

In the Cyprus capital of Nicosia, Cypriots lined up for hours in the hope of withdrawing cash with lines frequently moving at a snail's pace because of the inability of cash machines to dispense more than €40 at a time.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

3/22/2013 (2 years ago)

Published in Europe

Keywords: Cyprus, run on banks, agreement, Nicosia, Russians


LOS ANGELES, CA (Catholic Online) - Eurozone finance ministers held an unscheduled conference call at which they agreed to discuss a "plan B" for Cyprus. The Cypriot government submitted a bill to its parliament that could allow its finance minister or central bank governor to impose capital controls in cases of "public order or security."

Central Bank Governor Panicos Demetriades set out measures to restructure the second-largest bank, Laiki, and protect savers with deposits up to €100,000.

"By establishing this legal framework, resolution measures will be imposed on Popular Bank (Laiki) so that it will be in a position to continue to offer banking services to its clients next Tuesday," when banks are due to reopen, Demetriades said.

Cyprus appears to wants to create an "investment solidarity fund" to raise fresh cash to help fund its €17 billion bailout, which is the same size of its economy. Cyprus is weighed down by a banking sector eight times the size of the economy, containing up to $19 billion of deposits from wealthy Russians.

The European Central Bank warned that it would halt all emergency funding to the country's collapsing banks unless a €17 billion bailout deal was agreed with Nicosia's eurozone creditors by Monday.

The threat of the ECB withdrawing support appeared to worsen the situation in Cyprus, where lines formed at ATMs in spite of government efforts to dispel what officials quickly described as "groundless rumor" about over what the rescue package would entail.

Laiki announced that it had scaled back withdrawals to €260 a day, from €800. Spokeswoman Aliki Sylianou was forced to deny widespread reports it had been closed. Cypriots were not convinced as witness to the huge lines forming outside local Laiki branches.

In the Cyprus capital of Nicosia, Cypriots lined up for hours in the hope of withdrawing cash with lines frequently moving at a snail's pace because of the inability of cash machines to dispense more than €40 at a time.

"I've had to use my card ten times to get €400," said one customer exclaimed, stuffing wads of bills into the pockets of her jeans before Laiki announced the €260 euro limit late on Thursday. "I'm entitled to withdraw €800 a day. It's disgusting that I'm unable to access my own money."

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