Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/18/2013 (2 years ago)

Catholic Online (

Tiny nation affected by close proximity to Greece

The tiny nation of Cyprus is working on a last-minute proposal to soften the impact on smaller savers of a bank deposit levy. A parliamentary vote on the measure central to a bailout was postponed until this week, a government source said. Euro zone finance ministers want Cyprus savers to forfeit a portion of their deposits in return for a $13 billion bailout for the island, which has been financially stymied due to its close proximity to neighboring Greece.

The move to take a percentage of deposits, which could raise almost 6 billion euros, must be ratified by parliament, where no party has a majority. President Nicos Anastasiades has warned that Cyprus's two largest banks will collapse otherwise.

The move to take a percentage of deposits, which could raise almost 6 billion euros, must be ratified by parliament, where no party has a majority. President Nicos Anastasiades has warned that Cyprus's two largest banks will collapse otherwise.


By Catholic Online (NEWS CONSORTIUM)

Catholic Online (

3/18/2013 (2 years ago)

Published in Europe

Keywords: Cyprus, bailoout, Eurozone, Greece, President Nicos Anastasiades

LOS ANGELES, CA (Catholic Online) - The decision stunned Cypriots and caused a run on cash points, most of which were exhausted within hours. In addition, electronic transfers were halted.

The originally proposed levies on deposits are 9.9 percent for those exceeding 100,000 euros and 6.7 percent on anything below that.

The Cypriot government talked with lenders the possibility of changing the levy to 3.0 percent for deposits below 100,000 euros, and to 12.5 percent for above that sum.

An unidentified source told Reuters that the discussions had the "blessing" of a troika of lenders from the European Commission, the IMF and the European Central Bank.

In Brussels, a spokesman for Olli Rehn, the European commissioner in charge of economic affairs, said discussions were still under way in Cyprus.

"If the Cypriot leaders agree on a more progressive scale for the one-off levy, in view of making it fairer for smaller savers and provided this would have the same financial impact, the Commission would be ready to recommend that the Eurogroup endorse such an agreement," the spokesman said.

The move to take a percentage of deposits, which could raise almost 6 billion euros, must be ratified by parliament, where no party has a majority. President Nicos Anastasiades has warned that Cyprus's two largest banks will collapse otherwise.

The Cyprus Popular Bank, could have its emergency liquidity assistance funding from the European Central Bank cut by March 21.

A default in Cyprus could unravel investor confidence in the euro zone, undoing the improvements fostered by the European Central Bank's promise last year to do whatever it takes to shore up the currency bloc.

The levy was scheduled to come into force on Tuesday, after a bank holiday on Monday.

Making bank depositors' bear some of the costs of a bailout had been all but forbidden in Europe, but euro zone officials said it was the only way to salvage Cyprus's financial sector. European officials said it would assure that it will not set a precedent - and officials were quick to say Cyprus was a unique case.


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

Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2015
That human trafficking, the modern form of slavery, may be eradicated.
Evangelization: That with a missionary spirit the Christian communities of Asia may announce the Gospel to those who are still awaiting it.


More Europe

The unexpected thing one Syrian refugee did for Germany that will melt your heart Watch

Image of Syrian refugee Alex Assali fed the homeless outside Berlin's Alexanderplatz station in an effort to give back to the city that has helped him, and other refugees, so much (Imgur).


Amid fears of ISIS infiltration and Muslim takeovers, one Syrian refugee took a stand against prejudiced tensions and thanked the city of Berlin on behalf of all refugees. LOS ANGELES, CA (Catholic Online) - Each Saturday, Alex Assali cooks and distributes food to ... continue reading

Concentration camps and Nazi language: Berlin guards caught on tape speaking unbelievably cruel about refugees Watch

Image of Berlin guards at the office for refugees have reportedly been recorded using Nazi language and suggesting refugees be sent to concentration camps (Markus Heine/ NurPhoto).


Videos have been released showing Berlin guards around the office for refugees using "Nazi language" and suggesting the refugees be sent to concentration camps. LOS ANGELES, CA (Catholic Online) - Security guards working for private contractor Gegenbauer Security ... continue reading

SHOCK SHOW: Sacrilegious art exhibit in Spain uses 240 stolen consecrated hosts Watch

Image of Photos of the theft of the Hosts and their placement on the ground are shown in a public art gallery in Pamplona.

By Catholic News Agency

Critics of Pamplona's city council say it deliberately attacked Catholics and broke Spanish law by using city property to display a sacrilegious art exhibit with more than 240 stolen consecrated Hosts. Madrid, Spain (CNA) - The Spanish artist Abel Azcona stole ... continue reading

French Hostage Situation: Two armed suspects engage in shootout with French police Watch

Image of French police engaged in a shootout with two suspects armed with Kalashnikovs (Not pictured).


Two suspects armed with Kalashnikov rifles engaged in a shootout with French police in Toubaix, France. LOS ANGELES, CA (Catholic Online) - The suspects are believed to have taken a bank director and his family hostage, but very little is currently known.[media ... continue reading

Vatican corruption: Journalists stand trial Watch

Image of Gianluigi Nuzzi and Emiliano Fittipaldi must stand trial at the Vatican for publishing confidential documents (Reuters).


Following the publication of books claiming the Holy See was mismanaged and spoiled through corruption, five people went on trial at the Vatican on Tuesday. Two of the five on trial were Italian Journalists Gianluigi Nuzzi and Emiliano Fittipaldi, neither of whom ... continue reading

Undercover reporter reveals secret FEMALE ISIS organization in Britain Watch

Image of One veiled ISIS sympathizer was filmed during the undercover investigation (Channel 4).


In a new British documentary titled The British Women Supporters Unveiled, one young female reporter goes undercover to infiltrate a secret Muslim organization designed to garner sympathy for the Islamic State. LOS ANGELES, CA (Catholic Online) - The reporter, who uses ... continue reading

OUTRAGEOUS: Find out why The Lord's Prayer was BANNED from Just Pray movie theater ad Watch

Image of


An advertisement featuring the Lord's Prayer has been banned from movie theaters in England. According to the Church of England, the policy that prevents the prayer advertisement did not exist when they began production on the commercial. LOS ANGELES, CA (Catholic ... continue reading

Swiss farmer finds 4,000 extremely rare Roman coins in his orchard Watch

Image of The cache of coins is estimated to be more than 1,700 years old.


A Swiss farmer was tilling his orchard in Ueken, in the northern canton of Aargau, Switzerland, when he spotted something shiny on the ground. He had inadvertently stumbled across a treasure trove of Roman-era coins - 4,166 in all, some dating as back as 274 ... continue reading

Five people indicted by Vatican in 'Vati-leaks' scandal Watch

Image of Journalists Gianluigi Nuzzi and Emiliano Fittipaldi (pictured), had both recently published books, citing specific Vatican documents detailing waste, mismanagement, and greed.


A judge, rendering a decision in a scandal involving Vatican finances has indicted five people, which include two journalists and a Vatican monsignor. Information linking the Vatican to financial malfeasance, as well as related graft and corruption called ... continue reading

Massacre in France is a Piecemeal Third World War, and Jesus is the Path to Peace Watch

Image of With tenderness, Jesus looked out from the Mount of Olives and saw the Holy City of Jerusalem. How he loved - and still loves - that special City. Then, Jesus wept. The Word Incarnate, made a man like us in all things but sin, cried. He knew that the City of Jerusalem would soon be overtaken and destroyed by the armies of Titus. He wept the tears of Love - and revealed the compassion of His Sacred Heart

By Deacon Keith Fournier

Do we recognize the time of our own visitation? God is present in our world today. He wants to  speak, to lead, to serve, to heal and to save. He is not to blame for the mess we are in. We are!  Those who purport to be representing their "God"  as ... continue reading

All Europe News


Newsletter Sign Up icon

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

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • Prayer For Courage HD Video
  • Your Daily Inspirational Meme: Thanksgiving blessings
  • Daily Readings for Thursday, November 26, 2015
  • BIGGER THAN ISIS - There's a hidden power behind ISIS and it's so big ...
  • UPDATE: Did the U.S. military actually know they were bombing the ...
  • The Miracle Prayer HD Video
  • St. John Berchmans: Saint of the Day for Thursday, November 26, 2015

Daily Readings

Reading 1, Daniel 6:12-28
12 These men came along in a body and found Daniel praying and pleading ... Read More

Psalm, Daniel 3:68, 69, 70, 71, 72, 73, 74
68 Bless the Lord, dew and snow-storm, praise and glorify him for ... Read More

Gospel, Luke 21:20-28
20 'When you see Jerusalem surrounded by armies, then you must realise ... Read More

Saint of the Day

Saint of the Day for November 26th, 2015 Image

St. John Berchmans
November 26: Eldest son of a shoemaker, John was born at ... Read More