Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/21/2013 (2 years ago)

Catholic Online (

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.


By Catholic Online (NEWS CONSORTIUM)

Catholic Online (

3/21/2013 (2 years 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'

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

  • MIRACLES DO HAPPEN: Days-old baby girl buried alive pulled to safety ...
  • Daily Readings for Monday, November 30, 2015
  • The Miracle Prayer HD Video
  • CRYBABY KILLER: Islamist State fighter breaks down in tears after ...
  • Prayer For Courage HD Video
  • GRAPHIC IMAGES: Islamic extremist shown being BLOWN UP while making ...
  • St. Andrew: Saint of the Day for Monday, November 30, 2015

Daily Readings

Reading 1, Jeremiah 33:14-16
14 "Look, the days are coming, Yahweh declares, when I shall fulfil the ... Read More

Psalm, Psalms 25:4-5, 8-9, 10, 14
4 DIRECT me in your ways, Yahweh, and teach me your paths.5 ... Read More

Gospel, Luke 21:25-28, 34-36
25 'There will be signs in the sun and moon and stars; on earth nations ... Read More

Reading 2, First Thessalonians 3:12--4:2
12 May the Lord increase and enrich your love for each other and for all, ... Read More

Saint of the Day

Saint of the Day for November 29th, 2015 Image

St. Saturninus
November 29: St. Saturninus Bishop of Toulouse and Martyr ... Read More