Cyprus in Crisis
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An initial listing is targeted for early next year but the main plan is to get into good enough shape to gain a place in the coveted FTSE indices that will help lure in big-money investors. But there are positive signs. Also, customers are once again putting their money on deposit at the bank, which was the first to force its savers to contribute to the rescue of the ailing financial system.
Businesses in Russia were sold off and other international operations scaled down. Hourican, who was accustomed to controversy after being part of the team attempting to turn around RBS, did not escape it in Cyprus. He once found his car burnt out, which he told one interviewer was a sign of the anger local people felt living under the bailout. Yet the country finished its rescue programme in March: More phlegmatic than their cousins in mainland Greece, many Cypriots simply accepted the draconian terms of the deal, although there were protests.
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Most saw the structural changes — starting with cuts to civil service jobs and salaries — as not only long overdue but more palatable than budget-enhancing tax increases, the policy favoured by the government in Athens. Ongoing reunification talks have triggered hopes of an economic boom, with Greek and Turkish Cypriot leaders working to clinch a deal by the end of the year.
The economy grew by 1. The policy pursued to revive the bank has been similar to the way the economy has been streamlined.
Cyprus, crisis and the bank that came back from the brink
Where is this happening? It's an island and a member of the EU, but it's also a tax haven.
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Think the Cayman Islands but in the Mediterranean. Those lax taxes have made it a popular place for rich Russians — oligarchs, businesses, and a few shady characters — to put their cash. But seriously, it sounds like they've got plenty of cash.
Alphaville is completely free.
So, what went wrong? Well, the big Cypriot banks made a really bad investment.
The – Cypriot financial crisis was an economic crisis in the Republic of Cyprus that involved the exposure of Cypriot banks to overleveraged local. There was a period of political and violent conflict in Cyprus, also known as the Cyprus crisis and EOKA period, between the Greek Cypriots and Turkish.
They lent money to Greece. When the Greek economy took a dive, the Cypriot banks took a bigger gamble, buying up Greek government bonds in the hopes of a bailout. The banks owe more money than they have. In fact they owe more money than the country's GDP. Good thing they belong to the EU, right?
Those Germans are pretty rich. Sounds like somebody could use a bailout.
Cyprus asked for a bailout. But the Europeans were not exactly excited about bailing out another country, plus a bunch of billionaire Russian oligarchs and criminals. So, they told the Cypriots they had better come up with money on their own. The only place Cyprus could find large amounts of cash were in people's personal savings accounts. You've got to be kidding me!
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They're going to raid people's savings accounts, like Bonnie and Clyde? That was the plan. Tax everyone with a savings account between 6 and 10 percent and use that money to pay down the debt. If that were me, I'd just run to the bank and take out all my money before the government could get their hands on it. That's exactly what happened this week. Fearing the government was coming for their cash, Cypriots ran to the bank. The government declared a national holiday and closed the banks, so everyone ran to the ATM outside the bank.
There were restriction on how much cash could be withdrawn, but that didn't stop people from waiting in long lines to get what they could of their money.
Isn't the responsibility of governments to insure those investments, not take them? And that's exactly what has got people nervous around the world. That means they promise to make investors whole if the banks go under. They abrogated that promise. Banks are based on confidence, but it's going to be a while before anyone can confide in them again. The government is just going to take citizens' money?
There's a lot of talk this week about Cyprus, that tiny island in the Mediterranean that no one really thought about until a debt crisis there started to shake the world's financial markets. This section may lend undue weight to certain ideas, incidents, or controversies. The crisis reached a climax on June 12, when eight Greeks, out of an armed group of thirty five arrested by soldiers of the Royal Horse Guards on suspicion of preparing an attack on the Turkish quarter of Skylloura, were killed in a suspected attack by Turkish Cypriot locals, near the village of Geunyeli having being ordered to walk back to their village of Kondemnos. The killing of a Turkish Cypriot policeman on 19 January, when a power station was bombed, and the injury of three others, provoked three days of intercommunal violence in Nicosia. The Akritas plan , written in the height of the constitutional dispute by the Greek Cypriot interior minister Polycarpos Georkadjis , called for the removal of undesirable elements of the constitution so as to allow power-sharing to work. In the subsequent UN discussions, Turkey announced that it opposed a union of Cyprus with Greece and declared that if Britain withdrew from the island, control of Cyprus should revert to Turkey, as Turks made up a significant portion of the population of the island and had ruled the island for several hundred years prior to leasing the island to the British and the subsequent British annexing of the island in The Cypriot state, unable to raise liquidity from the markets to support its financial sector, requested a bailout from the European Union.
The Cypriot legislature on Tuesday refused to pass a law that would have allowed the government to take that initial sum of 6 to 10 percent of investors' savings. But citizens aren't out of the woods yet. The president is expected to go back to the Europeans with a new proposal to pay back international investors that will also satisfy the parliament. Well, at least I've got nothing to worry about. The Dow just hit an all time high.