Cyprus would seek EU bailout money 'if necessary -> bbc.co.uk/news/business-18318252
Cyprus would seek EU bailout money 'if necessary
Laiki Bank is Cyprus’ Anglo with 49% of it’s loan book written to Greece. But it’s even worse because Laiki is one of the top two retail banks in the country, not a second tier player like Anglo was here.
The deadline for the Cypriot bank bailout/recap is 30 June 2012. Cyprus would prefer that the bailout money comes from Russia rather than from the IMF/Europe.
Highly informative article in the FT on the situation in Cyprus …
Reuters: Cyprus bailout could come soon
reuters.com/article/2012/06/ … NT20120611
Ollie Rehn has also just said that a Cyprus bailout is now “extremely urgent”. Cypriot banks must be on the edge. Bailout 5 here we come.
A more in depth recounting of the Popular (Laiki) Bank debacle. It all sounds depressingly familiar.
Cypriots close to sealing €5bn loan from Moscow -> hat4uk.wordpress.com/2012/06/21/ … ther-cuba/
Fitch said bailout 2 (Russia gave bailout I) for Cyprus would be 4 billion, now it might be 10 billion …
FT: Cyprus Bailout May be as much as 10 Billion EUR
Thats the first estimate. If Cyprus is like all the other bailout countries, You can double this.
Troika Finds Cyprus economy worse than expected
xe.com/news/2012/08/06/28506 … s_RSS_Art1
International lenders assessing Cyprus’s bailout needs found the economy in a ‘worse state than expected’ and in need of painful adjustment in coming months, according to documents seen by Reuters.
Officials from the International Monetary Fund, the European Commission and the European Central Bank - known as the ‘troika’ - have visited the island twice since Cyprus asked for financial aid on June 25, the fifth euro zone member state to do so.
They told Cypriot lawmakers on July 27 that challenges to the island’s economy did not only stem from its banking sector, which is heavily exposed to Greece, but to fiscal imbalances which needed to be addressed.
Cyprus’s two main banks suffered heavy losses from a write-down of Greek sovereign debt earlier this year which was backed by all EU member states, including Cyprus.
FT: Cyprus Bailout May be as much as 10 Billion EUR
Thats the first estimate. If Cyprus is like all the other bailout countries, You can double this.
Good call. Estimates now well above 10 billion EUR.
Bloomberg: Cyprus May Need More Bailout Cash For Banks, Public Finances
bloomberg.com/news/2012-08-0 … ances.html
Cyprus may need more than the 10 billion euros ($12.4 billion) staffers have estimated for a financial lifeline after bigger shortfalls than anticipated were found on the government’s balance sheet, according to the minutes of a meeting of international and Cypriot officials.
A mission of officials from the European Commission, European Central Bank and the IMF, the so-called troika, met with Cypriot lawmakers on July 27 to present findings from their analysis of the country’s economy. On June 25, Cyprus became the fifth of the euro area’s 17 member states to seek external aid.
I wonder how much of this will Ireland be supplying …
Cyprus seeks €11.5 billion bailout
euobserver.com/economic/117762
Cyprus is reportedly seeking a €11.5 billion credit line from member states using the euro to help bailout its troubled banks and close its budget gaps.
The island-nation’s bank exposure to Greek debt restructuring already cost it some €4 billion earlier this year.
The exposure compelled Nicosia in June to request an EU-IMF bailout after its two largest banks, Bank of Cyprus and Cyprus Popular Bank, revealed massive fiscal holes due to Greek debt exposure.
Finance Minister Vassos Shiarly reportedly said on Thursday (4 October) the banks will need another €5 billion in new capital, reports Bloomberg. The troika of the European Commission, IMF and European Central Bank however put the figure closer to €10 billion.