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 Post subject: Cyprus would seek EU bailout money 'if necessary
PostPosted: Sun Jun 03, 2012 8:43 pm 
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Cyprus would seek EU bailout money 'if necessary -> http://www.bbc.co.uk/news/business-18318252

Quote:
'Chaotic situation'

The Cypriot financial system has an exposure to Greece estimated at 23bn euros, compared with the size of the Cypriot economy of around 17.3bn euros.

Mr Christofias said officials are looking at contingency planning to "deal with a chaotic situation" if Greece leaves the eurozone.

"It is something I hope will never happen," he said.

Last year Cyprus, who credit status has been downgraded to junk by two of the three main ratings agencies, borrowed 2.5bn euros from Russia.

there is more


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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Mon Jun 04, 2012 9:52 am 
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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.

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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Mon Jun 04, 2012 8:18 pm 
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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 ...

http://www.ft.com/intl/cms/s/0/48b1de4a ... z1wkBomcg0

Quote:
Stelios Platis, a prominent Cypriot economist, is very clear about his country’s place in the crisis that is spiralling outwards from Greece. “We are next in line,” he says.

As the country scrambles to find billions of euros to secure its banking system and underpin its economy, Cypriots express a similar sense of foreboding.


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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Sun Jun 10, 2012 4:35 pm 
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AP: Cyprus Popular Bank: Cyprus Will seek 'EU' Bailout

http://www.businessweek.com/ap/2012-06/D9V90AM80.htm

Quote:
Cyprus will have to seek bailout funds from the European Union in order to recapitalize a banking sector pummeled by exposure to Greek debt, and it must prepare itself by taking tough steps to shore up its finances, the chairman of the country's second-largest lender said Friday.

The comments by Cyprus Popular Bank's Michalis Sarris further bolster a growing sense that the island will be the next in line to ask for help from the European Financial Stability Facility. Other top Cypriot officials also have recently left open the door to a bailout.


Quote:
Taking firm action now -- including even jacking up the relatively low sales tax of 17 percent -- would help safeguard the country's low 10 percent corporate tax that underpins its large service sector, Sarris said.


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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Mon Jun 11, 2012 2:36 pm 
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Quote:
ATHENS—Cyprus Finance Minister Vasos Shiarly said Monday that the country's need for an international bailout stemming from a looming bank recapitalization plan was "exceptionally urgent" and would need to be resolved within a matter of days.
http://online.wsj.com/article/SB1000142 ... lenews_wsj

As fungus says above, they have a 10% Corpo Tax in Cyprus as well. (For now.)


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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Mon Jun 11, 2012 6:22 pm 
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Reuters: Cyprus bailout could come soon

http://www.reuters.com/article/2012/06/ ... NT20120611

Quote:
Euro zone member Cyprus strongly hinted on Monday it may have to apply for an international bailout before the end of this month, both for its banks and its general coffers.

"The issue is urgent. We know the recapitalization of the (island's) banks must be completed by June 30, and there are a few days left," Finance Minister Vassos Shiarly told journalists.

Cyprus is under growing pressure to apply for aid to salvage its second-largest lender Cyprus Popular Bank CPBC.CY, bowed by its exposure to debt-crippled Greece, ahead of a regulatory deadline of June 30.


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.


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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Mon Jun 11, 2012 9:05 pm 
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FT: Cyprus May Look for bailout for Sovereign and Banks.

http://www.google.ie/url?sa=t&rct=j&q=& ... ogAMgi-OmA

Quote:
Vassos Shiarly, finance minister, said the cash-strapped country’s predicament was exceptionally urgent because of bank capitalisation rules due to come into effect on June 30. But he also suggested Nicosia could seek aid for more than just the banking sector. Cyprus has been shut out of international capital markets for about a year.


Quote:
“There are only a few days left," Mr Shiarly said,


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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Wed Jun 13, 2012 6:17 pm 
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Europe Bailout #5 Is In The Books
www.zerohedge.com/news/europe-bailout-5-books

Quote:
After Greece, Ireland, Portugal, and Spain, we just got domino #5. They are falling real fast now:

CYPRUS LIKELY TO HAVE TO SUPPORT ONE OF ITS BANKS, SHIARLY SAYS
CYPRUS GOVERNMENT IN CLOSE CONTACT WITH EU ON BANKS: SHIARLY
CYPRUS'S BANKING SYSTEM AT CRITICAL TURN, SHIARLY SAYS
CYPRUS PREFERS PRIVATE SOLUTION TO EU BAILOUT FOR BANKS:SHIARLY
And now just the fulcrum domino is left. The boot-shaped one.

Cyprus bond yields are now back at record highs...



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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Wed Jun 13, 2012 10:18 pm 
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minutes away round five !

Surely the Greeks are a side show now - Italy/Spain are the real issue.


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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Sat Jun 16, 2012 12:56 pm 
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A more in depth recounting of the Popular (Laiki) Bank debacle. It all sounds depressingly familiar.

Quote:
it was clear there was a "lack of substantial regulatory control on the banking system". Loans were often issued based on "a network of personal relationships," starving those in the real economy - small and medium businesses and farmers - of access to finance. "This is the evolution of a system that was functioning according to its connections with the political and the economic power, and in the end reached a point of even being above it."

http://www.reuters.com/article/2012/06/ ... M920120613

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