topics
tools
Expatica countries
Index Last Var.(%)
BEL 20 3083.51 0.32
DAX 9605.08 0.17
IBEX 30 10058.5 -1.04
CAC 40 4387.61 -0.20
FTSE 100 6806.86 -0.05
AEX 397.5 -0.20
DJIA 16272.65 0.46
Nasdaq 4318.933 0.63
FTSE MIB 20298.33 -0.11
TSX Composite 14214.35 0.18
ASX 5415.4 -0.10
Hang seng 22836.96 0.04
Straits Times 3110.78 0.45
ISEQ 20 836.3 0.23
EUR / USD 1.37976 0.67
EUR / GBP 0.82571 0.59
USD / GBP 0.598544 -0.10
Gold 1329.6 -0.13
Oil 108.9 -0.76
Silver 21.28 0.08
You are here: Home News German News Troika studies fallout of Cyprus bankruptcy: report
Enlarge font Decrease font Text size


16/02/2013Troika studies fallout of Cyprus bankruptcy: report

Experts from the European Union, European Central Bank and International Monetary Fund are studying the consequences if Cyprus does not receive a bailout, a German newspaper reported on Saturday.

"Experts from the troika are calculating, especially under pressure from Berlin, the financial consequences of a Cyprus bankruptcy," Bild, the most widely read daily in Europe, said without citing a source.

Greece would be the country most affected by the failure of the main Cypriot banks which have a network of branches on the island where around 10 percent of Greek savings are stocked.

"The banks of the other eurozone countries would, on the other hand, be hardly affected," Bild said.

Cyprus asked for European aid in June, after its two main banks, which were exposed to the crisis in Greece, appealed for government help.

On Monday, eurozone finance ministers meeting in Brussels postponed the decision on aid until after Cyprus' presidential election, whose first round begins on Sunday.

Cyprus' total needs are estimated at more than 17 billion euros ($23 million).

At the troika's request, the east Mediterranean island adopted a series of austerity measures to reduce its expenses representing 7.25 percent of gross domestic product over four years.

Nevertheless, according to a report in Saturday's Frankfurter Allgemeine Zeitung, the financing needs of the island's banks, initially estimated at 10 billion euros, could be in the end considerably lower.

Progress has been slow on a bailout for Cyprus given concerns over its banks and allegations of money laundering due to fears that Russian criminal elements are active in the country.



© 2013 AFP


0 reactions to this article

0 reactions to this article

 
 
 
 
 
Inside Expatica
The ABCs of the German school system

The ABCs of the German school system

What you need to know about German schools and daycare.

German immigration and residency regulations

German immigration and residency regulations

Want to move to Germany but haven’t figured out the details? Check out Expatica’s overview of the German permit system.

Driving in Berlin: Rules, habits and fines

Driving in Berlin: Rules, habits and fines

In part one of our two part series, we cover the driving culture in Berlin, where to park and buy gas and, most importantly, the laws.

Looking for work in Germany: The in depth version

Looking for work in Germany: The in depth version

Our comprehensive guide includes information on how to find work, recruitment agencies, employment contracts and labour law.