Charity concert held to help Cyprus' unemployed
Thousands of people have attended a concert in Cyprus in a bid to help those struggling as a result of the country's financial crisis.
Cyprus rescue deal spreads fear beyond its shores
Cyprus' rescue deal has sent shivers through southern Europe after a key eurozone figure said it would be a model for future bailouts.
Unclear future for Cypriots after 'painful' bailout deal
The future is uncertain for the people who must live with the consequences of Cyprus' "painful" bailout deal.
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British tourist jailed for Cyprus soldier manslaughter
A British tourist has been jailed for the manslaughter of a British soldier in Cyprus. 19-year-old David Lee Collins from Manchester was stabbed to death during a fight in Ayia Napa last year November.
Mohammed Abdulkadir Osman admitted manslaughter and has been sent to prison for eight years. Collins served with 2nd Battalion, Royal Regiment of Fusiliers and was killed the day before he was due to fly out to Afghanistan.
Finance Minister in Cyprus quits
Cypriot Finance Minister Michalis Sarris has resigned
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15,000 UK customers to escape Cyprus levy
Around 15,000 savers in the UK arm of stricken Cypriot bank Laiki will see their deposits protected under British rules and will escape the Cyprus banking levy.
The Bank of England's new City watchdog, the Prudential Regulation Authority says around £270 million in deposits from Laiki Bank UK had been transferred to Bank of Cyprus UK. It will come under the UK compensation scheme, guaranteeing up to £85,000 per saver.
Customers, including those with current accounts in credit, will not be hit by any Cypriot levy on their accounts - potentially as high as 60% for large depositors - after the transfer and will be able to access their accounts as normal.
Charity concert held to help Cyprus' unemployed
Thousands of people have attended a concert in Cyprus in a bid to help those struggling as a result of the country's financial crisis.
Read the full storySavers with over €100K 'could take losses of up to 60%'
Bank of Cyprus savers with over 100,000 euros could take losses of up to 60 percent, an official from the bank told the Associated Press.
Central Bank of Cyprus eases cash controls
The Central Bank of Cyprus has eased some of the restrictions imposed on customers.
The bank will now allow debit and credit cards to be used normally for domestic payments, although curbs on card purchases abroad are still in place.
The central bank said it would review the limits on a daily basis.
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'Internet banking available' in Cyprus
It appears that some internet banking systems in Cyprus have been restored. This screen shot posted online of one account with Laiki bank shows that over €700,000 of the total account balance has been 'blocked'.
Report: Cyprus savers to be offered shares
Savers with the Bank of Cyprus could be given shares in the bank, a source close to the negotiations has told the news agency Reuters.
Under the current proposals depositors with more than €100,000 in the bank would:
- Be given shares in the bank worth 37.5% of their original deposit, the bank would use this money to improve its financial position.
- Approximately 22.5% of the remainder of their saving would earn no interest.
- The remaining 40% would continue to earn interest but it would only be paid if the bank started performing well.
- Therefore if the bank continued to perform badly, 62.5% of the savers original deposits would not be earning any interest.
Reuters reports that depositors would have no guarantee that any of money over the 37.5% of shares offered, would actually be paid back to savers if the bank collapsed.
President: Cyprus has 'no intention' of leaving the euro
Cyprus has no intention of leaving the European single currency, the island's president said today, assuring Cypriots that the situation was "contained" in the wake of a tough bailout deal with the European Union. He told a conference in Nicosia:
– President Nicos AnastasiadesWe have no intention of leaving the euro. In no way will we experiment with the future of our country.
No riots and no queues: The run on Cypriot banks happened with keyboards
by Richard Edgar - Economics EditorThe precious eurozone deposit guarantee on the first €100,000 in an account, that has survived in tact - but only just. The very fact that politicians considered imposing a levy has sown the seed of doubt in depositors minds right across the eurozone, but especially in the weaker countries.
Why is that so significant? Well, if there is even a hint of trouble at your own bank the only rational thing to do is to go and get your cash out as quickly as possible - that is how a run on banks starts.
The government deposit guarantee that your money is safe that is the only thing that can really stop that. What we now know is that other governments could potentially break their word on those.
The insecurity all this has created in Cyprus has led to the control on the free movement of finance for the first time in the eurozone so that sets a precedent. Although there has been no visible sign of panic today but we did learn that there has been a run on the banks - by stealth.
Depositors from other eurozone countries have withdrawn a fifth of their deposits in the last month alone. So while no riots in the streets, no queues - it happened with keyboards.
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