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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.

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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:

We have no intention of leaving the euro. In no way will we experiment with the future of our country.

– President Nicos Anastasiades

Cyprus bank worker thanks customers for 'understanding'

Laiki bank worker Stelios Koukos has tweeted his relief after a busy first day back at work after Cyprus banks reopened today:

Laiki is the bank in the worst state in Cyprus.

Cyprus financial restrictions 'lifted in a month'

Cyprus expects to fully lift the regime of financial restrictions on its banks in "about a month," Cypriot Foreign Minister Ioannis Kasoulides said.

"A number of restrictions will be lifted and gradually, probably over a period of about a month according to the estimates of the central bank, the restrictions will be fully lifted," Kasoulides told reporters.

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Cyprus president thanks public for banks response

Cyprus president Nicos Anstasiades has tweeted his thanks to the Cypriot people who he says have acted with "maturity and collectedness" as the country's banks reopened after being closed for almost two weeks, amid the country's financial crisis:

Cyprus bank customers queue to get hold of their cash

Customers are queuing to get inside Laiki bank in Lakatamia, just outside Nicosia. The bank delayed its opening today due to "technical reasons". Customers are now being allowed inside in small groups.

Banks in Cyprus are being reopened today after being closed for almost two weeks, amid the country's financial crisis. Customers are being restricted on the amount of cash they can withdraw from their accounts.

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