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Μαρτίου 19, 2013

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  1. Μαρτίου 19, 2013 20:40

    Μου αρέσει!

    • strovoliotis permalink*
      Μαρτίου 19, 2013 21:24

      Σπουδαία η μουσική! Αν το έβαλες για τα λόγια πρέπει να βοηθήσεις, γιατί η βουλή και οι ουσίες χαλάρωσαν το μυαλό: )

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  2. strovoliotis permalink*
    Μαρτίου 19, 2013 20:43

    Μετά την επίκληση του Θεού από τον Αβέρωφ μάλιστα, μαθαίνω πως στο πλευρό της βουλής τάχθηκε και ο γέροντας Παΐσιος.

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  3. strovoliotis permalink*
    Μαρτίου 19, 2013 20:53

    Για την ιστορία. Συλλογή κελαηδημάτων μου:

    Φήμες, μύθοι και θρύλοι κυκλοφορούν το απόγευμα – ακόμα και πιθανές λύσεις! Δέχομαι οποιαδήποτε βρεθεί πιο κοντά στην πραγματικότητα!

    Α τι ωραίες αυτές οι εκτονωτικες διαδηλώσεις για σημαντικά ζητήματα. Ειδικά όταν αφορούν προβλήματα του «δικού» σου για τα οποία σιωπουσες

    Anan plan Deja vu! Just replace A-plan for bailout! Honestly, can they spill so much BS without a secure plan B?

    Pro-government Karoyian gets top marks for best opposition speech– so far. Let’s wait for Averof. Reality check: Plan B anybody???

    Andros mostly interested for his people. *Only* **his** people.

    Ι voted Ana to make sure this miserable, defeatist, cowardly political rhetoric would be a thing of the past. It is up to Averof…
    Ο γέροντας Παίσιος στο πλευρό της βουλής της Κυπρου

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  4. ban permalink
    Μαρτίου 19, 2013 21:20

    Πάντως όσοι ξέρουν Ρωσσικά θα εχουν πλεονέκτημα…

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  5. Μελαθκιώτης permalink
    Μαρτίου 19, 2013 21:36

    Ελπίζω το βροντερό όχι των απορριψάντων να εμπερικλείει και το ούτω καλούμενο ‘Plan Β’. Αν όντως αποδεικτεί ότι μέσα σε τρείς μέρες οι αντίθετοι προς το κούρεμα εκπόνησαν εναλλακτικό σχέδιο που θα δουλέψει, τότε ο Αναστασιάδης θα κριθεί άκρως ανεπαρκής. Αν αντιθέτως πρόκειται για μπλόφα και Θεός βοηθός τότε θα ξέρουμε και ποιοι είναι οι υπεύθυνοι για την πτώχευση της Λαϊκής και της Τράπεζας Κύπρου. Κοινώς, εννά δείξει η νεκροψία…

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    • strovoliotis permalink*
      Μαρτίου 20, 2013 15:42

      Σχέδιο Β μέχρι τώρα: θεός, αρχιεπίσκοποι Κύπρου/Μόσχας, εθελοντικές εισφορές ομογένειας. Τον Αρτέμιο Σώρρα τον θυμάστε;

      Πούτιν γιοκ – προς το παρόν.

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  6. strovoliotis permalink*
    Μαρτίου 19, 2013 21:48

    Μετά την «πατριωτική» πράξη της καταψήφισης του νομοσχεδίου από την κυπριακή Βουλή, επικρατεί στο νησί μια παράξενη βουβαμάρα, ένας υπόγειος φόβος. Η απουσία ρεαλιστικού plan B κάνει τον κίνδυνο χρεοκοπίας εγγύτερο παρά ποτέ.

    Ας μη χάσουμε τη δική μας ελπίδα, τη δική μας πολιτική δέσμευση για παραμονή εντός της Ε.Ε. και του ευρώ. Τα πιο δύσκολα έρχονται. Όσοι συμφωνούμε, θα πρέπει να ενώσουμε τις φωνές μας για να ακουστούμε. Για να δώσουμε δύναμη στο ελάχιστο εκείνο κομμάτι της κυπριακής πολιτικής ελίτ που κινείται σε αυτή την κατεύθυνση.

    Όποιος ενδιαφέρεται να αναλάβει ενεργό ρόλο στην Πρωτοβουλία, μπορεί να στείλει μήνυμα στο inbox.

    Στα σχόλια, για να αναθαρρήσουμε, τρία κείμενα από τον ελληνικό τύπο για το κυπριακό πρόβλημα, από σαφώς ευρωπαϊστική σκοπιά. (Προλογικό σημείωμα και επιλογή άρθρων από τον Γιώργο Στόγια).

    http://goo.gl/C1iWp

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  7. Λόκο permalink
    Μαρτίου 19, 2013 22:24

    Three things Cyprus could do next.
    http://finance.yahoo.com/news/three-things-cyprus-could-next-194459944.html

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  8. strovoliotis permalink*
    Μαρτίου 19, 2013 22:29

    (Reuters) – Cyprus’s parliament overwhelmingly rejected a proposed levy on savings in banks as a condition for a European bailout on Tuesday, throwing international efforts to rescue the latest casualty of the euro zone debt crisis into disarray.

    The vote in the tiny legislature was a stunning setback for the 17-nation bloc; lawmakers in Greece, Portugal, Ireland, Spain and Italy have all accepted unpopular austerity measures over the last three years to secure European aid.

    With hundreds of demonstrators facing riot police outside parliament and chanting «They’re drinking our blood», the ruling party abstained and 36 other lawmakers voted unanimously to reject the bill, bringing the Mediterranean island, one of the smallest European states, to the brink of financial meltdown.

    EU countries said before the vote that they would withhold 10 billion euros ($12.9 billion) in bailout loans unless depositors in Cyprus, including small savers, shared the cost of the rescue; the European Central Bank had threatened to end emergency lending assistance for teetering Cypriot banks, which were hard hit by the financial crisis in neighboring Greece.

    The demonstrators were unbowed: «This is a great decision for Cyprus,» said Andreas Miltiadou, a 65-year-old pensioner among the crowd. «The voice of the people was heard.»

    The ECB said it «took note» of the vote and remained «committed to provide liquidity as needed within the existing rules».

    Newly elected President Nicos Anastasiades earlier told reporters he expected parliament to reject the tax on bank deposits – «because they feel and they think that it is unjust and it’s against the interests of Cyprus at large».

    He was due to meet party leaders at 9 a.m. (0700 GMT) on Wednesday to explore a way forward.

    Europe’s demand at the weekend that Cyprus break with previous EU practice and impose a levy on bank accounts sparked outrage among Cypriots, who emptied bank cash machines, and unsettled financial markets.

    Combined with Anastasiades’ refusal to accept a levy of more than 10 percent on deposits above 100,000 euros, that meant taxing smaller accounts too, which savers had thought were protected by state guarantees.

    An important issue in negotiations has been the high level of deposits held in the island’s banks by non-EU citizens and companies, notably from Russia, where Cyprus has established itself as a major provider of offshore financial services.

    Cypriot Finance Minister Michael Sarris flew to Moscow on Tuesday to seek Russian financial assistance. He denied by text message to Reuters reports that he had resigned, which had rattled markets’ nerves as lawmakers were poised to vote.

    BACKLASH

    Stunned by the backlash, euro zone finance ministers urged Nicosia on Monday to avoid taxing accounts below 100,000 euros, and instead increase the levy on big accounts, which have always been unprotected by the state deposit guarantee.

    The European Union and International Monetary Fund are demanding Cyprus raise 5.8 billion euros from bank depositors to secure its bailout, needed to rescue its financial sector.

    A revised draft bill would have exempted savings under 20,000 euros from a 6.75 percent levy on deposits of less than 100,000 euros, leaving a shortfall. But that was not enough to sway lawmakers, even in the ruling party, to accept the tax.

    «You can’t take a 10,000-metre jump without a parachute. And that’s what they’re asking of us,» said George Perdikis of the Greens Party.

    French Finance Minister Pierre Moscovici said the euro zone could not lend Cyprus any more, since the country’s debt would become unmanageable for its 1.1 million people.

    «Above 10 billion euros we are entering into a size of debt that is not sustainable,» Moscovici told reporters in Paris.

    International market reaction has been muted so far but that might change.

    «In the very short term, this will be a small victory for the more rational observers who had looked at this move as, frankly, outrageous. But it leaves Pandora’s Box wide open,» Mike Moran, senior currency strategist at Standard Chartered in New York, said of the plan to make bank depositors contribute.

    While Brussels has emphasized that the measure was a one-off for a country that accounts for just 0.2 percent of European output, fears have grown that savers in other, larger European countries might be spurred to withdraw funds.

    Dutch Finance Minister Jeroen Dijsselbloem, who chairs the group of euro zone finance ministers, said there would be no need to impose a levy in any of the 16 other euro countries.

    Deutsche Bank Chief Executive Anshu Jain said in Frankfurt: «We see near-term contagion risk as limited. This is unlikely to be a model for other European Union states.»

    CASH FROM PUTIN?

    Anastasiades has continued to resist raising the levy on big deposits – many held by rich Russians – fearing for the island’s business model and reputation as an offshore financial haven.

    He asked the EU for more aid during a telephone conversation with German Chancellor Angela Merkel on Monday.

    Some Cypriots hope they could instead get aid from Russia, which has bailed out Cyprus in the past. Many Russians keep their money in Cyprus and operate businesses from there.

    Government spokesman Christos Stylianides said Anastasiades might also speak to Russian President Vladimir Putin, who has called the deposit levy «unfair, unprofessional and dangerous».

    Russian authorities have denied that the Kremlin might offer more money, possibly in return for a future stake in Cyprus’s large but as yet undeveloped offshore gas reserves, which have raised the island’s strategic importance.

    An influx of Russian money and influence since the collapse of the Soviet Union has led some Brussels officials to complain privately that Cyprus acts at times as a «Trojan donkey» for Moscow inside the European Union since it joined in 2004.

    Stunned Cypriots emptied cash machines over the weekend and banks are to remain shut on Tuesday and Wednesday to avoid a bank run. The island’s stock exchange also suspended trading for another two days. ($1 = 0.7760 euros)

    (Additional reporting by Matt Robinson, Lionel Laurent, Noah Barkin, Gilbert Kreijger, Adrian Croft and Steven C. Johnson; Writing by Paul Taylor and Mike Peacock; Editing by Peter Graff and Alastair Macdonald)

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  9. strovoliotis permalink*
    Μαρτίου 19, 2013 22:34

    BBC
    Cyprus MPs reject EU-IMF bailout tax on bank depositors
    COMMENTS (781)

    Protesters gathered outside the Cypriot parliament to denounce the plan
    No MPs voted for the bill, with 36 voting against and 19 abstaining.

    The finance ministry had modified the package, proposing an exemption for savers with smaller deposits, but opposition had remained fierce.

    Thousands of protesters who had filled the streets outside parliament reacted with joy to the news of the vote.

    EU finance ministers have warned that Cyprus’ two biggest banks will collapse if the deal does not go through in some form.

    However, there has been widespread outrage on the island at the prospect of ordinary savers being forced to pay a levy of 6.75%

    The plan was changed to exempt savers with less than 20,000 euros (£17,000), with those over 100,000 euros charged at 9.9%, but this was not enough to placate critics.

    Continue reading the main story
    Levy basics

    Depositors with 20,000 – 100,000 euros deposited must pay 6.75%
    Those with more than 100,000 in their accounts must pay 9.9%
    Depositors will be compensated with the equivalent amount in shares in their banks
    The levy is a one-off measure
    Eurozone wants Cyprus to get 5.8bn euros from deposits, in exchange for a 10bn-euro EU/IMF loan
    Total of about 68bn euros on deposit in Cypriot banks, foreigners hold about 40% – most of them Russians
    Hewitt: Who messed up bailout?
    Cyprus crisis: What happens next?
    Q&A: Cyprus bailout
    Meanwhile, the UK ministry of defence said a plane carrying 1m euros was heading to Cyprus as a contingency measure to provide military personnel and their families with emergency loans.

    The money is to be used for British personnel and their families if cash machines and debit cards stop working.

    ‘Against the interests of Cyprus’
    Several MPs during the parliament debate on Tuesday evening denounced the proposed plan as «blackmail».

    President Nicos Anastasiades had urged all parties to back the bailout, saying Cyprus will be bankrupt if the deal does not go ahead.

    But he also said earlier on Tuesday that MPs were likely to reject the levy, despite the modifications.

    «They feel and they think it’s unjust and that it is against the interests of Cyprus at large. But I have to admit that it was something which was not expected by the troika and by our friends, the Eurogroup.»

    He has called an emergency meeting of political party leaders on Wednesday morning to discuss the way forward.

    The president of the Eurogroup of eurozone finance ministers, Dutch Finance Minister Jeroen Dijsselbloem, emphasised on Monday that no other eurozone country would be forced to impose such a levy.

    The Cyprus central bank chief, Panicos Demetriades, has warned that scrapping the tax on small savers would scupper the plan to raise 5.8bn euros in total from bank deposits. He also predicted account holders could suddenly withdraw 10% or more of the total in Cypriot banks if the levy was imposed.

    Opposition MP Pambos Papageorgiou says any tax on savers will be rejected by parliament
    Fearing a run on accounts, Cyprus has shut its banks until at least Thursday. The local stock exchange also remains closed.

    Cyprus’ banks were badly exposed to Greece, which has itself been the recipient of two huge bailouts.

    Russian anger
    Mr Demetriades said that he favoured imposing the levy only on deposits larger than 100,000 euros, with eurozone finance ministers also suggesting such a move.

    Instead, they argue that wealthier savers should pay the levy at a higher rate – losing more than 15% of their investments, correspondents say.

    However, many of those larger deposits are held by Russians, and Russian leaders have already reacted angrily to the Cypriot levy – on Monday President Vladimir Putin called it «unfair, unprofessional and dangerous».

    Continue reading the main story

    Start Quote

    It would help if the European authorities could explain more clearly why this will not set a precedent for the future”

    Stephanie Flanders
    Economics editor
    Read more from Stephanie
    Damage limitation in Cyprus
    Of the estimated 68bn euros in total held in Cypriot bank accounts about 40% belongs to foreigners – most of them thought to be Russians.

    The government fears a higher levy on these larger deposits would prompt many large investors to withdraw from the island and would effectively destroy its financial sector.

    Russia has also said it may reconsider the terms of a 2.5bn-euro loan it made to Cyprus in 2011, which was separate from the proposed eurozone bailout.

    Cypriot Finance Minister Michalis Sarris arrived in Moscow on Tuesday to see if the repayment on that loan could be delayed until 2020, and whether the interest rate could be reduced.

    Officials said he would also be looking for «further investment» in his country, correspondents report, with some speculating this might mean Russian access to Cyprus’ large undeveloped gas deposits.

    The BBC’s Mark Lowen in Nicosia says it now appears that a proxy battle of sorts is taking place over Cyprus: on the one side the EU is pushing for a lighter burden on lower savers and, on the other, Russia is angry because its wealthy nationals would be taxed hard in Cyprus.

    Meanwhile, the tiny Cypriot economy’s future hangs in the balance.

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  10. strovoliotis permalink*
    Μαρτίου 19, 2013 22:37

    LONDON (CNNMoney)
    Lawmakers in Cyprus have rejected government plans to impose an unprecedented tax on bank deposits, throwing into doubt a €10 billion euro bailout agreed with the European Union just three days ago.
    Failure to secure emergency loans from the EU would leave Cyprus facing a banking collapse and default.

    The bailout, while small compared to the rescue packages for other troubled EU nations like Greece, represents more than half the size of the €18 billion Cyprus economy.
    The proposed tax on deposits, unprecedented in a eurozone bailout, led to a run on cash machines in Cyprus over the weekend, sparked big protests outside parliament and shook financial markets Monday.
    Officials had made changes to the proposals to protect depositors with less than €20,000 euros in their accounts, but plans to levy a tax of 6.75% on deposits of €20,000-€100,000 and 9.9% on anything above €100,000 proved unacceptable to parliament.
    The party of President Nicos Anastasiades, who negotiated the deal with the EU, abstained.
    Banks in Cyprus will remain closed until at least Thursday. Unable to function without the services of the banking sector, the Cyprus Stock Exchange has announced it will stay closed as well. ATMs were still functioning, according to CNN reporters.
    Related story: 5 reasons Cyprus bailout matters
    The most controversial provision of the bailout was the tax on deposits, which are protected in Cyprus, as in the rest of the EU, to a level of €100,000. As compensation, depositors would have been offered bank shares, underwritten by income from as-yet undeveloped natural gas deposits in Cypriot waters.
    Cyprus was reluctant to increase the levy on larger amounts. It feared it would scare away international investors drawn by its low corporate tax rate and open economy — in particular, Russians who hold as much as a third of the country’s bank deposits.
    The country first asked the EU for help last June. But talks were hampered by the reluctance of a previous government to accept terms, and also by EU concerns about money laundering.
    Related story: Why Russia is irate about the Cyprus bank tax
    Russia has come to Cyprus’ aid in the past, providing a €2.5 billion loan in 2011 to shore up government finances. But its participation in the new rescue was looking uncertain after President Vladimir Putin attacked the tax on bank deposits as «unprofessional and dangerous».
    A finance ministry spokesman said Russia was reviewing its position after not being consulted on the decision to impose the levy. Cypriot Finance Minister Michalis Sarris was traveling to Moscow for talks on Wednesday.
    Cyprus is the fourth of 17 eurozone states to be granted a bailout by its EU partners and the IMF, after Greece, Ireland and Portugal. Spain has been given EU assistance to rescue its banks, but has so far avoided asking for a full sovereign bailout.
    — CNN’s Jim Boulden and Christine Theodorou contributed to this article

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  11. strovoliotis permalink*
    Μαρτίου 19, 2013 23:15

    The Cyprus bailout blame game begins
    March 19, 2013 8:32 pm by Peter Spiegel

    The EU’s Rehn, left, with Cypriot finance minister Sarris at the outset of Friday night’s meeting

    With the eurozone’s €10bn Cyprus bailout now laid waste by the country’s parliament, the recriminations are likely to begin almost immediately. In fact, they started even before the vote was held — almost as soon as it was announced early Saturday morning that the programme included a 6.75 per cent levy on bank accounts under €100,000.

    Since then, almost all officials involved in the talks have said it wasn’t their decision to seize deposits from small savers.

    Wolfgang Schäuble, the German finance minister, was the first out of the gate, telling public broadcaster ARD on Sunday that it wasn’t his idea. “We would obviously have respected the deposit guarantee for accounts up to €100,000,” Schäuble said. “But those who did not want a bail-in were the Cypriot government, also the European Commission and the ECB, they decided on this solution and they now must explain this to the Cypriot people.”

    That statement sparked anger over at the ECB, which denied any involvement in levying smaller depositors. “I want to emphasise that it wasn’t the ECB that pushed for this special structure of the contribution which has now been chosen. It was the result of negotiations in Brussels,” Jörg Asmussen, the ECB executive board member who handled the central bank’s negotiations Friday night, said Monday. “We provided technical help with the calculations, as always, but we didn’t insist on this special structure.

    This morning, Pierre Moscovici, the French finance minister, added his name to the list, saying he had been in favour of exempting smaller depositors “from the beginning”.

    So where does the truth lie? We pieced together the events of Friday night and Saturday morning for Monday’s dead tree edition of the FT, but it appears more forensics might be needed to get this all straight. Having talked to multiple participants, here’s an even more detailed account.

    By their own admission, the first organisation to raise the prospect of taxing small depositors at the Friday night meeting was the European Commission. But the proposal made at the outset of talks by Olli Rehn, the Commission’s economic chief, was not motivated by a desire to plunder old ladies’ bank accounts just for the sake of it. It was because the alternatives seemed even worse.

    “If Germany and its allies had not taken such a tough line…the Commission would never have had to resort to making any compromise proposal,” said one official sympathetic to the Cypriots. “There would have been other ways to achieve €7bn,” the official added, referring to the amount Berlin wanted to cut from the bailout’s €17bn price tag.

    Rehn put on the table a plan for a relatively benign levy on smaller savers: 3 per cent for all deposits under €100,000, with it rising to 5 per cent for those with €100,000 to €500,000, and 7 per cent above that threshold. According to Commission officials, Rehn’s rationale was two-fold.

    First, a big freight train in the form of the International Monetary Fund was heading their way which, with the backing of Berlin and a growing group of like-minded countries, was going for something much bigger: a 40 per cent cut of all deposits above €100,000, and potentially additional bail-ins above 40 per cent.

    The Commission feared that this not only could spark panic in other eurozone countries, but could also lead to massive capital flight from Cyprus, particularly by Russian depositors. This would wreck the country’s entire financial system – which is the core of the island’s entire economy. Destroy the financial sector and Cyprus is left with only tourism – and much of the tourism is based on Russian visitors, so that could get wiped out, too.

    There was also the fear in the Commission that the IMF’s “full bail-in” – while aimed only at uninsured deposits – could end up wiping out smaller depositors, too. The massive capital flight could destroy Cypriot banks, and with no money in Nicosia’s deposit guarantee scheme, there was no cash to reimburse anyone. All depositors would have lost their savings.

    At the time, it didn’t appear that many officials were overly concerned about including smaller depositors in the levy plan. Earlier on Friday, at a pre-meeting gathering of the so-called “euro working group” – deputies from all 17 eurozone finance ministries who do the difficult spade work for their ministers – the group’s chair, Austrian Thomas Wieser, and Asmussen had both tested the idea of a “zero rate” for deposits below €100,000.

    According to one attendee, it was only actively supported by Ramon Fernandez, the French treasury chief – a fact that supports Moscovici’s claim to have been an early opponent of the levy on smaller savers. “The rest did not care,” said the attendee.

    When the Rehn proposal was put on the table, Nicos Anastasiades, the Cypriot president, wasn’t enthusiastic. But he decided to go along for largely the same reasons Rehn had proposed it: fear that the IMF-backed plan would be much tougher.

    “Since this was the only proposal that was an alternative to the full bail in, it was supported by the ECB and a number of member states like France, Italy, Spain and also [Jereon] Dijsselbloem,” said one person involved in the discussions, referring to the Dutch finance minister who chaired the meeting.

    Although the first plan did not get all the €7bn from the deposit levies, the Commission hoped the IMF and German-led group would be willing to accept some other taxes and revenues in lieu of relying exclusively Cypriot deposit holders.

    But when Rehn and Anastasiades met in the early morning hours in a small group with Schäuble; Moscovici; Asmussen; Dijsselbloem; and Christine Lagarde, the IMF managing director, Schäuble was unwilling to play ball. He wanted to move forward with a full bail-in, and had the backing of Finland and Slovakia. A counter-proposal was put on the table by Dijsselbloem that would have seen the rate on smaller deposits hit 7.5 per cent, while those over €100,000 would face a 12.5 per cent cut.

    While Michalis Sarris, the Cypriot finance minister, was open to the counter-proposal, Anastasiades was not. He got up to leave the room, and was only convinced to stay by Asmussen, who quietly informed him that if a deal wasn’t reached, the ECB would be forced to cut funding to Cyprus’ second-largest bank, Laiki, which was in such bad shape it no longer qualified for emergency loans from the eurosystem to keep it afloat. That would have probably led to the collapse of the island’s largest bank, setting off a complete financial sector meltdown and wiping out all deposits.

    Here is where things get slightly murky: Several participants said Asmussen – who many credit for being the broker between Schäuble, his old boss in the German finance ministry, and the Cypriot delegation – was one of the advocates of exempting deposits below €100,000, despite the subsequent claims by others that he was one of those who insisted on it. Confusion may have been sowed by the fact the ECB’s team leader in Nicosia was sympathetic to the Cypriot view that the top rate should not rise above 10 per cent.

    But it was clear Schäuble was indifferent, these officials said, leaving it up to the Cypriots to decide how the axe would fall.

    Multiple sources insist it was Anastasiades who wanted to keep the top rate below 10 per cent, a claim bolstered by the Cypriot president’s resistance to raising the top rate throughout this week’s debates back in Nicosia.

    “The Cypriot was fiercely against a levy above 10 percent – and still is, as we can see even today,” said one person who spoke with Anastasiades that night. “After the Cypriot president wanted to leave – and had even left – we simply tried a number of different structures with him just to see to what he could agree. But he insisted not having a higher levy than 10 per cent.”

    Anastasiades, with Rehn’s backing, remained concerned that a much higher rate would induce massive capital flight. There were also legal concerns that a significantly higher rate would no longer be considered a tax but a bail-in, which would have meant a completely different set of legal standards would be applied to the transaction.

    Rehn had hoped that after setting the top rate at 9.9 per cent, there would be some wiggle room to get the rate on smaller depositors down to a more moderate level by finding cash from tools used in other bailouts, like more garden-variety taxes. But the IMF and Germany wouldn’t budge.

    After agreeing to wipe out money owed to junior bondholders in Cypriot banks, which would subtract €1.4bn from the total demanded by Germany, Cyprus was instead left to decide how to divvy up the €5.8bn that needed to be raised from depositors. Once the top rate was capped at 10 per cent, it was simple arithmetic that the lower rate on accounts below €100,000 would be 6.75 per cent.

    Should concerns about the political backlash for seizing accounts of smaller deposit-holders been more at the forefront of negotiators’ minds? After all, it has called into question the EU-wide deposit guarantee rules that insure accounts under €100,000. Perhaps. One senior official involved in the negotiations said although they went at it for 10 hours, the meeting probably could have gone a bit longer to give more brainpower to the rates themselves.

    Others aren’t so sure, since the issues had been debated for weeks beforehand and the subsequent failure in the Cypriot parliament make clear Anastasiades was not going to move.

    “There was no room of manoeuvre any more,” said one participant. “The real problem was that the starting points were so far apart, and we could not square all the circles we needed in those 10-12 hours.”

    After the parliamentary failure, the standoff begins again. This time, Cyprus’ status as a eurozone country could ride on who blinks first.
    http://blogs.ft.com/brusselsblog/2013/03/the-cyprus-bailout-blame-game-begins/?

    Tags: Cyprus, sovereign debt crisis
    Posted in EU, Euro | Permalink

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  12. ΑΠΟΦΑΣΗΣΤΗΚΟΣ permalink
    Μαρτίου 19, 2013 23:37

    Εγινε αυτό που έπρεπε να γίνει.Η δημοκρατία βγήκε νικητής φανήκαμε αντάξιοι της ιστορίας μας και ότι είναι να γίνει θα γίνει.Θα το αντιμετωπίσουμε ψύχρεμα ήρεμα και με νηφαλιότητα. Η απόφαση που λήφθηκε θα δώσει το ταχύτερο λύση στο σοβαρότατο μας πρόβλημα και το πιο βασικό δεν θα χρεωκοπήσουν οι επόμενες γενεές αλλά θα αναλάβουμε εμείς την ευθύνη για αυτά που εμείς κ’άναμε και όχι να τα χρεώσουμε στις επόμενες γενεές.Θα τα καταφέρουμε με ενότητα σύμπνοια και εθνική ομοψυχία.Παρεπιπτόντως οι εκλογές τέλειωσαν και κάποιοι πρέπει να συνέλθουν.Ο λαός , ο τόπος πρέπει και θα προχωρήσει μπροστά. Αυτό που έπρεπε η Ελλάδα να κάνει πρίν τέσσερα χρόνια το έπραξε σήμερα η κυπριακή βουλή.Μπραβο διότι μία μικρή κύπρος έδειξε στους μεγκάλους της ευρώπης τις πραγματικές Ελληνικές αξίες και όχι τις ευρωπαικές που δήθεν αυτοί επικαλούνται. Αυτό απαιτούσε η ιστορια μας αυτό απαιτούσε το δίκαιο και μάλιστα αυτό το απέδειξε όχι μόνο η στάση του κόσμου αλλά και οι ίδιες οι αγορές.Το τί έχει να γίνει αύριο φίλοι στις ευρωπαικές αγορές δεν λέγεται. Αυτοί που τ’όλμησαν να απαρνηθούν τις αξίες των εταίρων το πλήρωσαν ήδη πολύ ακριβά αλλά το κυριότερο έχασαν την αξιοπιστία τους.Εμείς θα αγωνιστούμε.Είμαστε μαθημένοι.ΤΙΠΟΤΕ ΔΕΝ ΤΕΛΕΙΩΣΕ . Ο ΑΓΩΝΑΣ ΑΚΟΜΗ ΕΙΝΑΙ ΜΠΡΟΣΤΑ ΚΑΙ ΘΑ ΠΕΡΑΣΟΥΜΕ ΟΠΩΣΔΗΠΟΤΕ ΤΗΝ ΔΙΚΗ ΜΑΣ ΔΟΚΙΜΑΣΙΑ.

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  13. ιων σκεπτικός permalink
    Μαρτίου 20, 2013 01:52

    Εβλεπα απόψε από ελληνικά κανάλια εκπροσώπους του γιουρογκρούπ ( μεν με ρωτήσετε ονόματα) που τόνιζαν ότι η φορολόγηση των καταθέσεων ηταν εισήγηση της Κυπριακής Δημοκρατίας. Μα εννα μας πελλάνετε; Τι γίνεται ; Ποιός λαλεί την αλήθκειαν; Τι γίνεται παρακάτω;

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    • strovoliotis permalink*
      Μαρτίου 20, 2013 15:48

      Πολύ πιθανόν. Ο Αναστασιάδης προσπάθησε να κρατήσει και το ψωμί σωστό, και να ταΐσει και τον σκύλο. Ε, στο τέλος ο σκύλος έκλεψε το ψωμί και το έβαλε στα πόδια.

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  14. strovoliotis permalink*
    Μαρτίου 20, 2013 07:32

    The bail-out of Cyprus
    We’d rather not

    Defiant lawmakers in Cyprus rejected a bill on Tuesday March 19th that would impose a universal levy on bank deposits, calling it a shameless attempt to “blackmail” a small island. The levy had been agreed to last week with the euro-zone group negotiating a bail-out for Cyprus. The governing Democratic Rally party, which proposed it, chose to abstain. The other five parties in parliament voted against.

    The levy was supposed to raise €5.8 billion ($7.5 billion) on top of a €10 billion bail-out by the European Union and International Monetary Fund, to spare criticism that once again north European taxpayers were footing the bill for Mediterranean idlers. Nicos Anastasiades, the Cypriot president, said he would quickly draw up a plan B.
    Mr Anastasiades has to move fast. Cypriot banks have already been closed for three working days, though cash machines are being regularly refilled. When the banks re-open a run is possible. Locals will transfer their savings to safe deposit boxes and mattresses. Owners of foreign companies based on Cyprus because of its low tax rate and lax application of anti-money laundering rules will move funds to a more stable jurisdiction.

    Plan B, say government advisers, would require state pension funds to hand over about €4 billion of their reserves. Cyprus would ask Russia for the other €2 billion, arguing that Russian companies, with an estimated €25 billion stashed in Cyprus, would then no longer face the prospect of losing 10-12% of their deposits. Michalis Sarris, the finance minister, flew to Moscow as soon it became clear the bill would not be approved. His first task will be to seek an extension, and perhaps an interest-rate cut, for Cyprus’s current €2.5 billion loan.

    If the EU and IMF raise objections to nationalising the pension funds, Cyprus will need more cash. One scheme is for a Russian bank to pay one euro for Laiki Bank, Cyprus’s second-largest, and cover the €4 billion cost of recapitalisation. Gazprombank, the Russian gas giant’s banking arm, may be interested. In the meantime, bankers in Nicosia hope the European Central Bank won’t pull the plug on the emergency liquidity assistance (ELA) that keeps Cypriot lenders afloat.

    http://www.economist.com/blogs/schumpeter/2013/03/bail-out-cyprus

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  15. strovoliotis permalink*
    Μαρτίου 20, 2013 07:40

    Cypriot banks on brink in Icelandic flashback

    Cyprus lawmakers reject bank tax; bailout in disarray
    Tue, Mar 19 2013
    Russia tries to ease concerns over Cyprus levy
    Tue, Mar 19 2013
    UPDATE 7-Cyprus aims to let small savers off bank tax; veto still likely
    Tue, Mar 19 2013
    Schaeuble says Cyprus, depositors must take responsibility
    Tue, Mar 19 2013
    UPDATE 3-Cyprus parliament ready to veto deposit tax
    Tue, Mar 19 2013
    Analysis & Opinion
    Counterparties: No hope for change
    Cyprus’s bad haircut day
    Related Topics
    Investing and Taxes Simplified »

    By Carmel Crimmins and Michele Kambas
    DUBLIN/NICOSIA | Tue Mar 19, 2013 8:10pm EDT
    (Reuters) – A small island on the edge of Europe teetering under the weight of its bust banks. Sound familiar?

    Like Iceland and Ireland before it, Cyprus is battling to prevent an outsized and overextended banking sector from dragging the country into the ground.

    Cyprus’s parliament has overwhelmingly rejected a proposed levy on deposits as a condition of a European bailout, throwing the country’s future into disarray.

    But the experiences of Iceland and Ireland show that however Cyprus decides to deal with its crisis, pain is in store.

    While Reykjavik let banks fail and introduced capital controls, making financing its economy difficult, Dublin nationalized most of its financial sector, helping to quadruple its debt burden and ensuring years of austerity.

    Both countries are growing again, but underlying problems remain with households in both nations still swamped in housing debt, Irish unemployment stuck at 14 percent and Iceland fearful of lifting its capital controls for fear of a damaging outflow of foreign funds.

    None of this suggests an easy way forward for Cyprus, with its banks mortally wounded through involvement with euro zone casualty Greece and its financial sector heavily exposed to sometimes suspect money from Russia.

    Cyprus’ troubles stem from its exposure to Greece and the huge losses its two largest banks, Bank of Cyprus and Marfin Popular, had to stomach when euro zone leaders agreed in late 2011 to write down the value of private-sector holdings of Greek government bonds.

    In total, Cyprus requires 17 billion euros, nearly equivalent to its economy’s annual output, to rescue its banks and deal with the government’s own bills.

    Relatively small in the context of the Greek and Irish EU-IMF bailouts, at 240 billion euros and 67.5 billion euros apiece, for an island of just 1 million people it is a huge burden and speaks volumes about how large and unwieldy its banking sector had become.

    AGGRESSIVE EXPANSION

    Along with the aggressive expansion in Greece, which helped Cyprus’ banks to double the size of their loan books to around 72 billion euros in the last six years, Cyprus’ banking sector has ballooned on the back of inflows of Russian money, which first started to arrive following the collapse of the Soviet Union in 1991.

    The banking sector is now roughly eight times the size of the economy compared to 10 times for Iceland and over four times for Ireland before their crises. Banks in both countries used cheap funding to gorge on speculative investments.

    High interest rates, low taxes — in particular a double taxation treaty with Russia — and a shared Orthodox faith were all factors behind the influx of Russian money and people, which has seen the city of Limassol, the island’s financial center, become known as «Lima grad».

    It is estimated that of approximately 70 billion euros of deposits in Cyprus, a third are held by non-residents and most of those are believed to be Russian. Overall, deposits grew by nearly two thirds over a six year period to the end of 2012, according to data from the central bank in Cyprus.

    On the face of it, the Cypriot banks’ deposit-funded balance sheets, with loan-to-deposit ratios of nearly 100 percent, are a model for other systems. Irish and Icelandic banks’ reliance on wholesale money markets proved to be a death sentence when the credit crunch struck.

    But the size of the inflows have raised concerns in Germany, in particular, that the island is a haven for money laundering and tax evasion.

    One Russian bank, Alfa Bank, estimates that $70 billion of illegal capital flight from Russia in the past two decades may have found its way to Cyprus.

    Cyprus was the largest recipient of Russian direct investment in 2011, totalling $121.6 billion out of $362 billion, according to Russian central bank data.

    Moody’s rating agency said last week that Russian banks had about $12 billion placed with Cypriot banks at the end of 2012 and has estimated that Russian corporate deposits at Cypriot banks could be around $19 billion.

    Such concerns were behind a politically charged decision last weekend to break with previous EU practice and impose a levy on bank accounts as part of a bailout. This sparked outrage among Cypriots and fear in financial markets that a dangerous precedent had been set.

    RUSSIAN CAPITAL

    Alexander Apostolides, an economic historian at European University Cyprus, said labeling Cyprus as a hotbed of shadowy banking was unfair.

    «It is a gross oversimplification,» he said. «I’m pretty sure there are some very dodgy accounts but I would be shocked if they represented more than 1 billion.»

    «There are a lot of Russians here but there are also a lot of Russians in London. If you took London out of the rest of the UK wouldn’t you say there was an overdependence on Russian capital?»

    Despite Cyprus’ banks exposure to Greece, deposits stayed largely stable last year, partly due to the belief that savers would not be hit and partly due to the high interest rates.

    A depositor in Cyprus who put their money in the bank for rolling periods of less than a year would have been paid interest of almost 13 percent since the Greek crisis first erupted compared to just over three percent in German banks, according to Reuters calculations based on ECB data.

    In the past ten days, however, as rumors first surfaced about a hit on savers, an estimated 2 billion euros has been withdrawn by Russian depositors, according to Thomas Keane, co-founder of Cyprus-based law firm Keane Vgenopoulou & Associates LLC. [ID:nL6N0CA8D4]

    Under the proposed terms of Cyprus’ bailout, there will be a tax on interest that deposits generate, which will likely be set at 20-30 percent and Nicosia will have to shrink the banking sector to an EU average of around 3.5 times GDP by 2018.

    Iceland imposed capital controls to restrict the flow of crowns and other currencies in and out of the country in 2008 and there are concerns Cyprus will have to do likewise when its banks, currently closed, finally reopen.

    «Even if a compromise solution can be found, confidence in the security of bank deposits in Cyprus may have been fatally undermined, especially among non-resident depositors who have more choice about where to keep their money,» said Tristan Cooper, fixed income sovereign credit analyst at Fidelity Worldwide Investment.

    «This will likely prompt capital flight once the banks reopen and may necessitate the sustained imposition of capital controls in order to stem an escalating banking crisis. The parallels with Iceland, which also had an outsized banking system are worrying.»

    (Additional reporting by Mia Shanley in Stockholm and Megan Davies in Moscow; Editing by Giles Elgood)
    http://www.reuters.com/article/2013/03/20/us-banking-cyprus-idUSBRE92J00K20130320

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  16. Λόκο permalink
    Μαρτίου 20, 2013 14:41

    Will The Banking Meltdown In Cyprus Be A “Lehman Brothers Moment” For All Of Europe?
    http://www.prisonplanet.com/will-the-banking-meltdown-in-cyprus-be-a-“lehman-brothers-moment”-for-all-of-europe.html

    If the banking system of Cyprus fails, it could be a “Lehman Brothers moment” for all of Europe. At this point, the entire European banking system is leveraged 26 to 1, and once European banks start to fail they could start falling like dominoes.
    There is also a very strong possibility that Cyprus could be forced to leave the euro, and if that happens everyone will be wondering who will be next to leave the common currency.
    So don’t think for a second that the crisis in Cyprus is over. The banking meltdown is just getting started, and the consequences could end up being far more dramatic than any of us could possibly imagine.

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  17. Λόκο permalink
    Μαρτίου 20, 2013 14:55

    Cyprus considering capital restrictions if banks reopen: official http://reut.rs/WDs6jX

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  18. Πάππος permalink
    Μαρτίου 20, 2013 15:09

    Η πρώτη του πολιτική πράξη ήταν η εξαγγελία της πρόθεσης του για ένταξη στον συνεταιρισμό για την ειρήνη(;) και γιατί όχι και στο Νατο! Ο ανόητος, ο βλάκας. Ο ΜΑΛΑΚΑΣ. Τώρα κάνει πίπες του Μπούτιν. Εκλιπαρεί βοήθεια από τη Ρωσσία ο ξεφτιλισμένος. Ο ανόητος, ο βλάκας. Ο ΜΑΛΑΚΑΣ. Πως θα περάσουν αυτά τα πέντε χρόνια θεέ μου, πως θα περάσουν; ΜΕ ΤΟ ΜΑΛΑΚΑ.

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    • strovoliotis permalink*
      Μαρτίου 20, 2013 15:23

      Πάππο, χρειάζεται πραγματικά πολύ θράσος για να λέει κάποιος τέτοιες κουβέντες! Ούτε εγώ νοιώθω ικανοποιημένος από τη διαχείριση του Αναστασιάδη. Εσύ θα μπορούσες να το κάνεις καλύτερα αν έβρισκες μπροστά σου το απόλυτο χάος και ουσιαστική χρεοκοπία;
      Αν έχεις απωθημένα να τα βγάλεις εκεί που πρέπει.

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      • Λόκο permalink
        Μαρτίου 20, 2013 15:38

        Ακόμα να το σβησεις.

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        • strovoliotis permalink*
          Μαρτίου 20, 2013 15:51

          Σβήνονται μόνο ανάρμοστα, επί προσωπικού σχόλια. Τα άλλα συνιστούν εκθέσεις ιδεών προς αναπαραγωγή ή αποφυγή.

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      • Μελαθκιώτης permalink
        Μαρτίου 20, 2013 18:00

        Ελα Πάππο μου να σου δείξω τ’αμπέλια σου….Εμάς να δεις πόσο επρίστηκε το φλαντζί μας ώσπου να περάσουν τα 5 χρόνια του Αχριστόφια

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  19. Λόκο permalink
    Μαρτίου 20, 2013 17:14

    ‘Cyprus no longer part of Eurozone’ — RT http://rt.com/op-edge/cyprus-no-longer-part-eurozone-544/

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  20. strovoliotis permalink*
    Μαρτίου 20, 2013 17:46

    European Commission statement on Cyprus
    Since the autumn of 2011, the possibility of assistance to Cyprus under a programme has been under discussion by the Cypriot authorities with the Commission. In July 2012, Cyprus formally asked for assistance under a programme. The need for assistance comes essentially from problems in the Cypriot banking sector which was unsustainably large for the size of the Cypriot economy. However, it was not possible to conclude negotiations on a programme with the previous Cypriot government.

    Finally, last Saturday, in the Eurogroup, there was a unanimous agreement between the Member States including Cyprus on a programme that met the conditions fixed by the Member States, the ECB and the IMF, agreeing to lend EUR 10 bn to Cyprus. These conditions included reaching an acceptable level of debt sustainability and the corresponding financing parameters.

    Whilst this programme did not in all its elements correspond to the Commission’s proposals and preferences, the Commission felt the duty to support it since the alternatives put forward were both more risky and less supportive to Cyprus’s economy.

    This programme was not accepted by the Cypriot parliament.

    It is now for the Cypriot authorities to present an alternative scenario respecting the debt sustainability criteria and corresponding financing parameters.

    The Commission has done its utmost to assist Cyprus and to work for a Constructive and managed solution. However, decisions are taken by the Member States and no decision can be taken without their cooperation including Cyprus itself. The Commission continues to stand ready to facilitate solutions and is continuing contacts with Cyprus, the other Member States in the Eurogroup, the EU institutions and the IMF.

    Regarding the one off levy on deposits BELOW 100.000 €: The Commission made it clear in the Eurogroup BEFORE the vote in the Cypriot parliament, that an alternative solution respecting the financing parameters would be acceptable, preferably without a levy on deposits below 100.000 €. The Cypriot authorities did not accept such an alternative scenario.

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  21. Λόκο permalink
    Μαρτίου 20, 2013 18:02

    A Russian bailout of Cyprus is a terrible, terrible idea |
    http://www.businessweek.com/articles/2013-03-20/why-a-russian-bailout-of-cyprus-is-such-a-bad-idea

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