Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/26/2013 (1 year ago)

Catholic Online (www.catholic.org)

Measure intended to 'ensure the smooth functioning of the entire banking system'

In a statement that has shocked the island nation already reeling from economic setbacks, all Cyprus banks will remain closed until Thursday, the central bank has announced.

Cyprus President Nicos Anastasiades says that the nation's bailout deal with the EU was 'painful,' but the best under the circumstances.

Cyprus President Nicos Anastasiades says that the nation's bailout deal with the EU was "painful," but the best under the circumstances.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

3/26/2013 (1 year ago)

Published in Europe

Keywords: Cyprus, bank closures, Cyprus President Nicos Anastasiades


LOS ANGELES, CA (Catholic online) - Finance Minister Michael Sarris says that the decision was rendered in order to "ensure the smooth functioning of the entire banking system." The measure was made on the recommendation of the Central Bank Governor Panicos Demetriades.

All but two of the country's largest lenders, Laiki and Bank of Cyprus, would reopen on Tuesday morning, authorities say.

A withdrawal limit from ATMs of 100 euros, or $130 in U.S. dollars a day is expected to continue.

Cyprus banks have been closed since March 16 to avert a run on deposits. Politicians here have struggled to come up with a plan that would raise enough funds to qualify for an international bailout.

An earlier, very controversial plan to seize up to 10 percent of people's bank accounts had spooked depositors and was soundly rejected by politicians.

Cyprus President Nicos Anastasiades says that the nation's bailout deal with the EU was "painful," but the best under the circumstances. 

The newly elected conservative president said he had taken the "painful decisions to save the country from bankruptcy" and pledged that Cyprus "would find its feet again."

Anastasiades said his mission during talks with international creditors had been an "extremely difficult task with one sole aim - to achieve the salvation of our country through the consolidation and streamlining of our banking system."

He assured that the measures will be "very temporary.

"The central bank will implement capital controls on transactions," he said in the address. "I want to assure you that this will be a very temporary measure that will gradually be relaxed."

Popular Bank, the island's second largest bank, also known as Laiki, will be closed and all deposits below 100,000 euros will be shifted to the Bank of Cyprus, the island's top lender, to create a "good bank."

Deposits above 100,000 euros in both banks, which are not guaranteed under EU law, will be frozen and used to resolve Laiki's debts and recapitalize the Bank of Cyprus.

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2014
Peace:
That the Lord may grant peace to those parts of the world most battered by war and violence.
World Mission Day: That World Mission Day may rekindle in every believer zeal for carrying the Gospel into all the world.



Comments


More Europe

Massive Viking treasure horde discovered HOW?!? Watch

Image of A 47-year-old British man uncovered one of the largest Viking artifact hordes ever discovered, which has over hundreds of artifacts.

By Catholic Online (NEWS CONSORTIUM)

A British man has found the largest collection of Viking artifacts ever in Scotland, using-of all things--a metal detector. LOS ANGELES, CA (Catholic Online) - Derek McLennan found the trove on land belonging to the Church of Scotland in the area of Dumfries and ... continue reading


Pope Francis Makes Another Impassioned Plea for Christian Unity Watch

Image of Divisions among us, but also divisions among the communities: evangelical Christians, orthodox Christians, Catholic Christians, but why divided? We must try to bring about unity. Let me tell you something, today, before leaving home, I spent 40 minutes more or less, half an hour, with an evangelical pastor. And we prayed together, seeking unity. But we Catholics must pray with each other and other Christians. Pray that the Lord gift us unity! Unity among ourselves! How will we ever have unity among Christians if we are not capable of having it among us Catholics, in the family, how many families fight and split up? Seek unity, unity builds the Church and comes from Jesus Christ. He sends us the Holy Spirit to build unity! - Pope Francis

By Deacon Keith A Fournier

Dear friends, let us therefore proceed towards full unity! History has separated us, but we are on the path towards reconciliation and communion! And this is true! And we must defend it! We are all on the path toward communion. And when the goal seems too ... continue reading


'Titanic of the Ancient World' yielding priceless, new treasures Watch

Image of In their assessment of the ship's size, the team also brought up several new artifacts including tableware and an enormous bronze spear, pictured below, that's believed to have been part of a giant statue.

By Catholic Online (NEWS CONSORTIUM)

The ancient Antikythera shipwreck, a Greek vessel that sank more than 2,000 years ago in the Aegean Sea has long captivated archaeologists. Since sponge divers discovered it in 1900, researchers have long referred to it in order to understand a foregone ... continue reading


Belgium strikes back against leaders of national Islamist group Watch

Image of Fouad Belkacem alias Abu Imran, the spokesman for the Sharia4Belgium Islamist group, and one of those put on trial.

By Catholic Online (NEWS CONSORTIUM)

Belgium has started its largest-ever terrorism trial in the port city of Antwerp. Here, 46 members of the Sharia4Belgium Islamist group are being charged with recruiting scores of young Muslims to fight for the Islamic State. LOS ANGELES, CA (Catholic Online) - ... continue reading


Catholic Church must use power to protect Christians against radical Islam, bishop says Watch

Image of The Pakistan-born bishop, an outspoken defender of Christian rights in his native land before coming to United Kingdom, says that the time is nigh for Rome to take a stand.

By Catholic Online (NEWS CONSORTIUM)

The Catholic Church must use its global power to protect Christians threatened by Islamic militancy and secularism. That was the message delivered by prominent Anglican Bishop Michael Nazir-Ali. The Pakistan-born bishop, an outspoken defender of Christian ... continue reading


Ebola cases spreading through Europe deemed 'unavoidable' by health official Watch

Image of While European health workers were most at risk of becoming infected, but added that

By Catholic Online (NEWS CONSORTIUM)

With the news of a Spanish nurse infected with the Ebola virus, World Health Organization European Director Zsuzsanna Jakab has declared that the spread of Ebola across Europe is "quite unavoidable." She assures the world that Europe is still at low risk and ... continue reading


Extraordinary Synod on the Pastoral Care of the Family Begins. Stop Fighting and Start Praying Watch

Image of

By Deacon Keith A Fournier

Too much of the back and forth online concerning the Extraordinary Synod on the Pastoral care of the family has only fanned the fires of fear among God's people. It has also given those who oppose the Church, and her liberating message of truth, fodder for their ... continue reading


Discovered artwork asks -- Was Jesus Christ clean-shaven? Watch

Image of Throughout history, the Messiah has been depicted in a variety of ways through holy art -- bearded, clean shaven, light skin, olive skin, long hair, short -- each interpretation reflecting the prevalent society's ideas regarding Him.

By Catholic Online (NEWS CONSORTIUM)

The popular depiction of Jesus Christ in Western art usually shows him with flowing, long blond hair and beard. This depiction may not necessarily be the case. Archaeologists in Spain say they have found one of the world's earliest known images of Jesus ... continue reading


Euthanasia takes mounting toll in the Netherlands Watch

Image of Euthanasia in the Netherlands is

By Catholic Online (NEWS CONSORTIUM)

Since legalizing euthanasia seven years ago, the Netherlands has seen a dramatic spike in the number of people who have elected to medically terminate their lives. Intended to ease the suffering of those with terminal cancer, a growing number of patients ... continue reading


Is Pope Francis a Charismatic? Yes, But In the Fullest Sense of the Word Watch

Image of Pope Francis is a good pastor, who wants to ensure that participants in all of these ecclesial movements not fall prey to the danger which enthusiastic movements often face, turning inward or becoming, to use one of his favorite words of warning to the whole Church, self-referential.

By Deacon Keith A Fournier

A charism is a grace, a gift lavished by God the Father, through the action of the Holy Spirit. And it is a gift that is given to someone, not because he is better than others or because he merited it: it is a gift that God makes so that, with the same ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Ephesians 2:1-10
1 And you were dead, through the crimes and the ... Read More

Psalm, Psalms 100:2, 3, 4, 5
2 serve Yahweh with gladness, come into his presence ... Read More

Gospel, Luke 12:13-21
13 A man in the crowd said to him, 'Master, tell my ... Read More

Saint of the Day

Saint of the Day for October 20th, 2014 Image

St. Paul of the Cross
October 20: St. Paul of the Cross was born at Ovada in the Republic of ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter