Bulgaria Has EUR 100 M in Cypriot Banks

Bulgarian individuals and companies, which are not banks, have a total of EUR 100 M in deposits in Cypriot banks, according to data of the Central European Bank.

The total amount of deposits is EUR 107.8 B, of them EUR 38.2 B belong to other banks, while the rest are owned by private companies and individuals.

Of the latter, Cyprus citizens have deposits in the amount of EUR 56.6 B.

Among foreign citizens, Russians hold the lead. According to estimates, Russian private and corporate assets in Cypriot banks are believed to total anywhere from EUR 23 B to EUR 35 B.

Among EU Member States, Greeks have the most money in Cypriot banks – EUR 4.7 B, followed by the Brits with EUR 2 B.

The European Central Bank said in a statement Thursday it would continue to provide emergency financing to Cypriot banks until Monday. After that, such assistance could be discussed only if a program of EU-IMF is in place to guarantee the stability of these banks.

Banks in Cyprus are to stay closed until next Tuesday.

The banks have been shut all week to prevent mass withdrawals. Monday is a day off in Cyprus, thus the Tuesday opening day.

Greek branches of Cypriot banks are also going to remain closed at least until March 25.

The president of Cyprus is going to present later Thursday to political leaders a "Plan B" for funding the controversial bailout. One official is quoted saying that the new package would include "some form" of Russian help

Politicians in Nicosia have been scrambling to find a way forward after a bank levy of 10% on deposits between EUR 20 000 and EUR 100 000 was rejected by the Parliament Tuesday.