Gold Reaches New Highs, Nearly Touching 2,400 USD per Ounce
In the early hours of Friday trading, the price of gold surged to an unprecedented peak, nearing the 2,400 USD per ounce mark
World | April 12, 2024, Friday // 12:08
Cyprus May Launch Special Fund to Qualify for Bailout
World | March 21, 2013, Thursday // 20:37
- Tweet
Send to Kindle
Banks in Cyprus will remain shut until Tuesday to prevent mass withdrawals. Photo by EPA/BGNES
Cyprus plans to launch a state investment fund to raise billions of euros required to qualify for a EUR 10 B international bailout.
The new package of measures is still under discussion to reach a target of EUR 5.8 B demanded by the EU and IMF, and may include a revised bank levy.
BBC has cited correspondents as saying that the new plan may include nationalising pension funds of semi-public companies and limiting the bank levy to deposits above 100,000 euros.
Political leaders discussed the options with President Nicos Anastasiades on Thursday, and the package is expected to be studied by the government shortly.
The European Central Bank (ECB) 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.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
Related Articles:
Bulgaria's Housing Market Surges as Banks Inject Billions in Credit
Bulgarian banks have injected approximately 3.7 billion in additional credit resources into the housing market over the past year alone, with a staggering total of over 8 billion in the last three year
Bomb Attack Targets Anti-Racist Organization In Cyprus, Human Rights Defenders Increasingly At Risk In Europe
On the early morning of January 5th 2024, KISA, an anti-racist organization based in Cyprus, endured a violent and targeted attack in its offices
Bulgaria’s Finance Minister: There are enough Funds to cover the Damages from the Floods
In the budget adopted at the end of July, the fund for disasters and accidents was increased and there are enough resources in the fund
Politics | September 7, 2023, Thursday // 14:24
US Banks want Guaranteed Deposits and more than 250,000 Dollars to avoid a Contagion of Bankruptcies
A group of mid-sized US banks has called on US federal regulators to guarantee all their customers' deposits for 2 years, even if they are above the guaranteed deposit limit of up to $250,000
World | March 19, 2023, Sunday // 08:07
Janet Yellen: The Banking System is Stable after the "Decisive" Actions taken
The US banking system remains stable and Americans can feel confident that their deposits will be available when they are needed, thanks to the 'decisive and strong' action taken after Silicon Valley Bank's (SVB) failure to deal with the outflow of deposi
World | March 17, 2023, Friday // 08:55
Devastation in Dnipro: Eight Killed in Russian Airstrike
A Russian airstrike on the city of Dnipro in central Ukraine has resulted in the loss of at least eight lives and left 21 individuals wounded
Ukraine Claims Destruction of Russian Strategic Bomber
Ukraine's military announced the destruction of a Russian Tu-22 strategic bomber, allegedly involved in nighttime airstrikes targeting Ukrainian cities
Trump Shifts Stance: Emphasizes Importance of Ukraine's Survival Amid Aid Package Debate
In a notable shift of tone, former President Donald Trump acknowledged the significance of Ukraine's survival to the United States
US Blocks UN Resolution for Palestinian State Recognition Despite Global Support
In a move sparking controversy and diplomatic ripples, the United States wielded its veto power at the United Nations to thwart a resolution advocating for the recognition of a Palestinian state
World | April 19, 2024, Friday // 08:47
Ukraine Upgrades Bulgarian Armored Personnel Carriers for Frontline Deployment
Ukraine's defense industry is embarking on a comprehensive overhaul of Bulgarian armored personnel carriers (APCs), which are slated to be deployed to the frontline in the near future
NATO will Deploy Patriot Air Defense Systems in Ukraine
NATO has announced plans to send Patriot air defense systems to the embattled nation
