Cyprus
Draghi enters fray to defend Cyprus central bank independence
ECB president warns Cyprus government against violating the central bank’s independence by dismissing its governor; says any gold sales should benefit the central bank ‘first and foremost’
Cyprus deputy sacked after two months
President revokes contract of central bank’s first ever deputy governor, whose ethnic Greek heritage made his appointment unconstitutional
Draghi promises Cyprus bail-out is ‘no template’
Mario Draghi says an established pecking order of ‘bail-inable’ debt will avoid repeating the chaotic resolution in Cyprus; ECB and BoE both hold rates
IMF strikes €1 billion funding deal with Cyprus
Staff team agrees Fund’s contribution to overall bail-out package; Christine Lagarde praises Cyprus’s ‘ambitious’ programme of reforms
Cyprus strikes last minute bail-out deal
Eurosystem agrees to €10 billion bail-out package after Cyprus vows to honour deposit insurance and resolve failing banks; questions remain over capital flight when banks re-open
ECB threatens to cut off liquidity support to Cyprus
Governing council says no more emergency liquidity will be provided to Cypriot banks if a deal is not reached by Monday; negotiations continue and banks will remain closed into next week
Central Bank of Cyprus governor tells government to scrap small-depositor levy
Panicos Demetriades says government should apply heavier haircut to depositors above €100,000 threshold and spare those below; predicts run when banks re-open on Thursday
Robert Pringle’s Viewpoint: Wider lessons of the Cyprus bail-out
The clumsy attempts to resolve a banking crisis in Cyprus underline the need to make more rapid progress on wider issues afflicting much larger financial markets in Europe
Eurozone rocked by Cypriot depositor haircut plan
Markets take a hit, peripheral bond yields rise and commentators raise fears of contagious bank runs as Cypriot parliament debates plans to take 6.75% haircut from ‘insured’ depositors
Central Bank of Cyprus defends re-hirings
Central bank employs three members of staff who had previously taken early retirement; defends decision as beneficial in ‘special circumstances’
Cyprus may create ‘bad bank’ as part of reforms
Panicos Demetriades outlines plans to monitor undercapitalised banks and possibly create a ‘bad bank’; Irish chief economist says the burden of austerity measures must be shared
EBA positive on capital buffer progress
European Banking Authority says majority of banks met 9% capital requirement by June deadline; four banks fell below threshold and are receiving support
Cyprus governor urges fast implementation of SSM
Panicos Demetriades says the adoption of the single supervisory mechanism in Europe is a ‘matter of urgency’; says banking union is particularly important for Cyprus
Former Cypriot governor says OMTs will not suffice
Athanasios Orphanides says ECB's bond purchase programme will not achieve long-term financial stability; says a political problem requires a political solution
Central Bank of Cyprus calls in external investigators
Professional services firm to look into the circumstances that led two Cypriot banks to seek state support; investigation starts today
Central Bank of Cyprus supports bailout request
Central bank recognises need for European help to recapitalise Cypriot banks; commits to supporting efforts to finalise the bailout
Central Bank of Cyprus governor warns austerity is not enough
Panicos Demetriades calls on government to work alongside the central bank in getting the economy back on track; acknowledges impact the crisis in Greece is having on Cyprus
Moody’s downgrades Cyprus to junk status
Rating agency drops rating for Cypriot government bonds to Ba1; says concerns over banking sector’s exposure to Greece are to blame
Cyprus central bank pay freeze passes ECB scrutiny
European Central Bank says Cypriot public sector wage freeze does not threaten the central bank’s ability to perform its tasks independently from government
Cyprus governor warns country has 'lost credibility'
Athanasios Orphanides tells parliamentary committee that budget measures must be pushed through quickly to restore confidence in Cyprus; warns the country has lost credibility
New dawn of cooperation in Cyprus
Relationship between finance ministry and central bank set to be much closer after government reshuffle; working together to consolidate fiscal situation in Cyprus
Cyprus fiscal woes deepen as Moody’s downgrades
Moody’s downgrades Cyprus two notches as country’s fiscal problems force government to resign
Fitch downgrades Cyprus over threat of Greek contagion
Fitch downgrades Cyprus three notches to A- amid concerns over Cypriot banking sector’s exposure to Greece
Cyprus’s Orphanides on risk of activist approach to monetary policy
Central Bank of Cyprus governor Athanasios Orphanides warns use of monetary policy to attain objectives other than price stability may be harmful