Nikos Christodoulides Elected President Of Cyprus In A Run-Off Vote On Sunday

 

The Guardian: Nikos Christodoulides elected Cyprus’s president with 52% of vote  

Former foreign minister, who ran as independent, was backed by groups hostile to talks on island’s reunification 

Nikos Christodoulides, a former foreign minister, has been elected the eighth president of Cyprus, beating the career diplomat Andreas Mavroyiannis in a high-stakes, closely fought race. 

Christodoulides, 49, won 51.92 per cent of the vote compared with 48.09 per cent for his opponent, who had been backed by the leftist party AKEL. A mere 15,041 ballots had divided the loser from the winner. 

“Tonight a long but beautiful journey has come to an end,” said Mavroyiannis, a former chief negotiator in peace talks with Turkish Cypriots, conceding defeat. “It gave me the opportunity to meet thousands of people and hopes and dreams for our country.”  

Read more .... 

 Nikos Christodoulides Elected President Of Cyprus In A Run-Off Vote On Sunday  

Ex-minister Christoulides wins Cyprus presidential election -- AP  

Cyprus politician Christodoulides wins presidential vote -- Reuters  

Cyprus ex-foreign minister Christodoulides elected youngest president -- France 24 

Cyprus vote: Christodoulides to become new president -- DW 

Cyprus’ ex-Foreign Minister Christodoulides elected president -- Politico.eu

Turkey Still Fuming Over The US Decision To Lift Its 35-Year-Old Arms Embargo On Cyprus

US Army CH-47 Chinook helicopters fly over the coast of Cyprus in January 2020. US Army/Maj. Robert Fellingham  

Insider: A quiet US move in the Mediterranean may help put more pressure on Russia, but not everyone in NATO is happy about it 

* The US lifted its 35-year-old arms embargo on the Republic of Cyprus in September. 

* That could allow Cyprus to receive modern US arms and to send its Russian-made weapons to Ukraine. 

* But the US decision has rankled Turkey, which is at odds with NATO ally Greece over the island. 

In September, the US lifted its longstanding arms embargo on the Republic of Cyprus, allowing the island country to purchase or receive US arms beginning in October. 

 The embargo was imposed in 1987 to limit the amount of weaponry on the island in support of efforts to reunify the Republic of Cyprus and a Turkish-occupied region on the northern part of the island. 

The US partially lifted the embargo in 2020, and the decision now to lift it fully reflects the shifting geopolitical situation in the Eastern Mediterranean and is a sign of reduced Russian influence in the region.  

Read more ....  

WNU Editor: The whole purpose of lifting the arms embargo on Cyprus was to permit Cyprus to receive modern US arms while sending its Russian-made weapons to Ukraine. Apparently that is not going to happen .... Anastasiades: Cyprus will not send weapons to Ukraine (Ekathimerini), but Turkey is still fuming.

Turkish President Erdogan Pushes For A Two-State Solution In Cyprus

Turkish President Erdogan and Turkish Cypriot leader Tatar attend a news conference in Ankara

Reuters: Turkey's Erdogan says it's time for two-state solution in Cyprus 

ANKARA (Reuters) - Turkish President Tayyip Erdogan said on Monday it was time for a realistic proposal about a two-state solution on the divided island of Cyprus to be discussed, and added that the parameters of the current talks were not sustainable. 

Cyprus was split after a Turkish invasion in 1974 triggered by a brief Greek-inspired coup. The European Union admitted the island into the bloc in 2004, represented by the internationally recognised Greek Cypriot government in the south. 

Its north is a breakaway Turkish Cypriot state only recognized by Ankara. 

Read more .... 

Update #1: Erdogan provocatively says it’s time for two-state solution in Cyprus (In-Cyprus) 

Update #2: Erdoğan wants to attend ‘picnic’ in Cyprus’ Varosha (Hurriyet Daily News) 

WNU Editor:With the exception of Turkey. No one else is going to recognize this separate Cyprus state.

Erdogan-Backed Candidate Tatar Wins Surprise Victory In North Cyprus Presidential Poll

 

Al Jazeera: Ersin Tatar elected new Turkish Cypriot leader 

Right-wing nationalist secures victory over incumbent Mustafa Akinci at runoff vote. 

Right-wing nationalist Ersin Tatar has won a leadership runoff vote in the self-declared Turkish Republic of Northern Cyprus (TRNC). 

With all of the ballots counted, the Ankara-backed Tatar secured 51.74 percent of the vote on Sunday, ahead of the incumbent Mustafa Akinci, at 48.26 percent, according to official media. 

Tatar had won 32.5 percent of the vote in last week’s first round, with Akinci closely following with 29.84 percent. 

The TRNC is recognized as an independent state only by Turkey. Other countries consider it part of Cyprus. The island’s internationally-recognized government has its seat in the Greek Cypriot south and is a member of the European Union. 

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WNU Editor: The vote was close .... Turkish Cypriot broadcaster BRT says with 100% of the votes counted, Ersin Tatar secured 51.74% of the vote compared to 48.26% for Mustafa Akinci. What does this mean? This will end any movement toward reconciliation between the Turk and Greeek communities on the island. 

 More News On North Cyprus Presidential Poll 

Turkish Cypriot hardliner beats leftist in leadership runoff -- AP 

Erdogan-backed Tatar wins surprise victory in North Cyprus presidential poll -- Middle East Eye 

Ersin Tatar wins TRNC presidential elections -- Daily Sabah 

Turkish Cypriots vote in presidential second-round poll -- DW

In A Rebuke To Turkey, U.S. Congress Ends Arms Embargo To Cyprus

Cyprus was divided in 1974 when Turkey invaded after a coup engineered by the then military regime in Greece [File: Yiannis Kourtoglou/Reuters]

AFP: US Congress ends Cyprus arms embargo, in blow to Turkey

Washington (AFP) - The US Congress voted Tuesday to lift a decades-old arms embargo on Cyprus, defying Turkey by seeking warmer ties at a time of renewed tensions.

The Senate approved the measure as part of a massive defense spending bill that passed 86 to eight and already went through the House of Representatives, with President Donald Trump likely to sign it.

The United States imposed an embargo on the full island in 1987 with an aim to prevent an arms race and encourage a peaceful settlement between the Greek majority and Turkish minority.

Critics say the step has been counterproductive by forcing Cyprus to seek other partners while Turkey, a NATO member, has stationed forces in northern Cyprus since its invasion in 1974.

Read more ....

Update: Congress sides with Cyprus against Turkey as eastern Mediterranean heats up (Al-Monitor).

WNU Editor: Turkey has responded .... Turkey warns of 'escalation' if US ends Cyprus arms embargo (Al Jazeera). More here .... Turkey objects to attempts to lift US arms embargo (Cyprus Mail).

Cyprus Reunification Talks Stall Over Turkish Demands To Maintain A Military presence On The Island

Irish Times: Cyprus talks halted over security impasse

Sharp divisions over Turkish insistence on continued military presence on island

Talks in Geneva to reunite Cyprus broke up overnight amid sharp divisions over new security arrangements as Turkey insisted on maintaining a military presence on the divided Mediterranean island.

Negotiators for Greek Cypriot and Turkish Cypriot communities plan a fresh effort next week to break the logjam after the foreign ministers of Greece, Turkey and Britain stepped back from the process.

Cyprus has been split along ethnic lines since 1974, when Turkey invaded and occupied its northern third in response to an Athens-inspired coup aimed at uniting the island with Greece. A UN buffer zone divides the breakaway Turkish-Cypriot state, recognised only by Ankara, from the Greek-Cypriot state, an EU member.

Read more ....

More News On The Cyprus Reunification Talks

Cyprus reunification talks stall over question of security -- The Guardian
Cyprus peace talks end with optimism, but Turkey won't remove troops -- UPI
Erdogan: Turkey to remain guarantor of reunified Cyprus -- AP
Cyprus talks: Erdogan dismisses full Turkish troop withdrawal -- BBC
Cyprus talks: Turkish troops will remain on island, vows Erdoğan -- The Guardian
Cyprus president foresees 'radical' reform of island's security -- France 24
Significant Progress Made in Cyprus Reunification Talks -- Sputnik
Roadmap agreed at Cyprus reunification talks – Turkish FM -- RT
Why hopes are so high about the talks to reunify Cyprus -- Max Bearak, Washington Post
Cyprus: Reunification Talks End Without A Deal -- Stratfor

Cyprus Leaders Resume Peace And Unity Talks In Geneva

Reuters: Cyprus leaders seek deal in 'historic opportunity' for peace

The leaders of both sides of ethnically divided Cyprus began new unification talks on Monday but sought to temper hopes of a swift breakthrough, though its U.N. envoy said a deal to resolve one of Europe's most enduring conflicts was within reach.

Turkish Cypriot leader Mustafa Akinci and Greek Cypriot President Nicos Anastasiades, launched a week of consultations in Geneva to tackle dozens of disagreements stemming from the 1974 division of the Mediterranean island. The talks will focus initially on how to handle property disputes stretching back more than 40 years.

But with several past reconciliation efforts having failed, both leaders have been careful this week to cool expectations of a quick fix. The United Nations special envoy for Cyprus also said on Monday that the talks were open-ended.

Read more ....

WNU Editor: These talks are not going to be easy. There are too many unresolved issues that are still on the table.

More News On Cyprus Unification Talks

Cyprus leaders tackle power-sharing in Geneva peace talks -- AP
Cyprus leaders meet in Geneva to negotiate peace deal -- DW
Cyprus reunification: Greek and Turkish leaders of divided island enter final stages of peace talks -- The Independent
Cyprus Crisis to Be Settled After All Disputable Issues Resolution - Official -- Sputnik
No breakthrough in sight at Cyprus talks -- Europe Online Magazine
Cyprus peace talks begin on future of divided island -- BBC
Expectations over Cyprus talks tempered -- Ekathimerini
Turkey seeks free movement of people, goods in Turkish Cyprus in post-agreement era -- Hurriyet Daily News
Cyprus deal carries rewards and risk -- Financial Times
How will Cyprus peace deal affect holidays to the divided island? -- The Independent

Cyprus Reconciliation Talks Break-Down Even Before They Start

Cyprus' President Nicos Anastasiades speaks during a news conference at the Presidential Palace in Nicosia, Cyprus April 7, 2016. REUTERS/YIANNIS KOURTOGLOU

Reuters: Cyprus president cuts short Turkey trip after protocol row

Cyprus's president canceled scheduled peace talks and cut short a visit to Turkey on Tuesday, his spokesman said, after a United Nations summit treated the rival Turkish Cypriot leader as a head of state.

The protocol row underscored the sensitivity and complexity of the Cyprus conflict, a decades-old conundrum that generations of diplomats and an army of peacemakers have failed to crack.

It was also an unexpected hiccup in an otherwise positive progression of peace talks between Greek and Turkish Cypriots.

President Nicos Anastasiades was in Turkey attending a U.N. humanitarian summit but refused to attend a banquet for heads of state on Monday evening because Turkish Cypriot leader Mustafa Akinci, who represents breakaway north Cyprus, was also invited.

Turkey is the only country that recognizes the breakaway North Cyprus statelet.

Read more ....

Update #1: Cyprus leader calls off peace meeting after snub (AFP)
Update #2: Cyprus peace talks: Anastasiades upset by dinner invite (Al Jazeera)

WNU Editor: Someone screwed up big-time in the UN .... or was pressured to invite the Turkish Cypriot leader to this state dinner. Being a former diplomat who has worked at the UN I can tell you that such things do happen ... but rarely .... the protocols are very strict and the UN abides by them as closely as possible. My guess .... and it is just a guess .... is that someone in the UN was pressured by the Turkish government to do this, and they did so without thinking of the consequences.

U.S. Secretary of State John Kerry: 'Peace 'Within Reach' On Cyprus

(L-R) Turkish Cypriot Leader Mustafa Akinci, U.S. Secretary of State John Kerry and Cyprus President Nicos Anastasiades shake hands before a dinner at the UNFICYP Residence in Nicosia, Cyprus, December 3, 2015. REUTERS/Jonathan Ernst

Reuters: Kerry says peace 'within reach' on Cyprus

Peace is within reach in Cyprus, U.S. Secretary of State John Kerry said on Thursday as he watched children from both sides of the divided island play basketball together.

Kerry is the latest foreign official to voice optimism that a deal may finally be at hand to reunite the east Mediterranean island, divided since 1974.

Popular Greek and Turkish Cypriot leaders want a settlement, Greece and Turkey have other problems, and the discovery of offshore gas could cushion the cost.

"In recent months, it has become clear that the ground really is shifting and tangible progress is being made," Kerry said after separate meetings with Greek Cypriot leader Nicos Anastasiades and Turkish Cypriot leader Mustafa Akinci. The three planned to dine together afterwards.

WNU Editor: The island has been divided since the Turkish invasion in 1974. It's unification is long overdue.

More News On Hopes That A Peace Deal Is Within Reach On Cyprus

John Kerry says peace deal in Cyprus 'within reach' -- DW
Kerry: Peace 'Within Reach' on Cyprus -- VOA
Kerry says Cyprus could become model for the Middle East -- Washington Post
Kerry: Cyprus solution is within reach -- Cyprus Mail

Terror Suspect Arrested In Cyprus Linked To Hezbollah Leader

A policeman stands guard at a house where police discovered almost two tonnes of ammonium nitrate, in Larnaca, Cyprus, May 29. (photo credit:REUTERS)

Jerusalem Post: Cyprus arrest of Hezbollah man 'uncovered large-scale Iranian terror plot across Europe'

Israeli security sources believe Hezbollah kept a storeroom hiding massive quantity of explosives in Cyprus for an Iranian-orchestrated terror campaign against Israel.

Israeli security sources are closely monitoring the arrest and investigation of a suspected Hezbollah operative in Larnaca, Cyprus, who was caught in possession of a massive quantity of explosive material.

Cypriot police suspect that a man arrested on Wednesday was planning an attack on Israeli interests on the island after they found almost two tons of ammonium nitrate in his basement, newspapers on the island reported Friday.

The 26-year-old man, who is Lebanese-born and has a Canadian passport, was detained after authorities discovered the stockpile.

Update #1: Bomb Suspect in Cyrus Linked to Hezbollah, Hassan Nasrallah -- Algemeiner
Update #2: Cyprus : Lebanese bomb suspect ‘linked to Hezbollah chief -- Ya Liban

WNU Editor: You would think that with Hezbollah being fully engaged in the Syria and Iraq wars that their focus would not be on starting a terror campaign in Europe .... but it appears that this is not the case.

To Pay The Bills Cyprus Will Permit Russian Military Aircraft To Use An Airbase In Paphos

Cyprus Considering Russian Military Use Of Airbase, Port Facilities -- UPI

Financially strapped Cyprus is looking at allowing Russian military aircraft to use an airbase in Paphos, the country's defense minister said over the weekend.

LARNARCA, Cyprus, June 24 (UPI) -- Financially strapped Cyprus is looking at allowing Russian military aircraft to use an airbase in Paphos, the country's defense minister said this weekend.

Cypriot Defense Minister Fotis Fotiu told the Nicosia daily Fileleftheros the country was "studying the possibility of providing in certain cases" the use of the Andreas Papandreou Air Force Base for Russian military aircraft.

He also indicated allowing Russian warships to use the port of Limassol was under consideration, less than two weeks after Russian President Vladimir Putin announced the restoration of a permanent presence for the Russian fleet in the Mediterranean.

Read more ....

My Comment: Cyprus is not a part of NATO .... they are free to do what they want. But for Russia this is big news .... they now have a plan B for their naval forces in the Mediterranean in the event that their naval base in Syria is closed down.

The Cyrpus - Euro Crisis -- News Updates March 28, 2013

Chaos In Crisis-Hit Cyprus As Thousands Of Savers Rush To Withdraw Cash From Banks Which Have Opened For First Time In Two Weeks -- Daily Mail

* Armed police and security staff on guard over fears of a run on deposits
* Banks will be open for six hours today from 10am GMT (noon local time)
* Maximum cash withdrawal limit has been set at 300 euros (£250) per day
* Travellers leaving country can only take equivalent of 1,000 euros (£850)
* Curbs will be in place for at least seven calendar days and reviewed daily
* OAP: 'I feel sense of fear and disappointment having to queue like this'
* The stock market will remain closed today 'in order to protect investors'
* Banks shut since March 16 as politicians struggled to secure EU bailout

Ten of thousands of Cypriots scrambled to get hold of what savings they could today after the island's banks opened for the first time in two weeks amid tight restrictions on withdrawals.

There were chaotic scenes outside some banks, with one branch manager in the capital Nicosia forced to placate angry customers clamouring to get in ahead of opening.

Bank staff had turned up for work early as cash was delivered by armoured trucks, while armed police and hundreds of staff from private security firm G4S were placed on standby over fears of a run on deposits.

Read more ....

More News On Cyprus And The EU Debt Crisis

Cyprus crisis: banks reopen after tough capital controls agreed - live -- The Guardian
Cyprus banks reopen: Live Report -- AFP
Cyprus bailout: Live

Cyprus banks reopen with tough cash limits -- CNN
Patient Cypriots line up as banks reopen -- Reuters
An Orderly, if Edgy, Calm as Cypriot Banks Reopen -- New York Times
Patient Cypriots line up as banks reopen -- Reuters
Cyprus banks open after 12-day lockdown -- Al Jazeera
Cyprus banks reopen amid tight security and tough curbs -- BBC
Cyprus banks reopen – but stock exchange will remain closed -- The Guardian
Cyprus to reopen banks, impose capital controls -- Reuters
Cyprus Sets Strict Capital Controls -- Wall Street Journal
Cyprus’s Banks Open After Two Weeks as Controls Curb Panic -- Bloomberg
Cyprus banks re-open; limits on transactions -- Bloomberg Businessweek/AP
Cyprus Banks Reopen With Capital Restrictions -- SKY News
Don't Be Fooled By The Calm In Cyprus -- Sam Ro, Business Insider
Cyprus crisis: Clouds of uncertainty as banks reopen -- Paul Mason, BBC
Factbox: Cyprus imposes capital controls -- Reuters

Commentaries, Opinions, And Editorials On The EU - Cyprus Crisis

One Of The Nastiest And Most Immoral Political Acts In Modern Times -- Max Hastings, The Daily Mail

People who rob old ladies in the street, or hold up security vans, are branded as thieves. Yet when Germany presides over a heist of billions of pounds from private savers’ Cyprus bank accounts, to ‘save the euro’ for the hundredth time, this is claimed as high statesmanship.

It is nothing of the sort. The deal to secure a €10 billion German bailout of the bankrupt Mediterranean island is one of the nastiest and most immoral political acts of modern times.

It has struck fear into the hearts of hundreds of millions of European citizens, because it establishes a dire precedent.

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Commentaries, Opinions, And Editorials On The EU - Cyprus Crisis

Why has Moscow gone silent about Russian money in Cyprus? -- Fred Weir, Christian Science Monitor
A bailout for Cyprus, a geopolitical failure for Russia -- Max Fisher, Washington Post
Moscow’s Mysterious Move on Cyprus -- Owen Matthews, Daily Beast
Cyprus bailout: Russia misses chance for natural gas -- Jen Alic, Christian Science Monitor
Cyprus bailout: Europe's love just got even tougher -- Bill Emmott, The Guardian
Cypriot bailout shows troika to be hapless incompetents -- Fintan O'Toole, Irish Times
The Real Meaning of Cyprus -- Jim O'Neil, Barrons
Cyprus rescue marks "game-changer" for Europe's banks -- Reuters
Cyprus Bailout: Everything You Need To Know Before The Opening Bell -- Forbes
Euro zone bonds stabilise but Cyprus tension persists -- Reuters
Cyprus Deal Sparks Anti-German Mood — and Defenders -- Harvey Morris, International Herald Tribune
Cyprus: Europe Rolls the Dice on its Banks -- Karl Whelan, ForbesQ&A-What next after Cyprus bailout? -- Paul Taylor, Reuters
For Cyprus, a Better Bad Deal -- New York Times editorial

The EU - Cyprus Crisis -- News Updates March 26, 2013

Could Spain And Italy Be Next? Fears That Cyprus-Style Raid On Savings Accounts Will Be Used To Bail Out Struggling Economies -- Daily Mail

* Investors jittery that both countries could need another EU rescue deal
* Spain in recession, Italy struggling to form government to clear huge debt
* EU finance chief suggested Cyprus could be blueprint for future bailouts
* Savers on island with more than £85k could lose up to 40% of their money
* ALL banks in Cyprus to stay closed until Thursday to stop run on deposits
* Cyprus will not to need to vote on deal because bank law already in place
* But Germany may have to hold vote before agreement can take effect

British savers in Spain and Italy could be next to suffer a Cyprus-style raid on bank accounts if those struggling economies fail again, it was warned today.

Investors have reacted nervously in the two countries after it emerged the Cypriot rescue deal could be used as a template for other bail-outs.

Both are seen as the most likely contenders for any future bailouts.

Spain is in recession, having suffered badly from souring property loans, and data points to a further deterioration that will hamper Madrid's efforts to rein in public finances and keep government borrowing under control.

Read more ....

More News On The EU - Cyprus Crisis

Cyprus crisis: Bank workers and students protest, as UK strives for Laiki deal - as it happened -- The Guardian
Cyprus bail-out: live. -- The Telegraph

Eurozone Chief: Personal savings accounts in Spain, Italy will be raided to save euro -- The Telegraph
Banks in Cyprus Remain Closed After Bailout -- Voice of America
Bank of Cyprus Uninsured Deposit Holders Face 40% Haircut-Central Banker -- Wall Street Journal
Cyprus businesses feeling strain as Cyprus bank shutdown enters second week -- Washington Post
">Cyprus students hold protest rally as banks stay shut -- Reuters
Cyprus banks remain closed to prevent run on deposits -- The Guardian
Cyprus to bring in weekly cash curbs. -- BBC
Head of Cyprus’s Biggest Bank Resigns -- New York Times

The Cyprus Bailout -- News Roundup March 25, 2013

Cyprus Reaches Last-Minute Deal On 10 Billion Euro Bailout -- Reuters

(Reuters) - Cyprus clinched a last-ditch deal with international lenders to shut down its second-largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians, in return for a 10 billion euro ($13 billion) bailout.

The agreement came hours before a deadline to avert a collapse of the banking system in fraught negotiations between President Nicos Anastasiades and heads of the European Union, the European Central Bank and the International Monetary Fund.

Without a deal, Cyprus's banking system would have collapsed and the country could have become the first to crash out of the European single currency.

Read more ....

More News On The Cyprus Bailout

Cyprus bail-out: live -- The Telegraph
Cyprus agrees bailout deal with the eurozone - live -- The Guardian

Cyprus reaches ‘painful’ solution with EU to secure bailout and avert bankruptcy -- Washington Post/AP
Cyprus bailout: Large deposits will be seized and second-largest bank closed in €10bn EU bailout deal -- The Independent
Cyprus bailout deal with EU closes bank and seizes large deposits -- The Guardian
Cyprus seals last-minute bailout deal -- Al Jazeera
EU Deal Salvages Cyprus, Shutters Bank for Bailout -- Bloomberg Businessweek
Cyprus bailout deal reached -- Washington Post
EU approves new bailout deal for Cyprus -- CNN
Cyprus, Lenders Reach Bailout Deal -- Voice of America
E.U. Officials Agree to a Deal Rescuing Cyprus -- New York Times
Cyprus bailout stems turmoil -- The Australian
Cyprus agrees €10bn bailout as Barroso says recovery uncertain -- Irish Times
Eurozone ministers reach bailout deal on Cyprus -- New York Daily News/IANS/RIA Novosti
Cypriots Are Suspicious, But Bailout Deal Seems Set -- NPR
IMF Will Decide On Cyprus Bailout Contribution In Coming Weeks: Lagarde -- RTT
Cyprus bailout deal 'fair': German finance minister -- Global Post/AFP
Putin says Russia could restructure Cyprus loan -- AFP
Cyprus Continues to ‘Plunder the Loot’ in Bailout, Medvedev Says -- Bloomberg Businessweek
Russia backstops Cyprus bailout despite anger -- Reuters
Cyprus Deposit Haircut is ‘Legalized Theft’ Says Russian Businessman -- RIA Novosti

Even With An EU Deal, Cyprus Is Facing Disaster

Cyprus Facing Ruin Regardless Of Deal, Islanders Warn -- The Telegraph

Cyprus may be on the verge of hammering out a deal to address its chronic debt crisis but many Cypriots fear that the island’s economy is destined for ruin regardless.

Nicos Anastasiades, the Cypriot president, and Michalis Sarris, his finance minister, are on their way to Brussels for emergency talks over a deal under which deposits of more than 100,000 euros in the Bank of Cyprus will be hit by a 20 per cent levy.

Deposits of more than 100,000 euros in other banks will be targeted by a four per cent forced levy.

Cyprus’s leaders are expected to submit to the drastic plan - which critics call daylight robbery - in return for a 10 billion euro bail-out loan to save the country from bankruptcy.

Read more ....

My Comment: The key sentence in this post is the following ....

.... Around 70 per cent of Cypriots are employed in the financial services and banking sector, a number that dwarfs the 20 per cent working in tourism.

When you start seizing the assets of individuals and companies who have trusted you with their money .... the end result will be the destruction of trust and capital flight. In this crisis .... no one in my lifetime is going to trust Cyprus as a place to park your money. For all intents and purposes ,,,, Cyprus has just destroyed it`s economy. As for the 70% of the workforce that is presently employed by the financial services and banking sector .... most of them are going to be unemployed within 6 - 12 months .... putting even more strain and pressure on whats is already a devastated and battered economy.

Deal Reached Between Cyprus And The EU To Avoid Bankruptcy

Cyprus Bailout: Deal Reached In Eurogroup Talks -- BBC

Eurozone finance ministers have agreed a deal on a 10bn-euro bailout for Cyprus to prevent its banking system collapsing and keep the country in the eurozone.

Reports suggest the deal will include a levy on deposits of more than 100,000 euros in Cyprus's two biggest banks.

The levy on deposits in Laiki (Popular) Bank - the country's second-biggest - could be as high as 40%, reports say.

The European Central Bank had set a deadline of Monday for a deal.

Laiki is also likely to be split into "good" and "bad" banks.

The deal is good news for Cyprus' small account holders, the BBC's Christian Fraser reports from Paris.

Read more ....

More News On The Debt/Financial Crisis In Cyprus

Cyprus bailout: last-ditch deal agreed - live -- The Guardian
Cyprus secures bailout, avoids bankruptcy -- AP
Cyprus Said to Reach Tentative Deal to Avert Default -- Bloomberg
Euro Finance Chiefs Agree to Cyprus Deal Paving Way for Bailout -- Bloomberg Businessweek
Cyprus strikes last-minute EU bailout deal -- The Guardian
Cyprus, Troika Reach Consensus on Key Parameters of Deal-EU Source -- Wall Street Journal
Revamped Cyprus deal to close bank, force losses -- Reuters
Cyprus told: take bank levy or leave euro -- The Guardian

Cyprus Debt - Financial Crisis -- News Roundup March 23, 2013

Cyprus Crisis: 'I'm Scared For Where We're All Headed – It Will Be A Bloody Tuesday' -- The Independent

The island’s banks will reopen next week for the first time since the crisis began. Nathalie Savaricas talks to panicked savers in Nicosia desperate to withdraw their cash


Dimitra Harilaou and her husband led a comfortable life in Nicosia. Her husband’s pension – he used to run a state prison – and the earnings from her electronic equipment store allowed the couple to put some money away in the bank for a rainy day. But after financial crisis hit the island a week ago today their savings, along with those of thousands of other ordinary Cypriots, are now under threat.

Last week, the Cypriot government caused panic when it agreed a deal with 17 eurozone finance ministers in Brussels to impose a tax of up to 9.9 per cent on deposits to qualify for the €10bn (£8.5bn) bailout designed to save the island from bankruptcy – sending people rushing to cash machines to try to withdraw their money. Though those with less that €20,000 in the bank were later exempted, the deal on the table could still see those with between €20,000 and €100,000 lose 6.75 per cent of their savings, and those with over €100,000 lose 9.9 per cent.

Read more ....

More News On The Debt/Financial Crisis In Cyprus

Cyprus crisis: MPs approve bank restructuring and solidarity fund - as it happened -- The Guardian
Cyprus MPs pass banking reforms -- BBC
Cyprus crisis: MPs back solidarity fund but postpone vote on bank levy -- The Independent
Cyprus Adopts Bank Overhaul Plan -- Wall Street Journal
Cyprus Approves Capital Controls as EU Ministers Prepare to Meet -- Bloomberg Businessweek
Cyprus adopts bank bill to split good and bad assets -- Reuters
Cyprus parliament passes bailout bills -- Xinhuanet

Debt Crisis In Cyprus -- News Roundup March 20, 2013

After Deal Fails, Cyprus Scrambles to Find Funds -- New York Times

NICOSIA — Cyprus’s three international lenders descended upon the presidential palace here Wednesday for discussions on whether and how a financial lifeline for the crisis-hit nation could be secured, as the Cypriot finance minister pressed his case in Moscow in hopes of securing further aid from Russia.

The talks were taking place a day after the Cypriot Parliament rejected a bill to impose a tax on average depositors’ bank accounts as a condition for a bailout deal.

Read more ....

More News On The Debt Crisis In Cyprus

Eurozone crisis live: Cyprus scrambles to secure new bailout -- The Guardian
Cyprus Bailout Live -- The Telegraph

Cyprus crisis deepens: Bailout rejected, banks may not reopen -- NBC
Cyprus works to find new deal to stave off bankruptcy after rejection of bank seizures -- Washington Post
Cyprus tries Plan B after MPs snub bailout -- The Australian
Cyprus loan talks in Moscow constructive, says finance minister -- The Guardian
Cyprus-Russia Talks Show Little Progress -- Wall Street Journal
Cyprus seeks Russian help as MPs reject tax raid on savers -- The Telegraph
Cyprus turmoil leaves rating agencies eyeing downgrades -- Reuters
Analysis: ECB prepared to let Cyprus go, protect others -- Reuters
All the Plan B’s for Cyprus Look Dreadful -- Hugo Dixon, New York Times

Britian Flies In Cash For It's Soldiers In Cyprus

UK Sends Plane-Load Of Cash To Cyprus For Its Troops -- Reuters

(Reuters) - Britain sent a military plane carrying 1 million euros ($1.3 million) in cash to Cyprus on Tuesday for its troops on the island in case cash machines and bank cards stop working, the defense ministry said.

About 3,500 British military personnel are based in Cyprus, which has been granted a 10 billion euro bailout. But a tax on its banks' depositors as part of the deal sparked outrage and rattled financial markets.

"An RAF (Royal Air Force) flight left for Cyprus this afternoon with 1 million euros on board as a contingency measure to provide military personnel and their families with emergency loans in the event that cash machines and debit cards stop working completely," the Ministry of Defence said in a statement.

"We will keep this under review and consider further shipments if required."

Read more ....

Update #1: MoD flies emergency cash to Cyprus for British personnel -- BBC
Update #2: U.K. flies cash to Cyprus for soldiers -- CNN

My Comment: There are 3,000 British soldiers in Cyprus .... so this airlift should not be a surprised. I also suspect that with the banks closed and ATM machines emptied, this cash is going to go far for the average British soldier.