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| 'Cyprus must be saved,' says president | 'Cyprus must be saved,' says president |
| (7 days later) | |
| Cyprus said its future would be decided on Friday as frantic negotiations with international lenders continued. | Cyprus said its future would be decided on Friday as frantic negotiations with international lenders continued. |
| The Cypriot government was forced to delay a vote on legislation to restructure its banking sector and introduce stringent new controls, as rumours swept the country of a plan to inflict heavy losses on wealthy depositors. Insiders said Cyprus could introduce legislation to force losses on savers before the weekend, but there were hopes that those with under €100,000 (£85,000) would be protected. | The Cypriot government was forced to delay a vote on legislation to restructure its banking sector and introduce stringent new controls, as rumours swept the country of a plan to inflict heavy losses on wealthy depositors. Insiders said Cyprus could introduce legislation to force losses on savers before the weekend, but there were hopes that those with under €100,000 (£85,000) would be protected. |
| Government spokesman Christos Stylianides said parliament had just a few hours to take tough decisions to save its economy and banking sector, and avoid "social misery". | Government spokesman Christos Stylianides said parliament had just a few hours to take tough decisions to save its economy and banking sector, and avoid "social misery". |
| "In a few hours we will be called upon to take the big decisions and reply to the hard dilemmas," Stylianides told reporters in Nicosia. "The next few hours will determine the future of this country. We must all assume our responsibility." | "In a few hours we will be called upon to take the big decisions and reply to the hard dilemmas," Stylianides told reporters in Nicosia. "The next few hours will determine the future of this country. We must all assume our responsibility." |
| President Nicos Anastasiades also urged MPs to pass the legislation, tweeting: "There will be painful aspects but country must be saved." | President Nicos Anastasiades also urged MPs to pass the legislation, tweeting: "There will be painful aspects but country must be saved." |
| Cyprus's hopes of creating a solidarity fund to raise the €6bn demanded by international lenders appeared to be sinking fast on Friday, after its finance minister failed to secure a deal with Russia. Michalis Sarris said he had not won new support during a two-day trip to Moscow, and was heading home "because things are getting serious". | Cyprus's hopes of creating a solidarity fund to raise the €6bn demanded by international lenders appeared to be sinking fast on Friday, after its finance minister failed to secure a deal with Russia. Michalis Sarris said he had not won new support during a two-day trip to Moscow, and was heading home "because things are getting serious". |
| Angela Merkel also rejected the idea that Cyprus could use state pension assets to assist its own bailout, telling MPs in Berlin the prospect was unacceptable. | Angela Merkel also rejected the idea that Cyprus could use state pension assets to assist its own bailout, telling MPs in Berlin the prospect was unacceptable. |
| Instead, savers with more than €100,000 in the country's second largest bank, Laiki, face losses of up to 40% if it is broken up into "good" and "bad" banks. According to Bloomberg, eurozone finance ministers are pushing for similar losses at Bank of Cyprus, the country's biggest lender. | Instead, savers with more than €100,000 in the country's second largest bank, Laiki, face losses of up to 40% if it is broken up into "good" and "bad" banks. According to Bloomberg, eurozone finance ministers are pushing for similar losses at Bank of Cyprus, the country's biggest lender. |
| Cyprus has until Monday to secure a bailout deal with the International Monetary Fund and the EU, after its MPs rejected the original plan to raise €6bn from savers across its banking sector. | Cyprus has until Monday to secure a bailout deal with the International Monetary Fund and the EU, after its MPs rejected the original plan to raise €6bn from savers across its banking sector. |
| The capital controls legislation before the Cypriot parliament will, if passed, mean draconian restrictions for Cypriots and businesses in the country. They include limits on daily cash withdrawals, a total ban on accessing cash in "timed" savings accounts (ie, with a 90-day notification limit), limits on cashing cheques and restrictions on movements of capital. | The capital controls legislation before the Cypriot parliament will, if passed, mean draconian restrictions for Cypriots and businesses in the country. They include limits on daily cash withdrawals, a total ban on accessing cash in "timed" savings accounts (ie, with a 90-day notification limit), limits on cashing cheques and restrictions on movements of capital. |
| Top savings accounts | |
| Coventry BS | |
| GE Capital Direct | |
| Skipton BS | |
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