Cyprus crisis: Bank of Cyprus smothered by harsh terms of international bailout

Cyprus President, Nicos Anastasiades, requests altered provisions On the backburner of April’s “shock and horror” news Cypriots are yet to

Cyprus President, Nicos Anastasiades, requests altered provisions

On the backburner of April’s “shock and horror” news Cypriots are yet to be relieved of the hefty taxes that were imposed on them for what was supposed to be, just a few months. While Nicos Anastasiades says that he does not want to renegotiate the terms, he would like some things to change.

 In a letter to his creditors, he wrote: “I urge you to support a long-term solution to Bank of Cyprus’ thin liquidity position…Rather than creating confidence in the banking system they are eroding it day by day.”

He also explains that the conditions of bailout have stunted business and economic movement owing to the fact that “no distinction was made between long-term deposits earning high returns and money flowing through current accounts, such as firms’ working capital…”

Suggested articles

Five Common Mistakes Traders MakeGo to article >>

In a question of survival, it seems that many people are working towards making sure that this does happen. The newly appointed Chief executive Christos Sorotos (international banker) is focused on redirecting the bank’s priorities and admits that in order to survive, it needs to evolve and may no longer recognize itself: “It will become smaller, leaner, and better focused on its core activities – banking and insurance.”

And while this year does not look too promising, Sorotos is hopeful that 2014 will present something different.

Join the Leading Industry Event!

Got a news tip? Let Us Know