ECB to help Cyprus after top bank is restructured July 13, 2013 - 09:41 AMT PanARMENIAN.Net - Cyprus' president says the European Central Bank will help prop up the country's hard-hit banking sector once its largest lender, Bank of Cyprus, is restructured. Nicos Anastasiades said Friday, July 12, that ECB Chief Mario Draghi didn't specify in a meeting last month how he will help. That will be decided after the restructuring is done. Anastasiades warned Cyprus' international creditors that the bank's cash reserves were running dangerously low after a €23 billion ($30 billion) financial rescue deal forced it to shoulder billions in debt when it merged with parts of the country's now-defunct second-largest lender. The deal also imposed major losses on large savers in the two biggest banks.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news European Parliament to discuss repression in Azerbaijan  The European Parliament will discuss repression of civil society in Azerbaijan on April 24PACE wants concessions from Azerbaijan to accept Baku back A PACE co-rapporteur said that Azerbaijani authorities must make certain concessions so that the country can return to PACE.Cyprus parliament honors Armenian genocide victims Acting House President Zacharias Koulias noted that April 24 marks the “black anniversary” of the Armenian genocide.Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed. |
