ECB to help Cyprus after top bank is restructuredJuly 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 | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |