| Chicago Tribune | - |
BRUSSELS (Reuters) - Euro zone finance
ministers gave their approval to an EU-IMF plan for restructuring
Cyprus's banking sector on Monday, putting their stamp on a proposal
that will fundamentally overhaul the country's two largest banks.
Euro zone finance ministers approve Cyprus rescue plan
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BRUSSELS (Reuters) - Euro zone finance ministers gave their approval to an EU-IMF plan for restructuring Cyprus's banking sector on Monday, putting their stamp on a proposal that will fundamentally overhaul the country's two largest banks.
One official involved in the Eurogroup discussions confirmed that the 17 euro zone ministers had given their backing to the plan, which was negotiated earlier on Sunday between Cyprus's president and EU and IMF leaders, was workable.
"It's approved," the official said by text message.
The proposal will see the creation of a "good bank" and a "bad bank", with deposits below 100,000 euros in Popular Bank of Cyprus transferred to the Bank of Cyprus, the country's largest lender.
(Reporting by Jan Strupczewski and Annika Breidthardt; Writing by Luke Baker)
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http://www.chicagotribune.com/business/sns-rt-us-eurogroup-cyprus-agreementbre92o012-20130324,0,5675025.story
I was listening to NBC News tonight and they were saying that the Banks have been closed now for 9 days except for ATM machines and now most of them are also out of cash. This is problematic because markets cannot restock their shelves with food because they can't get money to buy their food off the ships or planes or local farmers. So, all the markets are running out of food very quickly. This could easily turn into a humanitarian crisis very soon.
I was listening to NBC News tonight and they were saying that the Banks have been closed now for 9 days except for ATM machines and now most of them are also out of cash. This is problematic because markets cannot restock their shelves with food because they can't get money to buy their food off the ships or planes or local farmers. So, all the markets are running out of food very quickly. This could easily turn into a humanitarian crisis very soon.
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