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The complete plan to control capital in Cyprus and avoid a run on the banks by depositors is expected to be ready on Wednesday. Thousands of Cypriots have protested at the bailout deal this week in the streets of Nicosia and all the other cities. They believe these measures will cost many of them their…


The executive achieved an agreement yesterday on setting up an Investment Solidarity Fund in order to collect the 5.9 billion euros required to unlock the EU/IMF's financial aid for the island. After the parliament's rejection the creation of the fund is seen as a backup plan in order to avoid a levy…


The government forced the banks to stay closed until next week as it work on a third draft on taxing bank deposits, this time however at a much lower rate in order to minimize the possible drain on deposits. Cyprus has turned to Russia seeking alternative solutions after parliament historical "oxi". According…


Cyprus stood on the brink of bankruptcy last night after its MP's voted against a bailout deal that would have taxed bank deposits. The decision sets in motion a showdown with its European creditors who are insisting that the island contribute towards its rescue package or risk going bust. EU countries…


Cyprus's revised draft bill for a levy on bank deposits will not affect deposits under 20,000 euros.  However, this measure does not compensate for the resulting lost revenue by raising it for the wealthy. The draft will not fulfill the conditions required by the Euro group in return to the 10 billion…


The EU will lend Cyprus 10 billion to avoid the bankruptcy. The statement was made after Cyprus woke up with a decision to impose an unprecedented all-out haircut on Cypriot deposits.  President Anastasiades in a press conference yesterday explained that they have faced decisions that had already been…


After weeks of negotiations the bailout has not been signed yet. The delay on the funding for Cyprus presents a risk for the whole Eurozone, as Mr. Demetriades, Central Bank governor explained. According to Reuters Agency, the negotiations are still at a delicate state. Demetriades said that reigniting…


The new Cypriot government is considering opening casinos on the island within two years, promoting a project that was not approved by the previous government due to ideological reasons. Giorgos Lakkotrypis, the commerce minister has spoken with the Cyprus Tourism Organizations and has requested an…


China's commerce minister has advised other major governments to avoid suppressing the value of their actual currencies to help exports. In his opinion, this measure could cause damage to the global worth. Mr Chen Deming was answering to some of the questions made at the news conference on Friday about…