Anastasiades accomplished consensus on Solidarity Fund

images (2) 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 on bank deposits. "The proposal is now under legal and technical process by the Law office and will be presented today in the Parliament today at 6pm" explain the president of the Republic. "The president and the government assure the people of Cyprus that the leadership will rise to the occasion and all of us together will lead the country out of the impasse" he added. In the meantime Demetriades (the Head of the Central Bank of Cyprus) announced yesterday the intention to keep the second largest bank entity of Cyprus in business (Laiki Bank) and highlighted that the bank will be restructured in order to avoid the bankruptcy and the catastrophic consequences that this would have on the Cypriot economy. At the same time Laiki bank has imposed a maximum of 260 euros withdraws per day on ATMs. Customers queued yesterday for hours to withdraw as much as they could. Demetriades assured the general public yesterday that the entity will not close.

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