ADVERTISEMENT

Cyprus Parliament to probe alleged loan write-offs

Sights

Cypriot MPs will investigate a list of several million euros of alleged loans to politicians and others said to have been written off by the two banks at the centre of the island’s financial crisis. Marios Mavrides, a deputy with the conservative Disy party of President Nicos Anastasiades, told AFP on Saturday “there is an ad hoc committee that will be investigating these privileged loans.” The list focuses on the activities of ailing lenders Laiki (Popular) Bank and the Bank of Cyprus, as well as Hellenic Bank, and was published on the website of Greek newspaper Ethnos. Under a bailout deal reached this week with the European Union, International Monetary Fund and European Central Bank, Laiki, with billions of euros in losses, is to be wound down. In turn, Laiki’s healthy assets are to be folded into Bank of Cyprus, where depositors faced a “haircut” of up to 60% on balances above €100,000. On Thursday, the Cabinet appointed a panel of three ex-supreme court judges to investigate whether criminal activity was involved in the island’s banking meltdown.

ADVERTISEMENT

Fiscal, monetary policy partnership needed to rein in CPI - ... Analysis

Fiscal, monetary policy partnership needed to rein in CPI - ...

Parliament approves amendment to Competition Act Parliament

Parliament approves amendment to Competition Act

New CEO announced at Codic Hungary Appointments

New CEO announced at Codic Hungary

FAO–Food Bank convoy delivers food to those in need City

FAO–Food Bank convoy delivers food to those in need

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.