Tag: bailout

Greece's financial troubles will not end in 2014 and it is therefore realistic to expect the debt-laden country will need additional money from the eurozone before it can return to markets, the head of eurozone finance ministers said today (5 September).

Within one week in June, Cypriot Andrew Georgiou suffered a massive heart attack and his father was diagnosed with leukaemia, just as they were fighting to recover much of their life savings wrapped up in the country’s EU-led bailout.

Portugal's prime minister has ruled out any backtracking on the country's bailout terms as his revamped government easily won a confidence vote intended to show it has repaired an internal rift over austerity.

Representatives of eurozone finance ministers signed off on the payment of the next batch of aid for Greece on Friday (26 July) and the money will be disbursed on the approval of member states on Monday, eurozone officials said.

European finance ministers agreed on Thursday (26 June) to force investors and wealthy savers to share the costs of future bank failures, moving to put an end to unpopular taxpayer-funded bailouts that prompted outrage during the financial crisis.

The International Monetary Fund (IMF) said yesterday (5 June) that it lowered its normal standards for debt sustainability to bail out Greece and its projections for the Greek economy may have been overly optimistic. The Commission, however, downplayed the importance of the report.

Slovenia pledged on Thursday (9 May) to sell 15 state firms including its second largest bank, biggest telecoms operator and national airline under a crisis package to avert an international bailout.

On her first visit to Brussels as Slovenian prime minister, Alenka Bratušek on Tuesday (9 April) sought to downplay reports that the eurozone country would be the next in line to seek a bailout. 

EXCLUSIVE / Europe’s claim to be a union of values is looking “rather bleak," Russian ambassador Vladimir Chizhov has told EurActiv in his first public interview since the Cyprus bailout. 

In the end it was hardly even a stroll, let alone the widely predicted run on the banks of Cyprus.

The president of Cyprus said today (29 March) the risk of bankruptcy had been contained and the country had no intention of leaving the euro, in a speech laden with criticism of Europe's currency union for "experimenting" with the island's fate.

Cypriots were preparing to descend on banks, which reopen Thursday (28 March) with tight controls imposed on transactions to prevent a catastrophic bank run.

Having stirred a controversy by saying that the Cyprus bailout was a template for resolving banking problems in the Union, Eurogroup chief Jeroen Dijsselbloem said on Tuesday (26 March) there were no apparent signs of increased withdrawals of savings within the single currency zone. 

Cyprus is rushing a 'plan B' through Parliament in order to secure an international bailout that would prevent a meltdown of its banking system, while the European Central Bank gave the country until Monday to raise billions.

Russian Prime Minister Dmitry Medvedev, who is meeting Commission President José Manuel Barroso in Moscow today (21 March), slammed the EU for behaving "like a bull in a china shop" on the proposed Cyprus bailout. Meanwhile, a prominent Russian opposition leader said the Kremlin was conducting an operation to save its “dirty money” in Cyprus.

Cyprus overwhelmingly rejected yesterday (19 March) a proposed levy on bank deposits as a condition for a European bailout, throwing international efforts to rescue the latest casualty of the eurozone debt crisis into disarray.