Thursday, April 4, 2013

Cyprus - bail-in warnings before Eurogroup meeting & rescue delays from Berlin

German/English language:

Shiarly: haircut was never on the table (Cyprus Mail, May 3rd 2013)

Streit um Finanzhilfen: Zypern drängelt, Merkel bremst (Der Spiegel, Mar 15th 2013)

Rehn warns against Cyprus' eurozone exit (Euractiv, Mar 4th 2013)

Schäuble gibt bei Zypern-Hilfe nach (Sueddeutsche, Feb 25th 2013)

Schäuble verunsichert mit gewagter Taktik (Sueddeutsche, Feb 25th 2013)


GELDWÄSCHE-VORWÜRFE: Zypern muss Kontolleure ins Land lassen
(Manager Magazin, Feb 12th 2013) 


Eurogroup ministers raise the stakes for Cyprus (DW, Feb 10th 2013)


The most obvious warning, yet .. including the knowledge of those who later imposed this option on Cyprus ...of the enormous risks: 
(Thanks, @euronomist_blog, link added May 4th)
Radical rescue proposed for Cyprus 
(Peter Spiegel & Quentin Peel, FT (paywall!), Feb 10th 2013)

Mario Draghi confronts Berlin over contagion from Cyprus default (Telegraph, Jan 29th 2013)

ECB's Draghi, German FinMin at odds over Cyprus-Spiegel (Reuters, Jan 27th 2013)


German Finance Minister Schaeuble says the Troika worry about drastic developments in Cyprus
(Jan 22nd 2013)


>>Cypriot banking sector  is ‘noticeably oversized’<<
         German FinMin Schaeuble: Not Ready To Decide Over Aid For Cyprus (Jan 21st 2013)


Schäuble setzt Zypern die Pistole auf die Brust (Focus, Jan 21st 2013)

Russia-Cyprus Money Flows Imply Laundering, Schaeuble Says (Bloomberg, Jan 21st 2013)

Russia Must Be Part of Cyprus Bailout, Schaeuble Tells Lawmakers (Bloomberg, Jan 15th 2013)

WOLFGANG SCHÄUBLE ÜBER DIE EUROKRISE: „Wir haben das Schlimmste hinter uns“ (Bild, Dec 27th 2012)

Schaeuble’s Comments on Cyprus Were Misinterpreted, Shiarly Says (Bloomberg, Nov 1st 2012)

German minister drops Cyprus bombshell (Cyprus Mail, Nov 1st 2012)

Schaeuble says "considerable progress" on Greece (Reuters, Oct 31st 2012)

Germany’s Schaeuble Cautions Spain Against Aid Bid (Bloomberg, Sep 13th 2012)


                           June 27th 2012:
>>The Eurogroup welcomes the request of the Cypriot authorities for financial assistance
from euro area Member States in view of the challenges that Cyprus is facing, in
particular due to distress in the banking sector and the presence of macroeconomic
imbalances. The Eurogroup acknowledges that an adjustment programme seems
warranted at this stage and considers responding favorably to it. The Eurogroup also
welcomes the request of Cyprus for financial assistance from the IMF, which in turn
would be considered in line with its internal procedures. Ministers invite the
Commission, in liaison with the ECB, and the Cypriot authorities and the IMF to agree
on a programme, including the financing needs, and take appropriate action to
safeguard financial stability, in light of the current very challenging external
environment and spill-over effects from sovereign market turbulence.
Based on a needs assessment, the euro area financial support would be provided in the
framework of a comprehensive adjustment programme, building on the measures
already taken by the Cypriot authorities and the recommendations put forward by the
European Commission on 30 May under the European Semester. The programme will
be negotiated by the Commission, in liaison with the ECB, with the Cypriot authorities
and the IMF. After an agreement has been reached with the Cypriot authorities, the
programme would be endorsed by the Eurogroup, in line with national procedures, on
the basis of an assessment by the Commission, in liaison with the ECB, and the IMF,
of the financing needs and the conditionality that shall accompany the assistance.
The Eurogroup is confident that the implementation of this programme would address
the financial, fiscal and structural challenges of the economy in a decisive manner and
should allow Cyprus to return to a sustainable growth path.
The programme will be based on:
- Ambitious measures to ensure the stability of the financial sector by addressing
 expected capital shortfalls and preserving the soundness of financial institutions,
including restructuring and downsizing where needed.
- Determined action to carry out the fiscal adjustment to support the ongoing process
 of fiscal consolidation.
- Structural reforms to support competitiveness and sustainable and balanced growth,
 allowing for the unwinding of macroeconomic imbalances.
The financial assistance package shall be provided by the EFSF or the ESM on the
basis of its financing instruments. The Eurogroup looks forward to a swift response
from the IMF to the Cypriot request after having completed its required internal
procedures. <<
           source: Statement by the Eurogroup  
         (pdf, 1 page, europa.eu, Jun 27th 2012 )(via @ALeipold)



1 comment:

  1. Well I hope that the help that will be given in Cyprus will be the answer to their economic crisis.

    bank bailouts

    ReplyDelete