ECB Gives Cyprus Funding Deadline as New Plan Sought
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Cypriot police scuffled with protesters, including employees of Cyprus Popular Bank Pcl (CPB), outside Parliament as President Nicos Anastasiades maneuvered at home and in Russia to stave off financial collapse.
As the Cabinet met in the capital, Nicosia, to discuss a proposed “investment solidarity fund,” state-run CYBC television reported that Cyprus Popular, the country’s second largest, would be shut down. The Central Bank of Cyprus denied that the bank is closing, according to central bank spokesperson Aliki Stylianou’s comment on CYBC.
The European Central Bank turned up the pressure on Anastasiades and euro-area finance ministers to deliver a rescue package, saying it may cut off emergency funds to Cypriot banks after March 25 unless a plan is in place “that would ensure the solvency of the concerned banks.” The finance ministers hold a teleconference tonight.
The Cabinet is discussing an investment fund intended to help raise the 5.8 billion euros ($7.5 billion) needed to trigger emergency loans, Athens News Agency reported. Finance Minister Michael Sarris said in Moscow that while Russia won’t lend money to Cyprus, it’s looking at investment in the energy industry.
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