EU und Zypern einigen sich auf Rettungsplan

Staatsbankrott offenbar abgewendet

.

EUR/USD SPOT

.

.

Bei den Verhandlungen über ein internationales Rettungspaket für das vom Staatsbankrott bedrohte Zypern hat es eine Einigung gegeben. Die Eurogruppe und Zypern haben sich nach Worten von Eurogruppen-Chef Jeroen Dijsselbloem auf ein neues Rettungspaket für das vor der Staatspleite bedrohte Land verständigt.

.

Das Programm umfasse eine Stabilisierung des zyprischen Finanzsektors mit einer weitgehenden Restrukturierung der beiden größten Banken des Landes, sagte Dijssselbloem in Brüssel nach fast neun Stunden Verhandlungen. „Eine Abgabe auf Einlagen kann und wird vermieden werden“, ergänzte er. Einlagen unter 100.000 Euro seien ganz außen vor
[…]
tagesschau — SpOn — Handelsblatt

.

Eurogroup Statement on Cyprus
The Eurogroup has reached an agreement with the Cypriot authorities on the key elements necessary for a future macroeconomic adjustment programme.
[…]
Annex

.

Following the presentation by the Cyprus authorities of their policy plans, which were broadly welcomed by the Eurogroup, the following was agreed:

1. Laiki will be resolved immediately – with full contribution of equity shareholders, bond holders and uninsured depositors – based on a decision by the Central Bank of Cyprus, using the newly adopted Bank Resolution Framework.
2. Laiki will be split into a good bank and a bad bank. The bad bank will be run down over time.
3. The good bank will be folded into Bank of Cyprus (BoC), using the Bank Resolution Framework, after having heard the Boards of Directors of BoC and Laiki. It will take 9 bn Euros of ELA with it. Only uninsured deposits in BoC will remain frozen until recapitalisation has been effected, and may subsequently be subject to appropriate conditions.
4. The Governing Council of the ECB will provide liquidity to the BoC in line with applicable rules.
5. BoC will be recapitalised through a deposit/equity conversion of uninsured deposits with full contribution of equity shareholders and bond holders.
6. The conversion will be such that a capital ratio of 9 % is secured by the end of the programme.
7. All insured depositors in all banks will be fully protected in accordance with the relevant EU legislation.
8. The programme money (up to 10bn Euros) will not be used to recapitalise Laiki and Bank of Cyprus.
9. The Eurogroup is convinced that this solution is the best way forward for ensuring the overall viability and stability of the Cyprus financial system and its capability to finance the Cyprus economy.

.

Eurozone Portal

.

Eurogroup Press Conference – Live Webcast
It’s 2:30am, do you know where your deposits are? Tune in to see the Eurogroup explain how this is in the best interest of the Cypriot people, how the ‚deal‘ illustrates the solidarity of the European people, and how the worst of the crisis is now behind us.

.

• SCHAEUBLE SAYS CYPRIOT DEAL NEEDED BAIL-IN AT BOTH BIG BANKS
• SCHAEUBLE SAYS MUCH WORK REMAINS TO BE DONE :BOCY CY, CPB CY
• SCHAEUBLE SAYS TIME LOST ON CYPRUS, SITUATION DIDN’T IMPROVE
• EU COMMISSION SAYS NO CYPRUS PARLIAMENT VOTE NEEDED: SCHAEUBLE
• SCHAEUBLE SAYS TROIKA TO CONTACT RUSSIAN GOVT ON DEAL :BOCY CY

.

zerohedge

.

Zypern bekommt 2. Hilfspaket in einer Woche – Wirtschaft vor Abgrund
Bestandsaufnahme und Kommentar des Wirtschafts-Journalisten Markus Gaertner