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29th March 2024
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Bailout deal for Cyprus agreed in Brussels

Cyprus has avoided bankruptcy by securing a last-minute €10 billion EU bailout deal in Brussels following hours of tense negotiations; but the island will have its second largest bank closed with losses expected for big depositors.

PIMCO’s worst case assumes 65% property devaluation

In its worst-case scenario, where the Cyprus banking system would require €10.1 billion for its recapitalisation, PIMCO assumes a devaluation of properties by up to 65 per cent according to informed sources.

PIMCO delivers final report

The Central Bank of Cyprus has announced that the US investment consultancy firm PIMCO has delivered its final report on the due diligence review of the Cypriot financial sector.

Property tax bill about-turn

Following representations from hoteliers, property developers and others the government is rethinking its property tax bill which aimed to raise €180 million; €120 million more than suggested by the troika.

Cyprus bailout terms call for title deed delay reduction

Will a reduction in the backlog of Title Deeds to less than 2,000 of cases pending for more than one year, as required by Cyprus' bailout terms, resolve the Title Deed problem once and for all?

Developers unhappy with property tax changes

The Land and Building Developers Association has warned that the new property tax regime agreed as part of the island's bailout conditions will threaten prospects for the sector's recovery.

Developers oppose new property tax

Government proposals to introduce a tax on large houses and the troika proposal to accelerate foreclosures have been met with opposition from the Cyprus developers association.

Vanishing Cyprus: banks bailout – the big lie!

One day, it may be necessary for Cyprus to pull out of the euro to regain its social and economic independence as the "one-size-fits-all" policy has not worked for most EU member states.

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