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Monthly Archives: February, 2012

Marfin Popular Bank posts €2.5 billion loss on Greece

Earlier today the Island's second largest lender, the Marfin Popular Bank, announced a record full-year net loss of €2.5 billion, hit by a write-down on its Greek sovereign debt holdings.

Cyprus house prices predicted to fall further this year

House prices in Cyprus registered one of the largest falls in European countries according to the latest edition RICS European Housing Review and prices are predicted to fall further in 2012.

Hellenic Bank takes €99.5 million hit on Greek debt

Hot on the heels of the €1 billion loss reported by the Bank of Cyprus last week, the Hellenic Bank has posted a loss of €99.5 as a consequence of a 70 percent writedown on its Greek debt.

Depressing outlook for Cyprus’ economy

The European Commission's interim report on the Cyprus economy paints a gloomy picture for the future resulting from a number of factors including a worsening of the external environment.

Bank of Cyprus takes a €1 billion hit on Greek debt

The Bank of Cyprus, the Island's largest lender, posted a net loss of 1.01 billion Euros in its 2011 results on Tuesday after making a writedown totalling 1.32 billion Euros on its Greek sovereign debt holdings.

Cyprus economy has yet to hit bottom say economists

A panel of economists from the University of Cyprus' Economic Research Unit believe that the present state of the global economy and the uncertain future of the Euro area have dramatically increased the risks for the Cyprus economy.

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