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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.

Construction industry loans under microscope

Loans given to the construction industry by the Bank of Cyprus and the Cyprus Popular Bank will be discussed today at a meeting between the banks' management and representatives from Pimco.

Banker quits citing ‘serious health reasons’

Theodoros Aristodemou, the founder and MD of Aristo Developers Limited, has resigned his position as the chairman of the Bank of Cyprus citing 'serious health issues' as his reason.

Investigators to report criminal liability

The firm appointed by the Cyprus Central Bank to investigate why the Bank of Cyprus and the Cyprus Popular Bank had to seek state support will also look into possible criminal offences.

Marfin Popular and Bank of Cyprus to face CEBS tests

The Marfin Popular Bank and the Bank of Cyprus will be part of an EU-wide stress testing exercise to be undertaken by the CEBS (Committee of European Banking Supervisors) before the end of the month.

Built on greed and nepotism says Cyprus protester

The property industry in Cyprus is built on greed and nepotism. The developers borrow money from the bank using people’s homes as collateral and the banks and lawyers are part of the deception. I have proof that my home has been mortgaged by my developer.

Demonstrations against Cyprus banks

CPAG is organising a series of demonstrations in efforts to force the banks in Cyprus to disclose details of mortgages taken out by property developers to those homebuyers who have been duped into buying mortgaged property.

Bank of Cyprus offers cheap housing loans

The Bank of Cyprus, is offering attractively priced loans of up to EUR 1.5 billion earmarked for housing, business and the hotel/construction industries.

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