Tuesday, November 21, 2017
News Roundup

Cyprus' banks to remain closed until Thursday

RECOMMENDED READING


NICOSIA, Cyprus — Cyprus ordered banks to remain closed for two more days over fears of a run by customers trying to get their money out, after striking a bailout deal Monday that averted the country's bankruptcy.

The sudden postponement of the much anticipated bank opening today by all but the country's two largest lenders was sure to hammer businesses already reeling from more than a week of no access to their deposits.

ATMs have been dispensing cash but often run out, and an increasing number of stores and other businesses have stopped accepting credit or debit cards. The two largest lenders, the struggling Laiki and Bank of Cyprus, have imposed a daily withdrawal limit of 100 euros ($130).

Cyprus clinched an eleventh-hour deal with the 17-nation eurozone and the International Monetary Fund early Monday for a 10 billion euro ($13 billion) bailout. Without it, the country's banks would have collapsed, dragging down the economy and potentially pushing it out of the euro.

Under the deal, the country agreed to slash its oversized banking sector and inflict hefty losses on large depositors in troubled banks.

The country's banks have been closed since March 16 to avert a run on deposits as the country's politicians struggled to come up with a way to raise enough money to qualify for the bailout. A plan that would have raised 5.8 billion euros by seizing up to 10 percent of people's bank accounts enraged depositors and was rejected by lawmakers last week.

But with the immediate crisis averted, worry spread in Europe that the deal could boomerang, spooking investors and hurting the eurozone's efforts to keep its debt crisis from spreading.

"The Cypriot bailout has a powerful legacy which may alter the security with which depositors elsewhere in the eurozone view the safety of banks," said Jane Foley, an analyst at Rabobank International.

The initial plan to seize a percentage of all deposits sent jitters across the eurozone. European officials, anxious to prevent any further spread of the financial crisis that has already left Greece, Ireland and Portugal dependent on bailout funds, had been at pains to point out that Cyprus was a unique case.

 
Comments
Hometown Pasco for Nov. 24

Hometown Pasco for Nov. 24

We want your news! Hometown Pasco is devoted to everyday life in our county, whether it’s snapshots from your family reunion, recreational sporting event, news from your last club meeting or just a few lines thanking someone for a job well do...
Updated: 9 hours ago

Call Missouri jinxed, but Michael Porter Jr. injury is its own story

Please repeat after me: There is no such thing as jinxes, hexes, ghosts or cartoonish black clouds looming with personalized curses for select targets.Honest.But, boy, are there coincidences — even if some say there is no such thing as those, either....
Updated: 3 hours ago
Cambridge Christian’s Caleb Young makes up for lost season

Cambridge Christian’s Caleb Young makes up for lost season

TAMPA — For Cambridge Christian, last Friday’s Class 2A region final against Indian Rocks Christian represented a hurdle that the Lancers couldn’t quite clear a year ago. For one Lancer in particular, it was the Golden Eagles themselves that brought ...
Updated: 3 hours ago
Bucs journal: Defense struggling to get off the field on third and long

Bucs journal: Defense struggling to get off the field on third and long

TAMPA — Third and long, normally an ideal situation for an NFL defense, continues to be a problem as the Bucs try to get opposing offenses off the field.In the second half of Sunday’s game, the Dolphins converted six third downs when they needed 8 ya...
Updated: 3 hours ago
Bucs-Falcons: Has this former Buc become a pass-rushing force?

Bucs-Falcons: Has this former Buc become a pass-rushing force?

TAMPA — The Bucs face the defending NFC champions twice in their final six games. As they prepare to go to Atlanta on Sunday, former Tampa Bay first-round pick Adrian Clayborn is enjoying quite a two-week run.Clayborn, 29, had six sacks Nov. 12 in a ...
Updated: 3 hours ago
Fennelly: USF-UCF rivalry needs more than directional disrespect

Fennelly: USF-UCF rivalry needs more than directional disrespect

TAMPA — It’s the biggest football game in USF history.It’s two days and 90 miles away. USF at UCF. The 9-1 Bulls against the 10-0 Knights. It’s USF coach Charlie Strong against UCF/Florida/Nebraska coach Scott Frost. It’s the best these two programs ...
Updated: 3 hours ago

Chip Kelly is not the best candidate for Florida job

For the sake of a beleaguered and bedraggled fan base, here’s hoping Chip Kelly becomes the next head coach of the Florida Gators even though I think he’s not a great fit — culturally, geographically and philosophically — at UF.Gator Nation needs som...
Updated: 3 hours ago

Lane Kiffin knows speculation about his future grows with each victory

BOCA RATON — Lane Kiffin already knows what profession he will choose once his coaching career ends.Kiffin, in his first season at Florida Atlantic, thinks he is destined to join the sports-media ranks. It will provide him opportunity to switch roles...
Updated: 3 hours ago
Strong’s slip about UCF’s Griffin seen as motivation for Knights

Strong’s slip about UCF’s Griffin seen as motivation for Knights

TAMPA — While saying nothing to purposely fan the flames of the USF-UCF rivalry during his weekly news conference Tuesday, Bulls coach Charlie Strong provided fuel for the Knights’ best player.He used the H-word when discussing Knights senior outside...
Updated: 3 hours ago
Miami up to No. 2, behind Alabama, in College Football Playoff rankings

Miami up to No. 2, behind Alabama, in College Football Playoff rankings

Miami moved up to No. 2 behind Alabama in the College Football Playoff rankings released Tuesday night, with Clemson slipping one spot to three and Oklahoma holding at four. Wisconsin and Auburn remained next up behind the top four in a week when the...
Updated: 3 hours ago