Cyprus savers to be fleeced

The central bank of Cyprus has finalised the terms of the fleecing that Bank of Cyprus depositors holding more than 100,000 euros must suffer as part of an international bailout deal. These are that 37.5% of holdings above 100,000 euros will become bank shares, a further 22.5% will go into a ‘fund’ attracting no interest and may be used for …

Cyprus gets bailed out

People in Cyprus have reacted with utter shock after learning of a one-off levy of up to 10% on savings as part of a €10 billion bailout agreed in Brussels. Queues formed outside savings banks and ATM’s as people desperately tried to withdraw their money, although it had already been arranged that savers could withdraw all their funds EXCEPT for …

Cataluña asking for €9 billion bailout for 2013

Cataluña is asking for a €9.073 billion bailout from the Autonomous Liquidity Fund (FLA) for 2013, an increase of €3.7 billion on their 2012 request. In principle, the FLA has been set at €23 billion for 2013, up from €18 billion in 2012.

Deadline for regional bailout requests

Midnight Tuesday is the deadline for the autonomous regions in Spain to apply for a bailout from the €18 billion Autonomous Liquidity Fund (FLA) and so far, nine regions have made applications.

Andalucia formally requests bailout

Andalucia has become the sixth region in Spain to formally request a bailout from the Autonomous Liquidity Fund (FLA), the amount being as predicted, €4.906 billion. The regional government has also reached an agreement with the Central Government on debt levels, this to be between 15.1 and 15.3% of GDP. The other autonomous regions which have formally requested a bailout …

Andalucia to request €5 billion bailout

After already receiving €1 billion advance against its participation in state revenue this year, the Junta de Andalucia is reportedly set to ask for a €4.906 billion bailout from the Liquidity Fund. This formal request is expected to occur on Tuesday after several weeks of the Junta de Andalucia saying it would ‘probably’ request financial aid.

Spain preparing for bailout

Spain is apparently ready to request a eurozone bailout for its public finances as early as the weekend, although it is also being reported that Germany is urging it to hold off on the decision, partly as it comes so soon after a €100 billion bailout for the Spanish banks.