March 2013 archive

Charalambous, 33, a biologist, said

Cypriots Lose Trust in Banks

canada goose parka outlet uk NICOSIA, Cyprus With her wedding day three months away, Despina Charalambous is desperate to gain access to her savings, which have been frozen at the Bank of Cyprus for more than a week. She plans to take out all her money once the banks reopen, even though the canada goose new bailout plan for her country supposedly guarantees the safety of her deposits. canada goose parka outlet uk

canada goose outlet london uk “I have lost my trust in Bank of Cyprus and banks in general,” Ms. Charalambous, 33, a biologist, said. She was canada goose clearance sale still bitter that just last week the country’s uk canada goose outlet president was ready to skim money even from small buy canada goose jacket cheap savers like her to Canada Goose Coats On Sale help secure a 10 billion euro, or $12.9 billion, lifeline to the nation’s outsize banking industry. canada goose outlet london uk

canada goose outlet in uk Multiply Ms. Charalambous’s concerns by tens of thousands of account holders in Cyprus, and it becomes apparent why canada goose coats on sale many people here and abroad have a sneaking suspicion that European leaders, in scrambling to cobble together yet another solution on Sunday night to the Cyprus crisis, have come up with little more than a canada goose uk black friday Band Aid for what is likely to remain a gnawing wound. canada goose outlet in uk

canada goose outlet orlando Stocks were down broadly in Europe Canada Goose Parka on Monday, after the head of the Eurogroup, Jeroen Dijsselbloem, suggested that the idea of skimming savers’ accounts to bail out banks could be considered a “template” for other countries. The borrowing costs of the financially shaky Spain and Italy surged upward as the markets digested the Canada Goose Outlet Cyprus news and the broader implications for the euro currency union. Now Cyprus, a longtime haven for rich people from around the world, is struggling to figure out how to prevent them from going elsewhere. canada goose outlet orlando

canada goose outlet toronto location “For the first time , we have capital controls in the euro zone,” said Canada Goose Online Nicolas Vron, a senior fellow at Bruegel, a policy research group in Brussels, and a visiting fellow at the Peterson Institute for International Economics in Washington. “The next time there is a crisis somewhere else in the world, people will think of what happened in Cyprus and will try to get their money out much faster. These are the new rules of the game.” canada goose outlet toronto location

canada goose outlet website legit Even many ordinary savers like Ms. Charalambous will have to wait a little longer for their cash. Despite promises since last week that the country’s banks would reopen on Tuesday, the government late on Monday ordered all of them, including the Bank of Cyprus and Laiki Bank the nation’s largest financial institutions canada goose sale , with most of the accounts on the island to stay shut through at least Thursday. And automated cash withdrawals canada goose store will be limited to 100 euros a day. canada goose outlet website legit

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canada goose outlet store calgary Bankers and lawyers still working on the bailout deal on Monday said a decision had not been reached on whether Cypriots with deposits under 100,000 euros would be able to walk into their local branches and transfer their deposits to another, safer bank on the island. “But with regard to transferring them to another local bank, that has not been decided.” canada goose outlet store calgary

canada goose jacket outlet sale Banking experts say trust, once lost, is not easily regained. In the case of Cyprus, the deep desire by Germany and canada goose uk shop the International Monetary Fund to make those who took advantage of the system pay a share of Europe’s latest bailout may have long term consequences not just for Cyprus but across the uk canada goose euro area. canada goose jacket outlet sale

canada goose jacket outlet toronto “Burden sharing is fine,” said Adrian Blundell Wignall, the top financial economist at the Organization for Economic Cooperation and Development and a member of the Financial Stability Board. “But if you make people nervous about their deposits, you are playing with fire.” canada goose jacket outlet toronto

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canada goose uk site While analysts hailed Europe’s decision to wind up Laiki Bank by transferring its poorly performing assets to a so called bad bank and the better performing ones to the Bank of Cyprus, it was far from clear how Cypriots would regard their largest bank when it did reopen its doors. canada goose uk site

canada goose outlet locations in toronto The Bank canada goose uk outlet of Cyprus reflected the ambition of this small island like Iceland before it to become a global financial player by attracting deposits from all over the world. canada goose outlet locations in toronto

canada goose outlet trillium parka black But at its root, wealthy Russians and other foreigners aside, this century cheap canada goose uk old institution is a local one handling the short term deposits, credit cards and working capital needs of Cyprus’s 850,000 citizens with branches on practically every street corner in Nicosia and even in the most remote fishing village. If the concerns voiced by Ms. Charalambous and many other Cypriots over the last 10 days are Canada Goose sale an indication, the bond of trust between the bank and its clients may already be irreparably damaged. canada goose outlet trillium parka black

canada goose outlet ottawa The uncertainty has also wreaked havoc with thousands of businesses of all sizes that had kept canada goose coats large accounts at the Bank of Cyprus and Laiki cheap Canada Goose Bank. canada goose outlet ottawa

canada goose outlet uk fake “We’re talking about the two biggest banks that supply the financing in this country,” said Vasilis Zertalis, chief executive of Prospectacy, a financial services consulting firm that helps companies set up shop in Cyprus. With the banks’ prolonged closure, Mr. Zertalis said, Canada Goose Jackets “many of those companies are going to go out of business right away.” canada goose outlet uk fake

canada goose outlet shop Since last weekend, when President Nicos Anastasiades first floated the idea of confiscating a portion of bank deposits, Mr. Zertalis’s phone has been ringing nonstop with clients looking for a way out. “We’re just trying to keep our clients operational,” he said. canada goose outlet shop

canada goose outlet uk sale On Monday, he was frantically searching for a solution for one of his clients with a half million euro overdraft at Laiki which, like the Bank of Cyprus and other financial institutions here, took large losses on its holdings of Greek debt and lost piles of money lending to businesses, now bankrupt, in Greece. canada goose outlet uk sale

canada goose outlet factory The client, a midsize electronics retailer that imports PlayStations, Xboxes and video games, must pay its suppliers by the end of the month this Friday for products it already imported to Cyprus. But the importer will not be able to collect payments from customers until the end of April. Mr. Zertalis has sought financing from abroad, and he has been canada goose black friday sale working to get an extension from his client’s suppliers. canada goose outlet factory

canada goose outlet 80 off “If you deal with a multinational in New York and you are a small player, they don’t care” that Cyprus banks are having a canada goose factory sale problem, canadian goose jacket he said. “You’re just an account that’s now become a headache for them.” canada goose outlet 80 off

canada goose outlet store new york As the banking sector shrinks, Cyprus’s service oriented economy will shrink with it. canada goose outlet store new york

canada goose outlet real Mr. Zertalis says his e mail account has been flooded canada goose clearance with offers from banks in Switzerland, Germany, Luxembourg and the Netherlands saying he can open accounts there within an hour should he choose another location to guard his clients’ money canada goose outlet real.

“Link to MediaForte carries a $5 million cap hit for this

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