Cyprus’ outgoing Central Bank Governor said the government must move to allow foreclosures and seizure of assets to offset bad loans.
Eurozone chief Jeroen Dijsselbloem said Cyprus shouldn’t be affected much by sanctions slapped on Russia for annexing the Crimea region of Ukraine.
Cyprus has scrapped all limits on daily cash withdrawals, loosening capital controls imposed following the country’s bailout last year.
Cyprus Finance Minister Harris Georgiades said he expects capital controls on banks begun a year ago will be taken off by the end of Spring.
Cyprus’ Central Bank Governor resigned on March 10, bringing an end to a protracted dispute with the President of the bailed-out country.
Lawmakers in Cyprus approved a bill to privatize a host of state-owned companies, a move that will enable the country to receive its next batch of rescue money.
Cyprus’ Parliament is set to vote again March 4 on a privatization bill that has drawn ferocious resistance from workers.
Cyprus will vote again next week on a privatization bill that the country needs to secure the next batch of rescue money to avoid bankruptcy.
Cyprus’ lawmakers have forced the government to renegotiate terms of legislation that would pave the way for the privatization of state companies, a condition of a bailout.
Nearly a year after asking for an international bailout with its economy on the edge of collapse, Cyprus will start going after the people who caused it.