Cyprus’ largest bank says it sold off its business in Ukraine and a stake in a Romanian bank to cut risk and improve cash flow for the troubled lender.
Bailed-out Cyprus says it will issue six-year government bonds every month starting in June as a first step to returning more permanently.
Cyprus is considering a cautious market return in 2015 to see if investors will bite on buying the country’s debt, President Nicos Anastasiades said.
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.