The Prodigal Greek

The Greek crisis through a different prism

Archive for March 2013

Saturday 16 March 2013, the day they opened Pandora’s box

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Usually around 6.30 in the morning is when the little one wakes up for a feed: she is the daily alarm. The ritual is the same each day, coffee, cigarette and catch up on news on twitter. The morning of Saturday the 16th was different as the previous night an extraordinary Eurogroup was held for Cyprus, where everyone expected a final solution for a bailout would be agreed upon. Cypriot President Nicos Anastasiades, the preferito of European leaders and institutions, unlike the difficult communist Demetris Christofias, was willing to play ball and agree a program with the troika, close the matter and move on until the next bailout.

First it was a tweet from Matina Stevis asking how much of the 5.8 billion euros from deposits would come from Russian oligarchs. I thought since it was so early in the morning, I was not catching things quite right. It was Peter Spiegel’s tweet saying Cyprus will impose a 6.75% levy on deposits below 100,000 euros and 9.99% for those above that brought it home.

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Written by Yiannis Mouzakis

March 29, 2013 at 1:58 pm

Posted in Economico, Politico

Cyprus, capital controls

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Here is what a cash economy looks like:

  • Restrictions in daily withdrawals
  • Ban on premature termination of time savings deposits
  • Compulsory renewal of all time savings deposits upon maturity
  • Conversion of current accounts to time deposits
  • Ban or restrictions on non cash transactions
  • Restrictions on use of debit, credit or prepaid debit cards
  • Ban or restriction on cashing in checks
  • Restrictions on domestic interbank transfers or transfers within the same bank
  • Restrictions on the interactions/transactions of the public with credit institutions
  • Restrictions on movements of capital, payments, transfers
  • Any other measure which the Finance Minister or the Governor of Cyprus Central Bank see necessary for reasons of public order and safety

The bill here in Greek:

http://www.philenews.com/afieromata/phil_banners/2013/synallages.pdf

Written by Yiannis Mouzakis

March 22, 2013 at 11:23 am

Posted in Economico, Politico

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Cyprus, current state of play

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Here is the current state of play regarding today’s vote, information from various local sources:

Session starts at 4pm local (GMT+2)

Cypriot Parliament: 56 seats

Anastasiades party ΔΗΣΥ (DISI): 20 seats

ΔΗΚΟ (DIKO) (coalition party): 8

ΑΚΕΛ (AKEL): 19

ΕΔΕΚ (EDEK): 5

Greens: 1

ΕΥΡΩΚΟ (EUROKO): 2

Independent: 1

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Written by Yiannis Mouzakis

March 18, 2013 at 10:15 am

Posted in Economico, Politico

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