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Daily Archives: March 26, 2013

Luxembourg’s Foreign Minister accuses Germany of “euro zone hegemony”

Luxembourg’s foreign minister accused Germany on Tuesday of “striving for hegemony” in the euro zone by telling Cyprus what business model it should pursue. Like Cyprus, Luxembourg has a large financial sector, whose comparatively light-touch tax and regulatory regime has long irked its much bigger neighbors Germany and France. “Germany …

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Deal sealed: Piraeus Bank buys 3 Cypriot banks units in Greece for €524 million

Greece’s Piraeus bank announced that it will acquire the branches of Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank in Greece for 524 million euro.  The announcement was made Tuesday noon. The branches of these banks will open on Wednesday, March 27th 2013 and all operations will be performed …

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Athens Stock Exchange plunges despite Cyprus deal

Athens Stock Exchange experiences a bad day hours after the Cyprus bailout deal and the statements of Eurogroup head Jeroen Dijsselbloem that Cyprus rescue plan would be applied also to other eurozone economies. As of 1 o’ clock noon Tuesday,  the General Index is down by 4.10% and below 900 …

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Bank of Cyprus CEO resigns over bailout deal

The president of the board of Bank of Cyprus Andreas Artemis submitted his resignation to Finance Minister Michalis Sarris  short before 12 o’ clock noon on Tuesday. According to local media, Artemis disagreed with the handling of the bank recapitalisation and said that the selling of BOP branches was decided without …

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