abc
QUICK LINKS:

News Summary: Call for Cyprus deposit guarantees

Created: 10/31/2013 11:35 AM KSTP.com

GUARANTEES NEEDED: In order to maintain confidence in the financial system, an independent commission urged the Cypriot government to guarantee all bank deposits when it removes limits on money flows.

BAILED OUT: The restrictions _ including a ban on cashing checks and daily withdrawal limits of 300 euros _ were imposed in March after Cyprus agreed on a $13.6 million bailout.

WAY FORWARD: The government aims to eliminate almost all restrictions by early next year. The commission said a state guarantee would help restore trust in the crushed banking sector and attract foreign investment needed to get the economy out of recession.

Minneapolis/St. Paul

Overcast
28°
26° | 11°
  • Feels like: 19° F
  • Wind: ENE 9mph
  • Humidity: 63%
  • Sun Cloudy
    13° | -2°
  • Mon More clouds than sun
    15° | 10°
  • Tue Snow developing during the afternoon
    22° | 4°
  • Wed Mostly sunny
    10° | -7°

Video

KSTP NEWS