Cyprus Banks Still Sustainable Despite Huge Losses
Posted in the Nicosia, Cyprus Forum
#1 Feb 29, 2012
The economic situation of the Cypriot banks is sustainable despite huge losses announced following the haircut of the Greek sovereign debt, Finance Minister Kikis Kazamias and Central Bank Governor Athanasios Orphanides said on Wednesday.
Kazamias and Orphanides met and examined the situation of the Cypriot economy and especially the status of the Cypriot banks following their Greek debt impairment. Bank of Cyprus announced last week losses of 1 billion euro, while Cyprus Popular Bank announced losses of 2.5 billion and Hellenic Bank losses of 100 million.
``The situation is deemed as sustainable and as the Finance Minister I would like to assure Cyprus` businesspeople and all those who deal with Cypriot banks and first of all the depositors that the situation does not cause any concern whatsoever,`` Kazamias said in statements following the meeting. He added that the state has put in place the necessary legislation to secure their interests in the future.
Kazamias noted that the state expects from the banks` administration to implement their plans for their recapitalisation which ``in general give us the right to assess the situation as sustainable.``
Orphanides said the results announced by the Cypriot banks were to be expected following the EU Summit conclusions on 26 October 2011.CNA
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