President of Cyprus Nicos Anastasiades arrives for a European Union summit in Brussels on March 20, 2015.AFP PHOTO / THIERRY CHARLIER
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Cyprus will lift all capital controls Monday and President Nicos Anastasiades voiced confidence that its banking system, forced into a chaotic bailout in 2013, is now immune to the crisis in neighboring Greece.Cypriot banks chalked up about 4.5 billion euros, or 25 percent of the island's gross domestic product, in losses from their holdings of Greek sovereign bonds written down in late 2011 .A condition for lenders agreeing to give Cyprus 10 billion euros in aid in 2013 was that the banks sell off their branches in Greece – then billed as an attempt to "ring-fence" the Greek economy from the Cypriot crisis.
FOLLOW THIS ARTICLE