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Business & Technology

Business News - European Union, US Federal Reserve, Bank of Cyprus

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Business News - European Union, US Federal Reserve, Bank of Cyprus

2013-04-29 10:20:30

Greece passes reform law to unlock more EU/IMF rescue loans

ATHENS (Reuters) - Greek lawmakers on Sunday approved a reform law to unlock about 8.8 billion euros ($8.9 billion) of rescue loans from the European Union and the International Monetary Fund.

Still stuck on central-bank life support

LONDON (Reuters) - Five years after the onset of the global financial crisis, the world economy is in such a chronic condition that the European Central Bank might cut interest rates this week and the Federal Reserve is likely to indicate no let-up in the stimulus it is providing the U.S. economy.

Bank of Cyprus converts portion of uninsured savings to equity

NICOSIA (Reuters) - Cypriot lender Bank of Cyprus said on Sunday it had carried out a conversion of uninsured cash deposits in the bank into equity, one of the conditions of international lenders to offer the cash-starved island financial aid. The process, known as a 'bail-in', made depositors in the bank pay for its recapitalization, after the institution was hit by massive losses from its exposure to debt-crippled Greece. Bank of Cyprus, the island's largest bank, said it had converted 37.5 percent of deposits exceeding 100,000 euros into "class A" shares, with an additional 22.5 percent held as a buffer for possible conversion in the future.

Another 30 percent would be temporarily frozen and held as deposits, the bank said.

A spokesman for the bank said he was not authorized to say what the percentage corresponded to in cash terms. The precise recapitalization needs of the bank will be concluded at the end of June.

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