14/08/2013 07:00
The major issue in today’s financial press is the testimony of CB Governor, Panicos Demetriades to the inquiry committee.
The newspaper “Phileleftheros” refers to the testimony of CB Governor, Panicos Demetriades to the inquiry committee. Mr. Demetriades stated that the bailout should have been requested at the end of 2011 and the haircut of deposits could have been avoided if the preliminary memorandum was signed because it included €10 billion for the consolidation of the banking system.
The “Economy” inset of the newspaper refers to the activities for the completion of the procedure for the recapitalization of Hellenic Bank until October 30. According to the report, in order to cover the needs of €294 million and to reach a core tier equal to 9% by the end of the year, Hellenic Bank will proceed with the issue of shares and the differentiation of the terms of its bonds. At today’s Extraordinary General Meeting, the shareholders are expected to give their approval to the Board of Directors for the restructuring plan and the strengthening of its capital base.
Other headlines:
-No additional needs for Coops except for the €1.5bn
-PASYDY yelling for new opening hours
- Guide services must be charged with normal VAT
The newspaper “Simerini” refers to the letter of former CB Governor, Athanasios Orphanides, which warned the then Commerce Minister for a possible need for state support of the Cooperatives. At the same time, Mr. Orphanides sounded the alarm, stressing that NPLs deteriorated.
The “Economy” inset of the newspaper refers to the testimony of CB Governor, Panicos Demetriades to the inquiry committee. Mr. Demetriades stated that if Cyprus addressed to the bailout mechanism earlier at the end of 2011 or early 2012 or if it had signed the memorandum in November 2012, the haircut of deposits would have been avoided.
Other headlines:
- Loans of millions to Chlorakiotis
- €3bn from the CBC data
- Losses of 1.16% for the CSE
The “Economy” inset of newspaper “Haravgi” highlights that the opening hours of shops are led to the Supreme Court after the government’s denial to listen to the majority’s request to withdraw the decree.
“Haravgi” also reports that the Church’s stake in Hellenic Bank will shrink after the changes in the bank’s capital base.
Other headlines:
-Industry at record low
-IMF: No haircut in Coop
- Transfer duties up 10%
The newspaper “Alithia” refers to the testimony of CB Governor, Panicos Demetriades to the inquiry committee. Mr. Demetriades admitted that Cyprus should have addressed to the bailout mechanism earlier at the end of 2011 or early 2012.
The “Economy” inset of the newspaper reports that both the Central Bank and the Cooperative Central Bank exclude the possibility the capital needs of the Coop to exceed €1.5 billion.
Other headlines:
-Shareholders to decide today for HB
-Losses in subdued climate – CSE
-Euro area leaves recession
-DJ: Greece’s efforts starting to be fruitful
The newspaper “Phileleftheros” refers to the testimony of CB Governor, Panicos Demetriades to the inquiry committee. Mr. Demetriades stated that the bailout should have been requested at the end of 2011 and the haircut of deposits could have been avoided if the preliminary memorandum was signed because it included €10 billion for the consolidation of the banking system.
The “Economy” inset of the newspaper refers to the activities for the completion of the procedure for the recapitalization of Hellenic Bank until October 30. According to the report, in order to cover the needs of €294 million and to reach a core tier equal to 9% by the end of the year, Hellenic Bank will proceed with the issue of shares and the differentiation of the terms of its bonds. At today’s Extraordinary General Meeting, the shareholders are expected to give their approval to the Board of Directors for the restructuring plan and the strengthening of its capital base.
Other headlines:
-No additional needs for Coops except for the €1.5bn
-PASYDY yelling for new opening hours
- Guide services must be charged with normal VAT
The newspaper “Simerini” refers to the letter of former CB Governor, Athanasios Orphanides, which warned the then Commerce Minister for a possible need for state support of the Cooperatives. At the same time, Mr. Orphanides sounded the alarm, stressing that NPLs deteriorated.
The “Economy” inset of the newspaper refers to the testimony of CB Governor, Panicos Demetriades to the inquiry committee. Mr. Demetriades stated that if Cyprus addressed to the bailout mechanism earlier at the end of 2011 or early 2012 or if it had signed the memorandum in November 2012, the haircut of deposits would have been avoided.
Other headlines:
- Loans of millions to Chlorakiotis
- €3bn from the CBC data
- Losses of 1.16% for the CSE
The “Economy” inset of newspaper “Haravgi” highlights that the opening hours of shops are led to the Supreme Court after the government’s denial to listen to the majority’s request to withdraw the decree.
“Haravgi” also reports that the Church’s stake in Hellenic Bank will shrink after the changes in the bank’s capital base.
Other headlines:
-Industry at record low
-IMF: No haircut in Coop
- Transfer duties up 10%
The newspaper “Alithia” refers to the testimony of CB Governor, Panicos Demetriades to the inquiry committee. Mr. Demetriades admitted that Cyprus should have addressed to the bailout mechanism earlier at the end of 2011 or early 2012.
The “Economy” inset of the newspaper reports that both the Central Bank and the Cooperative Central Bank exclude the possibility the capital needs of the Coop to exceed €1.5 billion.
Other headlines:
-Shareholders to decide today for HB
-Losses in subdued climate – CSE
-Euro area leaves recession
-DJ: Greece’s efforts starting to be fruitful
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