Economic Adjustment Programme for Cyprus

Greece retains negative yield in first debt auction of year

Greece has raised 487.5 million euros ($544.4 million) in a treasury bill sale that saw the country maintain its negative interest rate in the first debt auction of the year as the debt-strapped country attempts to regain full market access.

The Public Debt Management Agency said the 13-week T-bills were auctioned Wednesday at a yield of -0.08 percent.

Cyprus suffers blow from massive bank withdrawals by Russian depositors

The economy of Cyprus has suffered a serious blow from the flight of Russian capital from the island.
The Russian oligarchs who appear to be a pillar of Cyprus' banking system apparently want to stash away their wealth in other countries as the battle to combat money laundering heats up in the EU.

Draghi says up to Greece to decide on returning to bond market

European Central Bank President Mario Draghi said on Thursday it was up to Greece to decide whether to tap the bond market again, but that it needed to be done as part of an overall bailout strategy.

He said, however, there had been serious progress in Greece, which is on its third international bailout.

Bailout talks to resume on Tuesday, says government spokesman

The government on Thursday sought to set out a roadmap for the return of economic stability to Greece, with its spokesman Dimitris Tzanakopoulos announcing that foreign auditors will return to Athens next Tuesday and that a dragging bailout review will be completed by a Eurogroup summit on May 22.

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