Athens Informer

NICOSIA (Reuters) – Cyprus faces substantial risks to its economic outlook and the recession could be deeper than forecast, its central bank governor said in a prepared speech yesterday. The island state, which narrowly averted financial meltdown in… Full News here – Kathimerini English

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National Bank has announced a reverse stock split in the context of its recapitalization, whereby 10 old shares will be traded for a new one at a price of 4.29 euros each, from 0.429 euros before the reverse split. The governing board of National decided … … Full News here – Latest News

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Piraeus Bank Group is expected to provide 500 hectares of farming land to young people wishing to work in agriculture it was announced on Thursday. The offer is aimed at men and women up to 35 years of age. The bank is inviting interested parties to submi… … Full News here – Latest News

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When the Cyprus bank run began earlier this year, Russians set much of the pace. Documents seen by Reuters show that as the Mediterranean island headed towards financial meltdown in March, most notable among companies transferring money from the country’s… … Full News here – Latest News

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Local lender First Business Bank on Saturday split into a “good” and “bad” bank, with National absorbing its healthy side and the rest set for liquidation, according to a statement by the Bank of Greece. FBB followed the pattern set by Proton Bank and ATE… … Full News here – Latest News

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Police have drawn parallels between a double bank robbery in Velvento, northern Greece, in February, which led to the arrest of four suspected members of the Conspiracy of the Cells of Fire guerrilla group, and another bank heist last October in… Full News here – Kathimerini English

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The International Monetary Fund strongly opposes plans by the Development Ministry for the creation of a Hellenic Investment Fund and special economic zones around the country, which is likely to delay or even cancel their implementation. In its report on… … Full News here – Latest News

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NICOSIA (Reuters) – Cyprus’s central bank Bank of Cyprus, the island’s largest, said on Sunday 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… Full News here – Kathimerini English

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Greece’s securities regulator has extended a short-selling ban on bank shares to the end of July to protect investors while the recapitalisation of the country’s cash-strapped lenders is completed. Short-selling involves investors borrowing shares to sell… … Full News here – Latest News

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Bank stocks on the Greek bourse clocked up impressive gains of 46.5 percent in the week that has just ended thanks to increasing optimism regarding their recapitalization, while the benchmark edged up 3.81 percent over the same period. On a daily basis, t… … Full News here – Latest News

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Cypriot banks lost 1.8 billion euros ($ 2.4 billion) in deposits in March, when the Mediterranean island agreed to tax bank deposits as part of a European Union-led bailout. Deposits decreased 3.9 percent from February, when they dropped 2.2 percent, Europ… … Full News here – Latest News

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Germany rejects at least for now a standardized Europe-wide bank deposit guarantee scheme, Chancellor Angela Merkel said on Thursday. Germany, Europe’s largest economy, fears such a scheme would leave its taxpayers footing the bill for mistakes made by ba… … Full News here – Latest News

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Tuesday’s general meeting of Piraeus Bank shareholders concluded with the decision to increase its share capital by 7.335 billion euros in the context of the credit sector’s recapitalization. Up to 400 million euros will be covered by investors through pr… … Full News here – Latest News

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Cypriot insurance companies and charity organisations will be affected by a bail-in on deposits in an attempt to minimise the broader impact on savers, the island’s central bank has said. The central bank said insurance companies, charities and private ed… … Full News here – Latest News

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Bank customers who are not able to repay their loans will go through a process of mediation rather than being taken to court, according to a proposal by Justice Minister Antonis Roupakiotis yesterday. He has suggested the government allow special… Full News here – Kathimerini English

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