Δευτέρα, 25 Μαρτίου 2013

Ακόμα να κάνουν χαρακίρι οι βουβουζέλες του μνημονίου;


ΑΠΟ ΤΗΝ ΕΠΙΣΗΜΗ, επαναλαμβάνουμε, ΤΗΝ ΕΠΙΣΗΜΗ ανακοίνωση του Eurogroup:
Το Εurogroup καλωσορίζει επίσης την ετοιμότητα των κυπριακών αρχών να λάβουν περαιτέρω μέτρα. Αυτά τα μέτρα περιλαμβάνουν την αύξηση του φόρου για τα έσοδα κεφαλαίων και του φόρου εισοδήματος. Το Εurogroup προβλέπει σε μια συμφωνία της
Κύπρου με τη Ρωσία για χρηματοοικονομική συνεισφορά της τελευταίας.


25 March 2013 Eurogroup Statement on Cyprus

The Eurogroup has reached an agreement with the Cyp riot authorities on the key elements necessary for a future macroeconomic adjustment pro gramme.
This agreement is supported by all euro area Member States as well as the three instit utions. The Eurogroup fully supports the Cypriot people in these difficult circumstances. The programme will address the exceptional challeng es that Cyprus is facing and restore the viability of the financial sector, with the view of restoring sustainable growth and sound public finances over the coming years. The Eurogroup welcomes the plans for restructuring the financial sector as specified in the annex. These measures will form the basis for restoring th e viability of the financial sector. In particular, they safeguard all deposits below EUR 100.000 in accorda nce with EU principles. The programme will contain a decisive approach to a ddressing financial sector imbalances. There will be an appropriate downsizing of the financial secto r, with the domestic banking sector reaching the EU average by 2018. In addition, the Cypriot author ities have reaffirmed their commitment to step up efforts in the areas of fiscal consolidation, st ructural reforms and privatisation. The Eurogroup welcomes the Terms of Reference for a n independent evaluation of the implementation of the anti-money laundering framewo rk in Cypriot financial institutions, involving Moneyval alongside a private international audit fi rm, and is reassured that the launch of the audit i s imminent. In the event of problems in the implement ation of the framework, problems will be corrected as part of the programme conditionality. The Eurogroup further welcomes the Cypriot authorit ies' commitment to take further measures. These measures include the increase of the withhold ing tax on capital income and of the statutory corporate income tax rate. The Eurogroup looks forw ard to an agreement between Cyprus and the Russian Federation on a financial contribution. The Eurogroup urges the immediate implementation of the agreement between Cyprus and Greece on the Greek branches of the Cypriot banks, which p rotects the stability of both the Greek and Cypriot banking systems. The Eurogroup requests the Cypriot authorities and the Commission, in liaison with the ECB, and the IMF to finalise the MoU at staff level in early Apr il. The Eurogroup notes the intention of the Cypriot au thorities to compensate potential individual victims of fraudulent practices, in line with estab lished legal and judicial procedures, outside the programme. The Eurogroup takes note of the authorities' decisi on to introduce administrative measures, appropriate in view of the present unique and excep tional situation of Cyprus' financial sector and to allow for a swift reopening of the banks. The Eurog roup stresses that these administrative measures will be temporary, proportionate and non-discrimin atory, and subject to strict monitoring in terms of scope and duration in line with the Treaty. Against this background, the Eurogroup reconfirms, as stated already on 16 March, that – in principle - financial assistance to Cyprus is warranted to sa feguard financial stability in Cyprus and the euro area as a whole by providing financial assistance f or an amount of up to EUR 10bn. The Eurogroup would welcome a contribution by the IMF to the fina ncing of the programme. Together with the decisions taken by Cyprus, this results in a fully financed programme which will allow Cyprus’ public debt to remain on a sustainable path. The Eurogroup expects that the ESM Board of Governo rs will be in a position to formally approve the proposal for a financial assistance facility agreem ent by the third week of April 2013 subject to the completion of national procedures.
Annex 
Following the presentation by the Cyprus authoritie s of their policy plans, which were broadly welcomed by the Eurogroup, the following was agreed : 
1. Laiki will be resolved immediately - with full c ontribution of equity shareholders, bond holders an d uninsured depositors - based on a decision by the C entral Bank of Cyprus, using the newly adopted Bank Resolution Framework.
 2. Laiki will be split into a good bank and a bad b ank. The bad bank will be run down over time. 
3. The good bank will be folded into Bank of Cyprus (BoC), using the Bank Resolution Framework, after having heard the Boards of Directors of BoC a nd Laiki. It will take 9 bn Euros of ELA with it. O nly uninsured deposits in BoC will remain frozen until recapitalisation has been effected, and may subsequently be subject to appropriate conditions. 
4. The Governing Council of the ECB will provide li quidity to the BoC in line with applicable rules. 
5. BoC will be recapitalised through a deposit/equi ty conversion of uninsured deposits with full contribution of equity shareholders and bond holder s. 
6. The conversion will be such that a capital ratio of 9 % is secured by the end of the programme. 
7. All insured depositors in all banks will be full y protected in accordance with the relevant EU legislation. 
8. The programme money (up to 10bn Euros) will not be used to recapitalise Laiki and Bank of Cyprus. The Eurogroup is convinced that this solution is th e best way forward for ensuring the overall viabili ty and stability of the Cyprus financial system and it s capability to finance the Cyprus economy.

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