Cyprus banks take "dramatic measures"

Tuesday, April 24, 2012. Ivan Radford @themovechannel

Cyprus banks are taking "dramatic measures" to raise the capital required after the Greek sovereign debt bailout.

Cyprus banks are taking "dramatic measures" to raise the capital required after the Greek sovereign debt bailout.

In total, Cypriot banks need 2.5 billion euros by June this year to prevent further damages, with Popular Bank required to raise 1.35 billion euros to avoid dependence on the government. They, along with The Hellenic Bank and The Bank of Cyprus are following in Spain's footsteps and attempting to sell off distressed properties and non-core assets from troubled developers to meet the targets.

The lenders have already sold assets in Australia and Europe, OPP reports, but this still hasn't earned enough to cover the deficit.

 


Author - Dan Johnson

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