News Summary: Call for Cyprus deposit guarantees

By The Associated Press | Posted - Oct 31st, 2013 @ 10:21am

(AP) - GUARANTEES NEEDED: In order to maintain confidence in the financial system, an independent commission urged the Cypriot government to guarantee all bank deposits when it removes limits on money flows.

BAILED OUT: The restrictions including a ban on cashing checks and daily withdrawal limits of 300 euros were imposed in March after Cyprus agreed on a $13.6 million bailout.

WAY FORWARD: The government aims to eliminate almost all restrictions by early next year. The commission said a state guarantee would help restore trust in the crushed banking sector and attract foreign investment needed to get the economy out of recession.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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