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Euro zone depositors fastest to leave Cyprus in February: Report

NICOSIA — Savers from other euro zone countries withdrew 18 per cent of the cash they held in Cyprus in February, amid concerns the struggling island would impose a tax on bank deposits.

Figures from the Central Bank of Cyprus published on Thursday showed deposits from other euro zone states fell 860 million euros (S$1.3 billion) to 3.9 billion euros, making them the fastest category to leave the stricken country.

Deposits from non-euro zone countries actually rose, by less than 1 per cent to 21 billion euros, while deposits from local residents fell less than 1 per cent to 42.6 billion euros.

http://www.todayonline.com/business/euro...ary-report

Casino seems an easy, quick, sure-win solution...

Cyprus bets on casinos to help boost economy after savings raid

LONDON — Cyprus is to lift a ban on casinos as part of measures to counter the economic shock of a much larger than expected 60 per cent raid on the savings of the island’s most wealthy depositors.

President Nicos Anastasiades outlined a 12-point plan to rescue the troubled economy before travelling to Athens, where he was reported to be meeting the Greek prime minister to petition for €2bn (S$3.17bn) in aid, despite Greece’s own economic collapse.

In a plan reminiscent of Spain’s project to create a EuroVegas gambling resort on farmland near Madrid, Cyprus wants to put forward legislation to allow its own casinos. This would be a public policy reversal for the island, which only last year banned online casinos and exchange betting.

http://www.todayonline.com/world/europe/...vings-raid

Further pressure on Gold price...

Cyprus counting on gold sale for bailout: Minister

The beleaguered Cypriot government is counting on a sale of gold by the central bank to help trigger international aid, Finance Minister Haris Georgiades said, amid a conflict with the country’s monetary chief.

An April 9 debt assessment by the European Commission said Cyprus had committed to selling about €400 million (S$647 million) of “excess” gold reserves, prompting gold futures to fall the most in five months.

http://www.todayonline.com/business/cypr...t-minister