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People use an ATM machine outside a closed branch of the Bank of Cyprus in Nicosia, Cyprus, Wednesday, March 27, 2013. The Cypriot authorities are preparing limits on the amount of money depositors can withdraw from their accounts one day before banks reopen. (AP Photo/Petros Giannakouris)
How Much Is 300 Euros
The state news agency said Cypriots will only be able to withdraw 300 euros ($383) in cash a day when the country’s banks open for the first time in more than a week on Thursday.
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The agency said on Wednesday that credit or debit card payments abroad will be capped at 5,000 euros per day, without cashing checks, although they can be deposited in Bank account.
Meanwhile, armed police officers secured several container trucks to the country’s central bank in Nicosia. A helicopter hovered overhead.
Banks across the country have been closed since March 16 to stem the outflow of deposits while politicians outlined a new plan to secure international aid.
Cyprus has imposed limits on money transfers and hired more security guards as it prepares for a planned reopening on Thursday of its banks, which have been closed for nearly two weeks to avoid withdrawal in the country’s financial drama.
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A banking official said on Wednesday that the new controls would include restrictions on large-scale transfers from the country’s two largest and most troubled lenders, the Bank of Cyprus and the Bank of Cyprus. Laiki, when they reopen on Thursday. Both are being restructured and large depositors are facing losses of up to 40%.
Authorities are looking to increase the daily withdrawal limit from 100 euros to 300 euros ($130 to $386), while wage payments will be allowed to help hard-hit businesses as people cut spending amid uncertainty. swirl around the shore.
The restrictions will last for at least a week until the situation stabilizes, the official spoke on condition of anonymity because the measures have yet to be officially announced.
Cyprus’ banking sector has grown to almost eight times the size of the country’s economy, thanks in large part to substantial deposits from Russia. This has sparked accusations that the country is being used by Russian criminals to launder money. The Russian government last week criticized Europe’s handling of the Cyprus crisis.
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Billionaire Russian businessman Andrey Dashin told the AP news agency he doesn’t believe his countrymen will rush to move businesses or money out of the country once banks reopen, despite the fact that many people will be taxed account. more than 100,000 euros in both Cyprus and Laika Bank.
“There won’t be a major Russian attack on Cypriot banks,” said Dashin, 37, who runs his currency speculation firm ForexTime from a brand-new high-rise in the seaside resort. sea south of Limassol, said. Dashin doesn’t want to lose his deposit, which is not in one of the top two Cypriot banks.
“The Russians are more used to such situations, we’ve been through too many crises in Russia… I don’t feel that (the Russians) are ready to get their businesses or their money off the land. their country,” Dashin said. .
But he said the Russians wanted a “clear picture” of the types of restrictions on capital movement that would be imposed so as not to strangle businesses, warning that tight restrictions would be “signs to entrepreneurs that their money is stuck”.
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Dashin dismissed reports that Cypriot banks were being used to launder Russian dirty money as unproven rumors and called on Cyprus to invite internationally recognized auditors to unravel.
Meanwhile, private security firm G4S will send 180 of its employees to all bank branches across the island to check for any potential problems, said John Argyrou, the company’s branch chief executive. company in Cyprus said.
“Our presence is for the convenience of bankers and customers, but the police will also be present,” he said.
Argyrou said he doesn’t foresee any major problems arising when banks open because people have had time to “digest” what happened.
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“There may be individual incidents, but our culture is patient and patient, so I don’t expect anything serious.”
Banks closed on March 16 as politicians tried to come up with a plan to raise 5.8 billion euros ($7.5 billion) that would qualify the country for a 10 billion euro bailout loan. ($12.9 billion) from euro area partners and the International Monetary Fund.
In an agreement signed in Brussels early Monday, Cyprus agreed to shrink its overly large banking sector and take a heavy toll on large depositors Laiki and the Bank of Cyprus.
Officials said Laiki would be restructured, with its healthy assets going to a “good bank” and its bad debts and toxic assets going to a “bad bank.” . The sound side will be absorbed into the Bank of Cyprus.
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A banking official said the boards of both banks had been dismissed and administrators had been appointed to handle the restructuring and absorption.
Bank of Cyprus CEO Yiannis Kypris released a statement saying the central bank’s governor had asked him to step down on Wednesday.
Kypris said: “These are very difficult times for everyone. The Bank of Cyprus has been and remains an essential pillar of our economy and society in our efforts to respond to the crisis. that our country is going through. The transition will respect the employees, shareholders and customers of the Bank of Cyprus.”
Cypriot officials say the deal will help the country shift its focus away from its role as an international financial services hub. This is expected to cause job losses, increasing the unemployment rate, which currently stands at around 14%.
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Ioannis Kasoulidis told Germany’s Frankfurter Allgemeine Zeitung in an interview to be published on Thursday that launching the single currency is “an option that we’ve been seriously considering for some time”.
Business leaders and cabinet ministers met with President Nicos Anastasiades on Wednesday to find ways to revive the economy.
To give consumers a break, electricity prices will drop by 5.75% next month. Commerce Minister Giorgos Lakkotrypis said that in the next few weeks authorities will look at how they can reduce another 3%.
Interior Minister Socrates Hasikos said his ministry is trying to cut red tape to attract foreign investment. He said Chinese investors are increasingly interested in selling properties, adding that one real estate company has sold about 400 apartments to Chinese buyers.
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“There is always interest from foreign investors,” said Hasikos. “The question is how can we, as a government like Cyprus, convince all these investors…that the environment is safe, that whatever happens is already done. pass and they can safely continue to invest in Cyprus.” world, the cost of living in Germany is not as high as you might expect; similar to other EU countries. Germany is ranked 10th for cost of living, making it cheaper to live in Germany than in the UK, Denmark, Norway, France or the Netherlands.
The cost of living is one of the main concerns for anyone moving to a new country. Is Germany expensive? You may wonder. And the short answer is “no”!
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In general, Germany is not considered expensive, especially compared to the average cost of living in Europe, although there are always exceptions and your budget will depend on where you are and what you need. about your lifestyle. For instance, anyone looking for an independent apartment in the center of Munich will run out of budget faster than someone who wants to live in a Berlin condominium.
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Making some right decisions about where to stay and how to reduce day-to-day expenses can make a big difference. If you can be flexible about your location and living situation, you should be able to meet your budget (read on to learn more about these topics!).
In Germany it is very difficult to earn less than 1,000€ a month and in cities with higher rents it is around 1,500-2,000€. Students can usually cover their living expenses with around €850 per month. Travel is relatively affordable, even in major cities, and food and drink prices are average for Europe. An important topic that all people moving to Germany should consider is the cost of health insurance. You can find out more about medical costs on our German health insurance pages.
The average monthly living cost in Germany (for non-students) is around €1,200, but there are many factors that can affect this, especially location.
The cost of living in Germany for a couple sharing a house is about 50% higher.
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It is good to keep in mind that planners
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