CYPRUS: Bank workers strike amid fears their pensions may be at risk

Record ID: 341105

  • Title: CYPRUS: Bank workers strike amid fears their pensions may be at risk
  • Date: 4th April 2013
  • Summary: NICOSIA, CYPRUS (APRIL 4 2013) (REUTERS) EXTERIOR OF POPULAR BANK BRANCH VARIOUS OF MAN AT ATM VARIOUS OF SIGN ON BANK WINDOW ANNOUNCING THE WORK STOPPAGE VARIOUS OF INTERIOR OF BANK WITH CUSTOMER STANDING AT TELLER LAIKI BANK SIGN INSIDE THE BANK VARIOUS OF EMPLOYEES INSIDE THE BANK PUTTING AWAY MONEY IN ENVELOPES AND ACCOUNTS VARIOUS OF EXTERIOR OF THE BANK, SIGN AND
  • Embargoed: 19th April 2013 13:00
  • Keywords:
  • Location: Cyprus
  • Country: Cyprus
  • Topics: Business,Economy,Politics
  • Reuters ID: LVA467FC2H934RQA6T97IZ5KYK0P
  • Story Text: Cyprus's bank workers staged a two-hour work stoppage on Thursday (April 4) over pension fears as the country's two largest banks were hit with huge losses under an international bailout agreement.
    The Cyprus Bank Employees Union says the pension funds of workers in Popular Bank and Bank of Cyprus were at risk. The union, which represents 11,000 bank workers, called a two hour work stoppage at 09:30 GMT, closing branches around the island, and will stage a protest rally later in the day.
    Under a 10 billion euro loan from the International Monetary Fund and the European Union, Cyprus was forced to split Popular Bank's assets into a "good" and "bad" bank. Uninsured depositors at Bank of Cyprus are also forced to face heavy losses. Bank of Cyprus will gradually take over accounts at Popular Bank. The union has said the government has not yet spoken of any possible layoffs, but has threatened with full scale strikes if those were to occur.
    Cyprus's banks were closed for two weeks while the bailout deal was being negotiated to prevent a run, reopening on March 28. During that time bank workers staged several protests outside parliament.
    Cyprus new finance minister Harris Georgiades was sworn into his post on Wednesday (April 3) after the former finance minister resigned following the completion of a bailout agreement. He said that Cyprus was committed to meeting all the terms of a 10 billion euro bailout deal agreed with international lenders last week.
  • Copyright Holder: REUTERS
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