Cyprus Crisis
AP-APTN-0930: Cyprus Crisis
Wednesday, 27 March 2013
STORY:Cyprus Crisis- Cypriots wake up to another morning of uncertainty as banks remain closed
LENGTH: 02:33
FIRST RUN: 0730
RESTRICTIONS: Part No UK Mainstream Broadcasters And Limited Access To Foreign News Channels: See Script
TYPE: Greek/English/Nat
SOURCE: AP TELEVISION/SKY
STORY NUMBER: 885047
DATELINE: Various - 26/27 Mar 2013
LENGTH: 02:33
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SHOTLIST:
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Nicosia
1. Wide tilt down from Peraeus Bank to crossroad
2. Mid of Piraeus Bank sign
3. SOUNDBITE (English) Despina, no surname given, housewife:
"People are depressed everywhere, no one knows what tomorrow will bring, it's a drama".
4. Tilt down to the Laiki Bank cash machine
5. Close of Laiki Bank sign
6. Mid of Laiki Bank
7. Pan from Laiki sign to cash machine
8. Pan from front of cafe to men sat outside reading newspapers
9. SOUNDBITE (English) Andreas Antoniou, local resident:
"You can't really move, people don't have any money on them to move around, they're scared, there's uncertainty, don't know if banks will open tomorrow or not."
10. Mid of man reading morning newspaper
11. Tilt down of newspapers in rack
12. Front page of the Filalafetros newspaper reading (Greek) "Laiki bank debts are pilling up"
13. Front page of the Filalafetros newspaper reading (Greek) "Your mistakes, our future"
14. Front page of the Cyprus Mail newspaper reading (English) English: "BoC (Bank of Cyprus) staff panic after confusion"
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Limassol
15. Various of man looking through banking papers
16. SOUNDBITE (English) Terry Rose, British ex-patriot: ++SOUNDBITE BEGINS DURING PREVIOUS SHOT++
"I really think they should not touch my money."
17. Mid of Terry Rose and his wife Hazel
18. SOUNDBITE (English) Hazel Rose, British ex-patriot: ++SOUNDBITE INCLUDES CUTAWAY TO TERRY ROSE AT END++
"I don't know how they can do it though. But you know, what can we do, I mean, I wish we never came."
19. Mid of cafe owner Ann Bruce
20. Mid of "Taste of Britain" menu
21. Close tilt down of HP Sauce bottle
22. SOUNDBITE (English) Ann Bruce, caf? owner:
"There are a lot of people who come here with very sad stories. And it's worrying, it's frightening that the banks, an official organisation that for years we've trusted. Now you can't trust them any more."
23. Wide of yachts in marina
24. Mid of Russian flag
25. Mid of boats
26. Wide of financial consultant Chris Parry
27. SOUNDBITE (English) Chris Parry, financial consultant:
"The majority are retired. And what that means is that what they've got here is it. They're not going to add to that."
28. Various of Limassol
STORYLINE:
Residents of Cyprus woke up to another morning of uncertainty as banks in the country remain closed on Wednesday.
Cypriot businesses were under increasing strain to keep running on Tuesday after financial authorities stretched the country's bank closure into a second week in a harried attempt to stop depositors from rushing to drain their accounts.
Under a deal for a 10 (b) billion euros (12.9 (b) billion US dollar) rescue that was clinched in Brussels early on Monday, Cyprus agreed to slash its oversized banking sector and inflict hefty losses on large depositors in troubled banks.
Cyprus needed to raise 5.8 (b) billion euros before international lenders were willing to give it the 10 (b) billion euros in bailout funds.
Much of the 5.8 (b) billion euros will be raised by forcing losses on accounts of more than 100-thousand euros (129-thousand US dollars), in the country's second-largest lender, Laiki, with the remainder coming from tax increases and privatisations.
The bank will be broken up immediately into a so-called bad bank containing its uninsured deposits and toxic nation's biggest lender, Bank of Cyprus.
Deposits at Bank of Cyprus above 100-thousand euros will be frozen until it becomes clear to what extent they will also be forced to take losses.
Those funds will eventually be converted into bank shares.
Cyprus' government spokesman Christos Stylianides told Greek state Net TV that losses on Bank of Cyprus deposits above 100-thousand euros will hover at around 30 percent.
"People are depressed everywhere, no one knows what tomorrow will bring, it's a drama" said Despina, a resident of Nicosia.
British ex-patriots living in the island's second city Limassol remain scared and unsure about their financial security.
Many are concerned about the loss of savings they have with Cypriot banks.
"The majority are retired. And what that means is that what they've got here is it. They're not going to add to that," said Chris Parry, a financial consultant on the island.
Terry Rose and his wife Hazel feel it would be wrong for a portion of their savings to be affected by the crisis.
"I really think they should not touch my money," said Terry.
"I wish we never came," said his wife Hazel.
Businesses have already been feeling the brunt of the cash crunch, unable to pay salaries and suppliers.
Cypriots have slashed spending during the uncertainty.
Britain flew in some 13 (m) million euros over the weekend to pay about three thousand British civilian and military personnel serving at the two military bases that it
retained after its former colony Cyprus gained independence.
The British Ministry of Defence last week flew in a (m) million euros in cash in case automatic teller machines on Cyprus shut down.
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