Browsing: bailout

Source:  France 24 (AFP) Cyprus’s wealthy Orthodox Church stands to lose more than 100 million euros in the bailout deal reached with international creditors early Monday, its leader Archbishop Chrysostomos said. “The capital owned by the Church, which was over 100 million euros, has been lost,” the archbishop told reporters. “There will be many difficulties, some will lose their jobs, the hungry will be multiplied and the Church has to take care of people,” he added. The church has substantial shareholdings on the island, including in the banks at the centre of the drastic financial sector cuts imposed by the…