12-13-2019  1:21 pm   •   PDX Weather    •   SEA weather  
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NORTHWEST NEWS

Louisiana State University President Heading to Oregon Job

F. King Alexander will succeed Ed Ray, who is retiring from the position at Oregon State University at the end of June after 17 years as president. Ray will continue in a teaching role at the university

PHOTOS: Black Santa Visits Northwest African American Museum

The Skanner's Seattle photographer Susan Fried was on hand to snap some photos

English Language Learners' Success Translates Into a $25,000 Milken Educator Award for Teacher Julie Rowell

Oregon educator boosts student achievement and future prospects at Gresham High School

Portland Resident Hoping to Donate Kidney to Black Recipient

Fewer Black patients receive live kidney donations

NEWS BRIEFS

Friends of the Children Chapter Coming to Tacoma, Executive Director Announced

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Meet 80 Local Authors at OHS 52nd Holiday Cheer Book Sale and Signing

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Louisiana State University president heading to Oregon job

BATON ROUGE, La. (AP) — Louisiana State University is looking for a new system chief, after President F. King Alexander was appointed Friday to lead Oregon State University.Oregon State's Board of Trustees unanimously agreed to hire Alexander in a special meeting, confirming that Alexander...

As California thins forests to limit fire risk, some resist

SANTA CRUZ MOUNTAINS, Calif. (AP) — Buzzing chainsaws are interrupted by the frequent crash of breaking branches as crews fell towering trees and clear tangled brush in the densely forested Santa Cruz Mountains south of San Francisco. Their goal: To protect communities such as Redwood...

New Missouri coach Eli Drinkwitz predicts success

COLUMBIA, Mo. (AP) — Eli Drinkwitz was saying all the right things after being introduced as the new football coach at Missouri, laying out his vision for the once-proud program with unwavering confidence and bold proclamations.Then the former Appalachian State coach made a minor...

LSU's Burrow, Auburn's Brown named AP SEC players of year

LSU quarterback Joe Burrow is a unanimous selection as the offensive player of the year on The Associated Press All-Southeastern Conference football team.The top-ranked Tigers also have the SEC’s coach of the year in Ed Orgeron and the newcomer of the year in freshman cornerback Derek...

OPINION

Will You Answer the Call for Moral Revival?

In embracing and expanding the legacy of Dr. Martin Luther King, Jr., Revs. Barber and Theoharis have asked Presidential candidates to consider a debate that focuses exclusively on poverty ...

What I’m Thankful For This Season

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Congressional Black Caucus Members Visit U.S.-Mexico Border: “Mistreatment of Black Immigrants is Another ‘Stain on America’”

Members said they witnessed first-hand the deplorable treatment and plight of Black immigrants ...

Portland, I'm Ready

Last month I had the privilege to stand with hundreds of supporters and announce my intention to run for re-election ...

AFRICAN AMERICANS IN THE NEWS

Donor pulls jumi.5M grant to UNC-Chapel Hill over 'Silent Sam'

RALEIGH, N.C. (AP) — A New York-based not-for-profit foundation has withdrawn a jumi.5 million grant intended for the University of North Carolina at Chapel Hill in light of a financial deal between leaders of the university system and a Confederate group to preserve a controversial...

Belgian carnival removed from UNESCO list over racism row

BOGOTA, Colombia (AP) — A famous Belgian carnival was removed from the U.N.'s cultural heritage list on Friday following complaints that its most recent edition contained blatant displays of anti-Semitism.The Aalst carnival was taken off UNESCO's Intangible Cultural Heritage list during a...

Anti-Semitism order raises tough issue of defining prejudice

NEW YORK (AP) — President Donald Trump’s order to expand the scope of potential anti-Semitism complaints on college campuses is raising the stakes of an already tense battle over how to define discrimination against Jews.The executive order Trump signed on Wednesday tells the...

ENTERTAINMENT

Greta Gerwig on making 'Little Women' 'at the speed of life'

NEW YORK (AP) — The first movie Greta Gerwig saw in a theater was “Muppets Take Manhattan.” When it was over, her parents momentarily couldn’t find her. She had run to the front of the theater to put her hands on the screen.“I thought I could get into it,”...

'Lemonade' by Beyoncé is named the AP's album of the decade

NEW YORK (AP) — The top 15 albums of the decade by Associated Press Music Editor Mesfin Fekadu:1. Beyoncé, “Lemonade”: At the beginning of this decade, Beyoncé was already the greatest singer of her generation. She won a record six Grammys in a single night, had women...

'Mad Men' actress Christina Hendricks files for divorce

LOS ANGELES (AP) — “Mad Men” actress Christina Hendricks filed for divorce Friday from her husband of 10 years, actor Geoffrey Arend. Hendricks filed the marriage dissolution documents in Los Angeles Superior Court, citing irreconcilable differences. The 44-year-old Hendricks...

U.S. & WORLD NEWS

‘Rise of Skywalker’ is almost here, but a dark side looms

LOS ANGELES (AP) — When Disney bought Lucasfilm for more than billion in 2012, there were lofty...

Blue-collar character actor Danny Aiello has died at age 86

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In surprise decision, US approves muscular dystrophy drug

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Ex-PM elected Algeria's new president, to protesters' dismay

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El Salvador court gives hefty sentences in mass gang trial

SAN SALVADOR, El Salvador (AP) — A court in El Salvador has sentenced 373 convicted members of the...

Battle ahead: Scotland party leader vows independence push

LONDON (AP) — Prime Minister Boris Johnson has won the majority he needs to push through Brexit, but he...

McMenamins
Mark Thompson CNN Money

LONDON (CNNMoney) -- Cyprus' banks will remain shut until Thursday to give regulators time to guard against a run on deposits, the Ministry of Finance announced Monday.

Cyprus agreed early Monday to raise billions of euros from big depositors at the Bank of Cyprus and Popular Bank of Cyprus, and to shrink its banking sector dramatically, in return for a €10 billion European Union rescue package.

The tiny island had allowed its banking industry to grow to about seven times the size of the economy, based on total assets, attracting depositors and businesses with its low rate of tax. But the banks were brought crashing down by losses on Greek government debt, pushing the country to the brink of bankruptcy.

Cypriot President Nicos Anastasiades said in a statement Monday that the bailout package would avert "the collapse and the bankruptcy of the state," and that the banking system "will be stabilized."

"The danger for the bankruptcy of Cyprus is definitely left behind and the tragic consequences for the economy and the society are averted," Anastasiades said. "I don't even want to think what our day would be tomorrow without an agreement."

The original terms of the bailout, announced on March 16, included a levy on all Cypriot deposits including those of less than €100,000 insured under EU rules. That provision was thrown out by Cypriot lawmakers but not before long queues had formed at ATMs as people rushed to withdraw their savings.

Limits on withdrawals were introduced and the banks remained shut all last week after the European Central Bank said it would cut off emergency funding if Cyprus was unable to agree to a bailout with the EU and International Monetary Fund. Monday was a scheduled bank holiday in Cyprus.

The ECB said Monday it would continue to provide emergency liquidity assistance, given the agreement on "restoring the viability of the Cypriot financial system," but would continue to monitor the situation closely.

By clinching a bailout, Cyprus has at least temporarily avoided financial collapse and secured its place in the eurozone, but will pay a high price as one of its main service industries contracts rapidly and foreign investors seek a safer home for their cash.

Deposits of over €100,000 at Bank of Cyprus and Popular Bank will be frozen until they have been restructured. Popular Bank will be split up, its viable assets and insured deposits transferred to Bank of Cyprus, and its non-performing loans moved into a bad bank that will be wound down.

Big depositors at Popular Bank face complete wipe-out, along with shareholders and bondholders.

The losses facing big depositors as part of a deposit-equity conversion at Bank of Cyprus have yet to be determined but could be around 30%, a Cypriot government minister said Monday. Again, shareholders and bondholders will be tapped first.

The Cypriot parliament last week gave the government powers to implement temporary capital controls, which would restrict depositors from moving their money out of the country. It remains unclear exactly what sort of restrictions will be implemented, however.

Anastasiades said in his statement that on Tuesday, Cyprus' Central Bank "will implement ... certain restrictive measures with regard to financial transactions," though he did not provide specifics.

"It concerns a very temporary measure, which will gradually be relaxed," he said. "I want to assure you that we will do whatever possible so that we can return soon to full normalcy."

CNN Wires staff and CNNMoney's James O'Toole contributed reporting.

 

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