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Cyprus

Cyprus Bailout To Hit $30 Billion

AP | JUERGEN BAETZ | Posted 06.11.2013 | Business

BRUSSELS — The cost of bailing out Cyprus has swollen to 23 billion euros ($30 billion), with the crisis-hit country having to take on the lion'...

The New York Times Thinks Bleeding Cyprus Is 'Strong Medicine'

William K. Black | Posted 06.09.2013 | Business
William K. Black

Has the New York Times ever had Krugman spend two hours educating its financial reporters about austerity and the euro's design defects? That would be one of the best investments it could ever make in raising the quality of its reportage on these issues.

'Everybody Here Stands To Lose A Lot Of Money, The Money You Worked For Your Whole Life'

AP | By MENELAOS HADJICOSTIS | Posted 06.09.2013 | Business

NICOSIA, Cyprus (AP) — When Costas Kalapodas was diagnosed with brain cancer two years ago and given months to live, he saw one sure place to put hi...

Hey, They Are Stretching the Truth Way Too Far

Mohamed A. El-Erian | Posted 06.07.2013 | Business
Mohamed A. El-Erian

I was struck by what came out of the Troika this week after it finished negotiating the program with the authorities in Cyprus. This is not the first time officials bungle an element of the Cypriot rescue.

Cyprus Prison Inmates' Touching Act

AP | MENELAOS HADJICOSTIS | Posted 06.06.2013 | Business

NICOSIA, Cyprus (AP) — With Cyprus' economy falling apart, even those behind prison bars are pulling together to help people in need. ...

German Minister: Offshore Tax Haven Report Will 'Increase Pressure'

Reuters | Posted 06.05.2013 | Business

By Stephen Brown BERLIN, April 5 (Reuters) - German Finance Minister Wolfgang Schaeuble said on Friday he was glad the identities of t...

Are We Heading Towards Cyprus or Socialism?

Les Leopold | Posted 06.04.2013 | Business
Les Leopold

What will happen the next time the largest banks in America gamble their way into chaos? Will taxpayers bail them out again or will the "stakeholders" be forced to make up the losses?

Cyprus Bank Employees To Protest

AP | Posted 04.04.2013 | Business

NICOSIA, Cyprus -- Bank employees in Cyprus will walk off the job for two hours and march toward parliament to protest against looming job and benefit...

Cyprus and Greece: Living in "Hotel California"

Angelo Federico Arcelli | Posted 06.03.2013 | World
Angelo Federico Arcelli

It is now clear that the endgame of financial crisis in Europe is not a game of chicken with debtor nations that threaten to leave the Euro, but rather a contentious (but one-sided) debate over how much local bank depositors will have to share in the cost of future bailouts.

IMF Agrees To Its Part Of Cyprus Bailout

AP | MENELAOS HADJICOSTIS | Posted 06.03.2013 | Business

NICOSIA, Cyprus — The International Monetary Fund said Wednesday it will contribute 1 billion euros to an overall financial rescue package of 10...

Cyprus Finance Minister Quits

Reuters | Michele Kambas | Posted 04.02.2013 | Business

NICOSIA (Reuters) - Cypriot Finance Minister Michael Sarris quit on Tuesday after concluding talks with foreign lenders on a bailout that forced the i...

Unfortunately, the Cyprus Crisis Is Not Yet Over

Mohamed A. El-Erian | Posted 06.02.2013 | Business
Mohamed A. El-Erian

Wherever they look, Cyprus and its European partners are running out of easy options. Rather than seek additional short-term palliatives, they would be well advised to invert their operational logic.

Crafting the Cyprus Deal: A Road Filled With Blunders

David Catalan | Posted 05.31.2013 | Business
David Catalan

The role of the Troika in bailing out governments and banks is nothing new, but the solutions put forward by EU leaders to improve the Cypriot crisis seem to be founded on little foresight, and without regard for the tragic mistakes of the past few years.

'Shame On Europe For Trying To Snatch People's Savings'

AP | By MENELAOS HADJICOSTIS | Posted 05.30.2013 | Business

NICOSIA, Cyprus (AP) — The moment word broke that Cypriot lawmakers in Parliament had voted down a bailout deal that would have raided everyone's sa...

Cyprus Bailout Tax Could Be Worse Than Expected

Reuters | Posted 05.29.2013 | Business

* Terms tough on big depositors at largest bank * Cypriot leader says risk of bankruptcy contained * Accuses Europe of t...

Cypriots Don't Have To Worry About Bank Limits: Central Bank

AP | MENELAOS HADJICOSTIS | Posted 05.29.2013 | Business

NICOSIA, Cyprus — Cyprus' central bank tried to kickstart spending in a country left reeling by a 10-day bank closure and financial near-collaps...

Which One Is It: Division or Solution on Cyprus?

Yavuz Baydar | Posted 05.29.2013 | World
Yavuz Baydar

These interesting times, it seems obvious, exert enormous pressure for most of the countries in the east Mediterranean and the Middle East to make historic, almost existential, choices.

Cyprus Has 'No Intention Of Leaving The Euro': President

Reuters | Posted 05.29.2013 | Business

NICOSIA, March 29 (Reuters) - Cyprus has no intention of leaving the European single currency, the island's president said on Friday, assuring Cypri...

5 Reasons You Should Care About Cyprus

Richard Barrington | Posted 05.28.2013 | Business
Richard Barrington

Unless you're a student of history or are planning a Mediterranean vacation, you may never have given the island of Cyprus much thought. Then suddenly, it dominated the headlines. What does a banking crisis in a small and far-off land mean to you?

Cyprus Banks Reopen With Strict Limits

AP | MENELAOS HADJICOSTIS | Posted 05.28.2013 | Business

NICOSIA, Cyprus — Anxious Cypriots patiently waited in long lines to get at their accounts on Thursday after banks opened for the first time in ...

The Crisis Isn't Just in Cyprus

Terry Savage | Posted 05.27.2013 | World
Terry Savage

Could it happen here? It's unlikely that in America you'd see that kind of outright grab on the part of the government, for any reason, (unless you think back to the gold confiscation of the 1930s). And in America, we're very aware of our deposit insurance limitations.

3 Ways Cyprus Is a 'Game Changer' for Europe

Gemma Godfrey | Posted 05.27.2013 | Business
Gemma Godfrey

With the Fed likely to remain accommodative, bullish market sentiment may continue to overshadow concerns elsewhere. However, Cyprus has highlighted that we're far from an end to the crisis.

Euro Nears 4-Month Low

Reuters | Sophie Knight and Hideyuki Sano | Posted 03.27.2013 | Business

* Euro still smarting from 'Cyprus model' suspicions * Little sign of contagion to Italy, Spain * Yen under pressure ahead of April 3-4 BOJ meet...

Bank of Cyprus CEO FIRED

Reuters | Posted 05.27.2013 | Business

NICOSIA, March 27 (Reuters) - The Chief Executive of the Bank of Cyprus, the country's largest commercial lender, said on Wednesday ...

Cyprus Has the Global Money Elite's Fingerprints All Over It

Richard (RJ) Eskow | Posted 05.26.2013 | Politics
Richard (RJ) Eskow

The debacle in Cyprus is far from over, but it's already taught us some very important lessons. We've seen, for example, that the world's financial leaders insist on clinging to the principles of austerity economics even after they've failed over and over again.