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Cyprus Bailout

The Money King Is Ruling: Long Live That Forgotten King of Solitude

Efterpie Araouzou | Posted 07.28.2013 | World
Efterpie Araouzou

Probably the island that suffered the most conquests in the history of the world, Cyprus has been once more attacked by another mighty ruler: The King of Money.

Bitcoin: A Brave New World

Tony Mckenna | Posted 07.14.2013 | Business
Tony Mckenna

The idea of a peer-to-peer virtual currency floated across vast swathes of international populations irrespective of borders could well be the next stage in the evolution of money -- its brave new world.

Miner Mike, the Bitcoin Minter

John Pavley | Posted 06.27.2013 | Technology
John Pavley

In 2009, my friend Mike was getting into bitcoin and I remember him explaining the whole concept to me: A virtual currency managed by a peer-to-peer network open to anyone with a computer and uncontrolled by any bank or government.

Cyprus President To Ask EU For More Help

AP | MENELAOS HADJICOSTIS | Posted 04.13.2013 | Business

NICOSIA, Cyprus -- Cyprus' president said Friday he will ask the European Union to provide more help for the crisis-hit country, which has to pay for ...

Cyprus Rescue: From Bad to Worse

Mohamed A. El-Erian | Posted 06.12.2013 | World
Mohamed A. El-Erian

We are now watching the second botching of a Cyprus rescue in less than a month. The implications cannot be good for Cyprus... and for Europe as a whole.

Cyprus Banking Crisis Goes From Bad To Worse

Sheldon Filger | Posted 06.12.2013 | Business
Sheldon Filger

Just when everyone thought the Cypriote banking disaster could not get any worse -- how can it get worse when the government is desperate enough to steal bank depositors' money -- it has suddenly become much worse.

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'...

Thomas Friedman on Timeouts

Robert Teitelman | Posted 06.10.2013 | Media
Robert Teitelman

Friedman has stumbled upon a nifty cliché, perhaps while watching March Madness, and then tried to fit the world and his own favorite causes around it. To make it work he has to distort the past and exaggerate the present, like a petulant parent.

'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. ...

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.

It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors

Ellen Brown | Posted 06.03.2013 | Business
Ellen Brown

When Americans realize that the alternative is to have their ready cash transformed into "bank stock" of questionable marketability, moving failed mega-banks into the public sector may start to have more appeal.

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...

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.

Russian Official: It Would Be A 'Great Pity' If Russians Lose Their Money In Cyprus

AP | Posted 04.01.2013 | Business

MOSCOW -- A senior Russian Cabinet member says his government won't protect Russian depositors who are losing money in Cyprus but may offer assistance...

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.

Rich Cyprus Savers To Lose Up To 60 PERCENT Of Their Accounts

AP | MENELAOS HADJICOSTIS | Posted 03.31.2013 | Business

NICOSIA, Cyprus -- Big depositors at Cyprus' largest bank may be forced to accept losses of up to 60 percent, far more than initially estimated under ...

'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...

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 ...