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Cyprus Bank Levy

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.

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...

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 ...

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: Better Designed Rescue, Challenging Implementation

Mohamed A. El-Erian | Posted 05.25.2013 | Business
Mohamed A. El-Erian

After marathon and heated discussions, agreement was reached on a new rescue package for Cyprus. Compared to what had emerged a week earlier, this is a better technical outcome -- both in what it contains and in what is left out.

Russian PM: Cyprus Bailout Deal Is Essentially Theft

AP | Posted 03.25.2013 | Business

MOSCOW -- A spokesman for Russian President Vladimir Putin says the president has asked the government to restructure a 2.5 billion euro ($3.2 billion...

Report: Cyprus President Threatened To Resign

Reuters | Posted 03.25.2013 | Business

* Cyprus nearing Monday deadline to seal EU bailout * Faces banking collapse, possible euro zone exit * President said to threaten resignation i...

Cyprus Residents Say Country Facing Worst Crisis Since 1974 War

Reuters | Posted 05.24.2013 | Business

* Island facing worst crisis since 1974 war * Crisis talks to avert default go down to the wire * Prospect of financial ...

Possible Cyprus Deal On Large Deposits?

Reuters | Posted 05.23.2013 | Business

NICOSIA, March 23 (Reuters) - Cyprus has agreed with EU/IMF lenders a 20-percent levy on deposits over 100,000 euros ($130,000) at leading lender Ba...

The Worse Case For Cyprus Is...

AP | SARAH DiLORENZO and DAVID McHUGH | Posted 03.23.2013 | Business

PARIS -- What happens if Cyprus' banks collapse? If its government goes broke? If it leaves the euro? The European Union, the International Monetary ...

TIME IS RUNNING OUT

AP | MENELAOS HADJICOSTIS | Posted 05.23.2013 | Business

NICOSIA, Cyprus — Cyprus officials and international representatives ended torturous negotiation in the early hours of Sunday with no agreement ...

Cyprus Has Days To Come Up With A Plan To Avoid Bankruptcy

AP | MENELAOS HADJICOSTIS | Posted 05.22.2013 | Business

NICOSIA, Cyprus — Lawmakers in Cyprus approved three key bills Friday that aim to raise enough money to qualify the country for a broader bailou...

Cyprus Government Proposes Bill To Crack Down On Banks

Reuters | Posted 03.21.2013 | Business

NICOSIA, March 21 (Reuters) - The Cypriot government submitted a bill to parliament on Thursday giving the finance minister or central bank governor t...

Banking Debacle in Cyprus; Grand Theft Auto in Brussels

Sheldon Filger | Posted 05.21.2013 | World
Sheldon Filger

As with other Eurozone economies whose private banks faced insolvency, the Eurozone rescue specialists in Brussels offered a bailout package to save the banks, with strings attached. In the specific case of Cyprus, the terms were especially onerous.

ECB: Cyprus Is Four Days Away From Bankruptcy

AP | MENELAOS HADJICOSTIS and ELENA BECATOROS | Posted 05.21.2013 | Business

NICOSIA, Cyprus — Cypriot politicians moved Thursday to restructure the country's most troubled bank as part of a broader bailout plan that must...

Eurogroup Chief: Cyprus Deposit Tax 'Inevitable'

Reuters | Posted 05.21.2013 | Business

* Cyprus poses a systemic risk the euro zone -Eurogroup president * Euro zone bailout still on the table, Jeroen Dijsselbloem says ...

U.S. Stocks Little Changed After Lawmakers Reject Cyprus Bailout Terms

AP | Posted 05.19.2013 | Business

NEW YORK (AP) — Investors are taking the latest turn in Europe's financial drama in stride. U.S. stocks recovered most of an early lo...

Cypriot Official: Vote On Bank Deposit Seizure To Go Ahead

AP | MENELAOS HADJICOSTIS and ELENA BECATOROS | Posted 05.19.2013 | Business

NICOSIA, Cyprus — Lawmakers in Cyprus decisively rejected a plan on Tuesday to seize up to 10 percent of people's bank deposits in order to secu...

Cyprus Bailout Could Fail

The Huffington Post | Mark Gongloff | Posted 03.19.2013 | Business

Thing One: Apocalypse A Little Later: It took less than a day for pundits to declare the Cyprus bailout debacle to not be a big deal. That may be prem...

'Unnerved' Investors Await Cyprus Vote

AP | PAMELA SAMPSON | Posted 05.19.2013 | Business

BANGKOK — Asian stock markets were mixed Wednesday after Cypriot lawmakers rejected a tax on bank deposits that would have partly funded an emer...

Euro Leaders Backtrack On Cyprus Tax

Reuters | Michele Kambas and Harry Papachristou | Posted 05.18.2013 | Business

NICOSIA/ATHENS, March 18 (Reuters) - Euro zone ministers urged Cyprus to let smaller savers escape a levy on bank deposits, before a parliamentary v...

Everything You Need To Know About Cyprus But Were Afraid To Ask

The Huffington Post | Mark Gongloff | Posted 03.18.2013 | Business

Just when you thought it was safe: Americans who have been pumping money back into the stock market as it hit record highs got some unhappy news this ...

Cyprus To Shut Down Banks Tuesday And Wednesday

Reuters | Posted 05.18.2013 | Business

NICOSIA, March 18 (Reuters) - Banks in Cyprus will be shut on Tuesday and Wednesday pending a decision by parliament to approve a levy on bank depos...