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Cyprus Bank Tax

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 ...

Liquidity vs. Stupidity: Two Early Lessons From Cyprus

Jared Bernstein | Posted 05.22.2013 | Business
Jared Bernstein

Didn't someone around the table in Brussels raise their hand and say, "Hey, wait a sec... do we really want to levy this tax on a banking system that's already teetering?"

Don't Forget the Geopolitics of Cyprus

Mohamed A. El-Erian | Posted 05.22.2013 | Business
Mohamed A. El-Erian

Europe has more than an immediate economic and financial interest in working with Cyprus to stabilize an increasingly volatile situation. And it should do so driven less by the need avoid an institutional Eurozone exit and more by the importance of fundamentally restoring growth and hope to Cyprus.

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...

Eleazar David Melendez

Russian Billionaires With Cash In Cyprus Find Themselves Targets Of Contentious Bailout

HuffingtonPost.com | Eleazar David Melendez | Posted 03.21.2013 | Business

On the streets of Cyprus, demonstrators have taken to waving posters depicting German Chancellor Angela Merkel as a horned devil or a Nazi officer. ...

Cyprus Proposes A 'Solidarity Fund'

Reuters | Posted 03.21.2013 | Business

NICOSIA, March 21 (Reuters) - The Cypriot government proposed to parliament on Thursday the creation of a "Solidarity Fund" based on revenues from hyd...

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...

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 ...

On the Ground in Europe

Mohamed A. El-Erian | Posted 05.20.2013 | Business
Mohamed A. El-Erian

As they scramble to sort out the mess in Cyprus, European officials would be well advised to constantly remind themselves of a reality that I suspect extends across the continent: Despite all the happy talk about smaller deficits and lower sovereign credit spreads, citizens are yet to feel any notable improvement in their actual standard of living and in their prospects. Day in and day out, this situation undermines the population's confidence in the timely responsiveness of their elected representatives, the political system and traditional political parties. The longer this persists, the harder it will be to pivot to the type of policy reforms needed to decisively avoid more years of economic difficulties.

Cyprus Works Furiously On Plan B

AP | MENELAOS HADJICOSTIS and ELENA BECATOROS | Posted 05.20.2013 | Business

NICOSIA, Cyprus -- Banks in Cyprus will not open before Tuesday at the earliest as government officials try to find a new plan to stave off financial ...

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...

Stocks Fall On Cypriot Bailout Plan

Reuters | Posted 03.18.2013 | Business

NEW YORK, March 18 (Reuters) - U.S. stocks dropped on Monday, after a plan to tax bank accounts in Cyprus to help pay for the country's bailout stoked...

Cyprus Bank Panic: It Can't Happen Here -- Can It?

Richard (RJ) Eskow | Posted 05.18.2013 | Politics
Richard (RJ) Eskow

A Cyprus-like incursion on people's savings seems unlikely here.  But if the past several years have taught us anything, it's to "never say never."

Beware of Europeans Bearing Bailouts

Michael Nevradakis | Posted 05.18.2013 | World
Michael Nevradakis

Some may speak of a "European dream," but when the EU's supposed welfare and social justice is apparently just a flimsy facade for corporate welfare and bailouts of irresponsible bankers, it seems that this "dream" is, in fact, a nightmare.

Cyprus: Europe Violates the Sanctity of Insured Deposits

Georges Ugeux | Posted 05.18.2013 | Business
Georges Ugeux

Europe has crossed the red line of the sanctity of insured deposits by making them subject to a partial confiscation.

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...

Putin Slams Bailout Plan For Cyprus

AP | Posted 03.18.2013 | World

MOSCOW -- The spokesman for Vladimir Putin says the Russian president is strongly critical of a plan to levy a tax on depositors in Cyprus. Russian c...

Cyprus Delays Vote On Savings Tax Raid

AP | MENELAOS HADJICOSTIS and DAVID McHUGH | Posted 05.18.2013 | Business

NICOSIA, Cyprus — A plan to seize up to 10 percent of savings accounts in Cyprus to help pay for a (EURO)15.8 billion financial bailout was met ...

Stocks Drop Sharply On Cyprus Bailout Tax

AP | PAMELA SAMPSON | Posted 05.18.2013 | Business

BANGKOK — Asian stock markets rose Tuesday, shaking off jitters sparked by a plan to give bank deposits in Cyprus a haircut to help fund the Eur...

European Crisis, Tiny Island Nation Edition

The Huffington Post | Jillian Berman | Posted 03.18.2013 | Business

Mark Gongloff is off the newsletter this morning, so today's 7.5 Things are brought to you by Jillian Berman. Thing One: Cyprus Bailout Disaster: I...