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Cyprus

Cyprus Financial Crisis: Turkey & Reintegration Forgotten?

Ambassador Muhamed Sacirbey | Posted 05.21.2013 | World
Ambassador Muhamed Sacirbey

Will Turkey support and Cypriot Turks be expected to reintegrate into a unified Cyprus if the Kremlin is handed even a bigger role in the economic future of the Island and the exploitation of its natural gas reserves?

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...

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 To Keep Banks Closed Until Next Week At The Earliest

Reuters | Posted 05.20.2013 | Business

NICOSIA/MOSCOW (Reuters) - Cyprus extended a bank lockdown to next week and considered nationalizing pension funds on Wednesday, scrambling to avert a...

Yglesias Cheers a Double Betrayal of Cyprus

William K. Black | Posted 05.20.2013 | Business
William K. Black

Slate's Matthew Yglesias writes columns about economics and finance. Yglesias has been writing about Cyprus, and my critiques of the policies he has been proposing are the subject of this column.

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 ...

Spread: A Catholic Sin

Massimo Franco | Posted 05.19.2013 | Books
Massimo Franco

It might be hard to grasp if you live on the Mediterranean shores of Europe, but the Northern countries of the continent consider the southern countries' debts and high levels of spread Catholic sins.

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...

Emergency Cash En Route To Cyprus

AP | Posted 05.19.2013 | Business

LONDON — Officials say a Royal Air Force plane carrying a million euros ($1,289,000) in cash is traveling to Cyprus to provide contingency funds...

Implications of Europe's Stumble in Cyprus

Daniel Wagner | Posted 05.19.2013 | Business
Daniel Wagner

Cyprus has, for the first time, demonstrated there is in fact a limit to what northern European countries will do to preserve the illusion that Euro land can remain a cohesive and equal entity.

Cyprus Finance Minister Denies Resignation Reports

Posted 03.19.2013 | Business

UPDATE: 1:53 p.m. -- Reuters reports via Twitter that resignation reports aren't true. Original story below: On Tuesday, the same day the Cy...

Think the Cyprus Bailout Is Bad? You Have It Worse.

Quora | Posted 05.18.2013 | World
Quora

This post originally appeared on Quora. Answer by Nate Anderson, Co-founder at ClaritySpring and Director at Tangent Capital An angry Cypriot men...

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...

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...

LOOK: Cypriots Lash Out Against Bailout Tax

The Huffington Post | Carlo Davis | Posted 03.18.2013 | World

As European heavyweights and the government of Cyprus maneuver to reach a bailout deal for the country's banks, the citizens of the island nation are ...

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 ...

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...

What You Should Know About the Cyprus Controversy

Mohamed A. El-Erian | Posted 05.17.2013 | World
Mohamed A. El-Erian

On Saturday, European officials stunned Cypriots (and many others) by announcing a rescue package for their country that involves a levy on all bank deposits. The news is spreading far and wide, causing quite a bit of controversy in the process.

Cyprus Bailout: A Really Bad Deal

Elena Panaritis | Posted 05.17.2013 | World
Elena Panaritis

The big euro news this weekend is playing out in Cyprus where the newly-elected government agreed to a 10 billion euro bailout. One of the conditions of the bailout is a controversial one-off tax of 9.9% on all bank deposits of more than 100,000 Euros. This news was met with disbelief.

Cyprus To Compensate Those Forced To Pay Bank Tax

Reuters | Posted 05.17.2013 | Business

NICOSIA, March 17 (Reuters) - Cyprus's president said on Sunday that savers made to pay a tax on bank deposits as part of a sovereig...