Cyprus

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Cyprus Bank Grab Happening in US, Slowly
Cyprus Bank Grab
Happening in US, Slowly
OPINION
Mar 26, 2013 1:39 PM CDT

Cyprus Bank Grab Happening in US, Slowly

Thomas Sowell: The fed is subtly making the money you've saved less valuable

(Newser) - When Cyprus came up with its plan to take money out of its citizens' bank accounts, many Americans were aghast. Could such a thing, they wondered, ever happen here? "Yes and no," writes Thomas Sowell at RealClearPolitics . "The US government is very unlikely to just seize money...

Cyprus Keeping Banks Closed Until Thursday

Transaction limits staying in place after bailout

(Newser) - Cypriots hoping to get their hands on what is still technically their money are going to have to wait at least another couple of days. The government has ordered the country's banks, which have been closed since March 15, to stay closed until Thursday to prevent a run on...

Cyprus Deal Wallops Rich Russians

World markets rise after last-minute deal

(Newser) - The last-minute rescue deal to prevent a complete collapse of the Cypriot economy has saved the eurozone from its first exit and boosted world markets—but at a heavy cost to those who stashed their cash in the country's banks. The deal, which shuts down the country's second-biggest...

Cyprus Strikes Deal, Avoids Bankruptcy

Those holding largest deposits will take a hit

(Newser) - Crisis averted, for now. Cyprus has secured a package of rescue loans in tense, last-ditch negotiations , two EU diplomats said, saving the country from a banking system collapse and bankruptcy. The cash-strapped island nation needs a $13 billion bailout to recapitalize its ailing lenders and keep the government afloat. The...

As Deadline Looms, Cyprus Prez Threatens to Quit

Fraught negotiations under way in Brussels with European finance ministers

(Newser) - Things are getting testy in Brussels, where Europe's financial powers that be are hunkered down in furious negotiations to determine Cyprus' fate ahead of tomorrow's deadline to finalize a $10 billion bailout. Cyprus President Nicos Anastasiades has threatened to quit, reports Reuters , in a fraught meeting with Eurogroup...

Cyprus OKs Bailout Fund, Still $4B Short

Parliament passes last-minute measures

(Newser) - Facing a Monday deadline, lawmakers in Cyprus approved two crisis maneuvers to quell its banking crisis and renew confidence across the eurozone, the BBC reports. The moves: passing a "national solidarity fund," and approving capital controls to protect the island's banks from a catastrophic run. This should...

Cyprus Preps Bailout &#39;Plan B&#39;

 Cyprus Given Monday Deadline 
UPDATED
Mar 21, 2013 7:45 AM CDT

Cyprus Given Monday Deadline

European Central Bank says its emergency funding will expire then

(Newser) - As Cyprus works on a "plan B" today to fund a bailout , the European Central Bank says its emergency assistance will expire Monday, so there had better be a deal in place, the Wall Street Journal notes. That could be possible: The head of the country's central bank...

Cyprus' Banks Might Never Reopen, Warns Germany

Cypriot officials acknowledge tomorrow's planned opening may not occur

(Newser) - On the heels of yesterday's crushing rejection of its controversial bank deposit tax, the what-the-heck-is-Cyprus-going-to-do watch continues. The BBC reports that President Nicos Anastasiades is in crisis talks with party leaders and examining "alternative plans." The country's banks remained closed through tomorrow, and officials now say...

Britain Flies 1M Euros to Troops in Cyprus

...in case the ATM machines stop working

(Newser) - How's this for a tangible sign of the banking mess in Cyprus: Britain's Royal Air Force is flying in a plane loaded with 1 million euros so its troops stationed there don't get stuck without cash, reports the Independent . The defense ministry made the move after the...

Cyprus Rejects Bank Tax Bill
 Cyprus Rejects Bank Tax Bill 
Mar 19, 2013 1:41 PM CDT

Cyprus Rejects Bank Tax Bill

It would have seized money from individuals' banking accounts

(Newser) - Cypriot lawmakers today rejected a critical draft bill that would have seized part of people's bank deposits in order to qualify for a vital international bailout, with not a single vote in favor. The rejection leaves Cyprus's bailout in question. Without external funds, the country's banks face...

Cyprus Poised to Dump Bank Deposit Tax
Cyprus' New Gambit:
Spare Smallest Savers
UPDATED
Mar 19, 2013 7:43 AM CDT

Cyprus' New Gambit: Spare Smallest Savers

Government rep says the levy will still likely die

(Newser) - The proposed bank deposit tax that has enraged Cypriots and spooked bank customers across Europe looks likely to die today, even with a last-minute tweak that would spare the smallest savers, Reuters reports. Draft legislation sent to parliament amends the previous plan by exempting accounts containing less than about $26,...

Panicked Cyprus Stalls, Braces for Bank Run

Country considers levy of up to 15%

(Newser) - Things are getting crazy in Cyprus, which has again postponed a vote that could levy a tax on bank depositors to fund the nation's bailout, the BBC reports, this time until tomorrow. Its effects, however, are already rippling through Europe, where stock markets and the euro have plummeted, and...

Cyprus Stalls Vote on Bailout Tax

Lawmakers bitterly decrying terms of $13B IMF deal

(Newser) - Cyprus' parliament today postponed until tomorrow a vote on a controversial levy on all bank deposits that the cash-strapped country's creditors had demanded in exchange for a $13 billion bailout. The announcement set off an immediate scramble among top European officials, with reports that the European Central Bank was...

Cyprus Wants a Bailout, Too
 Cyprus Wants a Bailout, Too 
Jun 25, 2012 11:45 AM CDT

Cyprus Wants a Bailout, Too

After Fitch cuts its credit rating

(Newser) - Another day, another European Union bailout. This time Cyprus is the one lining up for a handout, Bloomberg reports. Officials today officially asked European authorities for access to the euro bailout fund, saying they were being hammered by contagion from Greece, the government said in an emailed statement.

Navy Chief Among 12 Killed in Vast Cyprus Explosion

98 containers of seized Iranian munitions explode

(Newser) - A brush fire ignited a huge cache of seized Iranian gunpowder at a naval base in Cyprus yesterday, setting off a massive explosion that killed at least a dozen people and wounded 62 others. The country's naval chief and the base's commander were among the dead, as were...

Monk Caught Smuggling Nun's Remains

He wanted to give her a better burial at Cyprus monastery

(Newser) - Bag checkers at the Athens airport turned a Cypriot monk over to authorities when they discovered a nun's skeleton in his luggage. The monk admitted digging up the nun's 4-year-old grave at an Athens cemetery so he could bring her remains back to his monastery in Cyprus, reports Huffington Post...

Alleged Spy Left Island: Cyprus Official

Suspected Russian agent made bail, then disappeared

(Newser) - The suspected Russian spy who went missing in Cyprus after being granted bail has likely fled the island, the nation's justice minister says. Christopher Metsos, 54, is accused of acting as a go-between for an espionage ring in the US and Russian handlers. Prosecutors in the US are using Metsos'...

Russian Spy Suspect Skips Bail in Cyprus

Christopher Metsos fails to report to local police

(Newser) - Cyprus authorities are conducting a manhunt for a member of a suspected Russian spy ring after he skipped bail, the Guardian reports. Christopher Metsos, whose flight to Cyprus triggered the FBI's arrest of the suspected espionage ring, had been arrested by local police yesterday but released after he posted a...

Thieves Demand Ransom for Cyprus President's Corpse

Body discovered dumped at another cemetery

(Newser) - The mystery behind the bodysnatching of Cyprus' former president seems to have been solved: The island nation's justice minister today ruled out a political motive, revealing that a ransom demand had been made. He said Tassos Papadopoulos' family had received a demand for ransom for the return of the body,...

EU Court Labels Sex Trafficking As Slavery

Panel slams Russia, Cyprus in death of 20-year-old woman

(Newser) - Sex trafficking constitutes slavery and is a violation of treaties demanding action to stop the crime, an EU court has ruled. It's the first time the EU Human Rights Court has outlined the responsibilities of authorities in cracking down on the crime. If police have a "credible suspicion" that...

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