At the end of March, wealthy depositors with banks on the Mediterranean island of Cyprus had their accounts “levied” as part of a bailout deal for Cypriot financial institutions by other European Union members.
I delved into the news for...
It may seem a moot point now that Cyprus’ financial system has, for all intents and purposes, collapsed in the wake of last month’s €10bn eurozone rescue that forced the island to impose capital controls on any large withdrawals from its...
The 2nd worst week of the year (2nd only to Cyprus) for US equities was accompanied by Treasury buying as the JPY carry trade unwind continues in every risky-or-'yieldy' product. On an admittedly low volume day (typically good for a magical...
NICOSIA, Cyprus – Cypriot authorities have lifted restrictions on money withdrawals and transfers for international clients of another two foreign banks active in the crisis-hit country.
The Finance Ministry said Friday that limits no longer...
The British soldier slain in a gruesome cleaver attack in London was a well-liked infantryman and machine gunner who served in Afghanistan and Cyprus, and then became a military recruiter and ceremonial drummer outside the Royal Palaces, the...
A few days when reporting that the Russian Pacific fleet had crossed the Suez canal for the first time in decades in order to form a Mediterranean task force parked in Cyprus for obvious symbolic reasons (in close proximity to Syria and the...
Submitted by Alasdair Macleod via GoldMoney.com, There has been a growing shift in favour of assets relative to bank deposits. This was initially encouraged by zero interest rates, but more recently there is little doubt that Cyprus’s bail-in has...
LONDON (Reuters) - An independent Scotland would have a vastly oversized financial sector that would leave it vulnerable to a Cyprus-style banking crisis, Britain's finance ministry says.
There is a reason why in Europe, no matter how much some want to deny it, the Cyprus deposit confiscation "resolution" has become the norm. Quite simply, as BofA summarizes, "Europe's economy struggles with too many banks, too much debt and too...
NICOSIA, Cyprus – Cyprus on Friday got rid of limits on money transfers and withdrawals for international clients of another eight foreign banks doing business in the debt-laden country.
The Finance Ministry said in a new decree the capital...
WASHINGTON – The International Monetary Fund said Friday that substantial risks still loom for the Cypriot economy even after a multi-billion dollar international bailout aimed at averting a debt default.
A new IMF report predicted a deep...
Earlier we reported that the US has now officially landed a Marine force in Israel as well as an assault ship, in a visit that the US Navy promptly assured "is not associated with, nor a reaction to, any world events." It seems we were not the only...
The International Monetary Fund said on Wednesday it had approved a bailout of 1 billion euros (over $1.3 billion) for Cyprus, with the first installment of $110.7 million already allocated to the country’s government.
In the aftermath of the Cyprus deposit confiscation template, the first thing we did is to present not only the countries that are the biggest offshore tax havens in context, but more importantly, the ratio of total financial assets to GDP of these...
NICOSIA (Reuters) - When the Cyprus bank run began earlier this year, Russians set much of the pace. Documents seen by Reuters show that as the Mediterranean island headed towards financial meltdown in March, most notable among companies...
It’s been slow in coming, but religious leaders are starting to speak out against the mechanisms and high social cost of austerity. One dramatic but ineffective effort was when the Archbishop of Cyprus offered to contribute all the church land...
BRUSSELS (Reuters) - Cyprus and Malta have a lot in common: Mediterranean islands enjoying 10 months of sunshine a year, they joined the European Union in 2004, use the euro and have banking sectors that dwarf their economies.
Cyprus Finance Ministry issued a decree on Friday lifting restrictions on financial operations for the Russian Commercial Bank, a subsidiary of state-run VTB, and OJSC Promsvyazbank, a Russian privately-owned bank.
Sasha Cekerevac: One of the biggest concerns for investors when it comes to long-term investing is the safe return of their capital. Following the 6.75% levy imposed by Cyprus on deposits of less than 100,000 euros, many investors (...)Read the...
The small Alpine country, once a model of socialist economy, is racing to convince investors it has a credible strategy for raising the funds to stay solvent and avoid becoming the fifth euro country after Cyprus to ask for financial...
