European shares were heading for their worst week since November and safe-haven German government bonds were at 2013 highs on Friday, as Cyprus scrambled to avoid a meltdown of its banking system and a possible exit from the euro. The European Union has given Cyprus until Monday to raise the 5.8 billion euros needed to

Cyprus Finance Minister Michael Sarris returns home empty-handed on Friday afternoon, having failed to persuade Russian lenders to extend a 2.5 bln euro facility that expires in 2016, in a desperate attempt to raise fresh funds to avoid harsh bailout terms. News reports said talks in Moscow with Finance Minister Anton Siluanov broke up overnight

ΤΗΕ EURO-ZONE CRISIS Just when you thought it was safe… Bailing out Cyprus was always going to be tricky. But it didn’t have to be like this Even by the standards of European policymaking, the past week has been a disaster. In the early hours of March 16th, nine months after Cyprus first requested a

German Finance Minister Wolfgang Schaeuble expressed his scepticism at the Cypriot government's proposal for raising billions of euros during a meeting of Germany's coalition parties on Thursday afternoon, newspaper Bild reported. Citing participants at the meeting, the German newspaper reported in its Friday edition that Schaeuble had said he had deep doubts and "cosmetic touches

– ECB says to cut off bank funds without bailout deal by Monday  – Finance minister discussing banks, energy deals with Russia  – Cypriot govt proposes "solidarity fund", capital controls    The European Union gave Cyprus till Monday to raise the billions of euros it needs to secure an international bailout or face a collapse of

Says no Russian investor interest in Cypriot gas reserves, banks  Talks in Moscow on a possible funding lifeline from Russia to Cyprus ended without result, further cutting the island's options for raising the billions of euros it needs to find by Monday to avert a financial meltdown. Russian Finance Minister Anton Siluanov said on Friday

The euro zone stands ready to help bail out Cyprus but the burden must be shared by its financial sector otherwise the island's economy will collapse under its public debt, German Finance Minister told a Greek newspaper on Friday. "The perception that this (Cyprus) problem can be solved only by taxpayers in the euro zone

Cypriot Finance Minister Michael Sarris was due to fly home from Moscow on Friday after failing to win support in two days of crisis talks with Russia on prolonging a bailout loan or on a possible new financing package. Talks with Russian Finance Minister Anton Siluanov broke up overnight without even an agreement to extend