There is room to change the bailout plan for Cyprus to help savers with relatively small deposits, Austrian Finance Minister Maria Fekter said on Monday. "What happened at the weekend was a big buckle in confidence," she told a panel discussion on the future on Europe. She said EU finance ministers had proposed a sliding
More
The decision to seize money from bank deposits in Cyprus as part of an international bailout lacked "common sense" and risked undermining confidence in the banking system, Portuguese President Anibal Cavaco Silva said on Monday. The terms of Cyprus' 10 bln euro ($13 bln) bailout by the European Union, announced over the weekend, broke with
More
European shares pared early losses on Monday as policymakers raced to revise a radical bailout plan for Cyprus that threatened to spark a fresh leg to the euro zone's crisis. In a departure from previous EU practice that depositors' savings are sacrosanct, Cyprus and international lenders agreed at the weekend that savers in the island's
More
* Putin says deal unfair, Gazprom sets sights on failed bank * The Cyprus government has postponed until Tuesday a crucial vote on a harsh savings levy to try and improve the package, part of a 17.5 bln rescue plan and to ensure parliamentary consensus, despite anger at a lack of solidarity from Eurozone partners, especially Germany
More
The Eurozone, IMF and Germany's insistence to impose a harsh "bail-in" plan on Cypriot savers has backfired with "iron fist" Finance Minister Wolfgang Schaeuble not realising that he may have cast the first stone in the downfall of the euro simply to satisfy a personal ambition to punish Russian depositors. Demonstrators in Spain were quick
More
Stocks and commodities fell sharply in Asia on Monday as investors were rattled by a radical bailout plan for Cyprus and piled into safer assets including the U.S. dollar, gold and sovereign debt. European markets are also expected to fall, with financial spreadbetters predicting London's FTSE 100, Paris's CAC-40 and Frankfurt's DAX to open down
More
The Bank of Spain said there were no signs of capital flight from Spain as a result of developments in Cyprus, where euro zone ministers are demanding that depositors forfeit some of their savings to avert bankruptcy. "As far as I am concerned, the Spanish banking system is running under absolutely normal conditions," a spokesman
More
Euro zone ministers struck a deal on Saturday to hand Cyprus a bailout worth 10 bln euros ($13 bln) to stave off bankruptcy. Under the programme, the island's debt should fall to 100% of economic output by 2020, much more sustainable from the previous estimates of 120% and 140%. Here are the outlines of the
More
* After "scorched earth", island left with ashes * Savers in Cyprus are being forced to bear the brunt of a painful cost of a 10 bln euro bailout agreed by eurozone partners and the IMF early Saturday in Brussels, with 6 bln raised from a haircut on bank deposits, something the new government headed
More
* First “luxury retirement resort” in Ayia Napa; Church lost €9.5 mln from investments, blames Christofias for haircut and banking crisis * The outspoken head of the Church of Cyprus, often described as a shrewd administrator with good business sense, believes that the only way out of the current economic crisis is through growth, and
More