Greece's Piraeus Bank agreed to buy the operations of stricken Cypriot banks in Greece for 524 million euros, the lender said on Tuesday, in a deal hastily cobbled together to protect the Greek banking sector from the island's debt crisis.
Yesterday, Cyprus' Laiki Bank, which had basically run out of money, was dissolved.
There's a store in Australia that really hates it when its customers walk around the store without buying anything.
After the decline in European and US stocks, the subdued trading environment extends to Asia.
The head of the Eurogroup, whose Cyprus comments unsettled markets, said there were no signs yet of increased withdrawals of savings within the eurozone amid growing unrest.
Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced.
The president of Cyprus assured his people a bailout deal he struck with the European Union was in their best interests, but banks will remain closed until Thursday - and even then subject to capital controls to prevent a run on deposits.
While European politicos negotiate in Brussels, deciding the fate of other people's money in Cyprus, the free market has already moved in to help Cypriots get access to their money via other means...
Of course, everybody should have been worried a lot sooner than last week because the basic operating system of global banking is accounting fraud...
Dmitry Medvedev gave a taste of Moscow’s displeasure over the Cyprus rescue plan on Monday when he said “the stealing of what has already been stolen continues”.
It was during a time of a lot of financial turmoil around the world and stories were popping up all over the news of how banks around the world had been crushing or minimizing rebellions by receiving massive bailouts to keep them alive. The Iceland s
European Central Bankers Want Personal Accounts To Pay For Bailouts?
When welfarism fails most spectacularly, it is usually because it attempts to treat a perceived social or economic problem without understanding -- let alone undoing -- its cause.
Having learned that Parliament would not approve a deposit levy in the name of a "tax",... Germany, the ECB and rest of the EuroThieves did something innovative. They simply ignored Parliament and came up with a scheme that didn't require a vote.
If you still have money in European banks, you need to get it out. This is particularly true if you have money in southern European banks. One thing has become abundantly clear: at least some depositors are going to lose a substantial amount of mone
UPDATE: It appears the 'deal' to default/restructure the banks has been designed to bypass the need for parliamentary votes, since it is theoretically not a tax.
Get Ready for Capital Controls / Get Your Money Out of the Country! / Collapse: America Will Fall /
Riksat Reports That Eurogroup Meeting Delayed;
Cyprus imposes ATM withdrawal limit of €100 per day for island's two largest banks
The president of Cyprus is on his way to Brussels this morning in a bid to persuade Eurozone finance chiefs to accept a last-minute deal to avoid financial meltdown in the island.
Cyprus lawmakers may have rejected the bank account tax, but the truth is that the financial crisis in Cyprus is just getting started.
The latest tidbit is that capital controls are tightening and withdrawl limits on ATMs are being cranked down materially.
Why is the global economy in so much trouble?
The crisis in Cyprus is a good opportunity to take a step back and remind ourselves how incredibly broken the Eurozone remains.
There are tax havens all over the world, so why is Cyprus so special to Russia?
Ministers continue negotiations with EU, IMF and Russia as suspicions grow that Kremlin is pressing for stakes in gas fields
Local TV station CYBC reports that police in the Cyprus’ capital are scuffling with protesters (including employees of Cyprus Popular Bank) outside the nation’s parliament:
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 its financial system that could push it out of the euro currency zone.
Ed. note: Earlier this week, Christina Avraam, a freelance photojournalist in Cyprus, sent us incredible photos she'd taken of the bailout protests.
The Euro train wreck continues.