The dramatic recent events in Cyprus have highlighted the fundamental weakness in the European banking system and the extreme fragility of fractional reserve banking.
Cyprus: Where Things Stand
Just last week Yiannakis Omirou, Cypriot House of Representatives President, was calling for the nation to accept it is "time for responsibility" as they progressed towards a final solution;
Instead Of Doing His Job, Jeroen Dijsselbloem Has Given Us A Glimpse Of The Euro 'End Game' ...
When all is said and done, what happened in Cyprus over the past two weeks, is nothing but the culmination of re-marking the "assets" in the country's financial system ....
After a fun week of Cypriot depositors, Russian tax dodges, and inept Dutch finance ministers attention is back on the real problem with the eurozone.
Yesterday, Cyprus' Laiki Bank, which had basically run out of money, was dissolved.
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”.
European Central Bankers Want Personal Accounts To Pay For Bailouts?
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
Cyprus secured a 10 billion euro ($13 billion) package of rescue loans in tense, last-ditch negotiations, saving the country from a banking system collapse and bankruptcy. In return for the bailout, Cyprus must drastically shrink its outsized banking
Cyprus conceded to a one-off 20% levy on deposits over 100,000 euros in a dramatic U-turn as it raced to satisfy European partners and seal an 11th-hour bailout deal to avert financial collapse.
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.
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.
The vote by Cyprus’s parliament Tuesday evening to reject the terms of the European Union (EU) bailout agreed last Saturday has deepened a crisis which threatens to spread across Europe, posing the risk of national bankruptcy.
If you want to know why the EU is nervous about Cyprus negotiating with Russia for a bailout, look no further than this Ekathimerini report on the status of negotiations between the two countries.
SocGen's Sebastien Galy gives the state of play in Cyprus:
From the library of genuine news, Reuters reports Cyprus parliament rejects deposit tax for bailout.
Is the financial rape of Cyprus another IMF riot waiting to happen?
The eurozone staggers from crisis to crisis and bailout to bailout. But this time the finance ministers of the single currency nations have crossed the Rubicon.
EU Steals Nations Private Bank Accounts: Starts EU Wide Bank Runs
One of the most disturbing angles to the Cyprus bailout -- wherein the government is being forced to tax bank depositors -- is this idea that Berlin is calling the shots in Europe.
The Cyprus bailout deal has a lot of people scratching their heads over what EU leaders were thinking when they came up with it.