Euro Zone, Euro Zone Bailout | featured news

Cyprus parliament approves bailout

Cyprus - AP

Cyprus' lawmakers approved on Tuesday a multi-billion bailout agreement with international creditors aimed at preventing the crisis-hit country from going bankrupt.

 

German parliament backs Cyprus bailout

Germany's lower house of parliament voted overwhelmingly on Thursday to grant Cyprus a 10 billion euro bailout that is designed to avert bankruptcy for the tiny Mediterranean island nation and keep it in the euro zone.

 

Portugal, Ireland Win Bailout Concessions

EU finance ministers agreed to allow Portugal and Ireland to repay their bailout loans later than initially agreed, in a bid to help the two governments wean themselves off bailout money in the coming year.

 

Key Bank of Cyprus data missing

Some key data about bond purchases by Bank of Cyprus - now the focus of a controversial EU-IMF bailout - is missing, investigators have found. The gaps were found in computer records studied by a financial consultancy, Alvarez and Marsal, Cypriot media say.

 

IMF will contribute 1 billion euros to Cyprus bailout

Christine Lagarde

The International Monetary Fund will contribute 1 billion euros ($1.29 billion) over three years to the 10 billion euro bailout for Cyprus, IMF Managing Director Christine Lagarde said in a statement on Wednesday.

 

Cypriot Finance Minister Resigns

Michalis Sarris resigned after announcing the final terms of a bailout for the nation’s banking system that imposed heavy losses on bank depositors in return for aid.

 

Cypriot banks reopen after 12 days -- but customers can only withdraw $383 each

Cyprus Banks - NBC News

Banks on the tax haven of Cyprus opened Thursday for the first time in 12 days amid the island's continuing financial crisis. Strict limits on the amount of money that could be withdrawn have been imposed – people will be able to withdraw 300 euros ($383) a day and no checks will be cashed – amid fears of a run on the banks.

 

Cyprus: cash, security control for banks reopening

Cyprus Banks - AP

Cyprus has imposed limits on money transfers and hired extra security guards to prepare for the reopening of its banks, which have been shut for almost two weeks to avoid a run during the country's financial drama.

 

In Cyprus, Big Losses Expected on Deposits

With time running out until Cyprus’s devastated banks must reopen their doors to the public, Cypriot and European officials are scrambling to put in place a set of measures that would allow jittery depositors access to their savings while preventing many billions of euros from fleeing the country.

 

Head of Cyprus's Biggest Bank Resigns

Antreas Artemis, the chairman of Bank of Cyprus, contended that he and the bank's board were not consulted in bailout negotiations that would impose large losses on depositors.

 

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