SEOUL, Aug 1- South Korean exports fell for a seventh straight month in July over a year earlier, further clouding the outlook for the struggling economy as demand from China, Europe and other major markets remains weak. South Korea is the first major exporting economy to report monthly trade data and home to global suppliers such as Samsung Electronics, Hyundai...» Read More
Cyprus is to impose a ban on cashing checks and limit the amount of cash that can be taken out of the country, a Greek newspaper reported on Wednesday.
European lawmakers voted for an extra 11.2 billion euros in EU spending on Wednesday to fill a funding gap.
Cyprus probably won't be the last euro zone country to ask for an international bailout, according to a Reuters poll of economists.
For Iceland, there was a sense of deja vu when Cyprus's finance minister said capital controls would probably last "a matter of weeks". Five years after a banking meltdown, the north Atlantic island has just extended its own controls indefinitely.
Investor concern over Cyprus is rapidly being replaced by fears for Italy, as political deadlock continues.
Luxembourg, home to several European Union institutions, has rebuffed calls from some of its partners to reduce the size of its powerful banking sector in response to the crisis in Cyprus.
U.K. banks will be need to raise an extra 25 billion pounds ($38 billion), the Bank of England's Financial Policy Committee (FPC) said on Wednesday, detailing the capital shortfall facing the country's financial institutions.
The euro zone's awkward handling of Cyprus's bailout puts extra pressure on the bloc's sovereign ratings and shows policymakers overestimate their ability to contain the crisis, credit agency Moody's said.
With thousands of jobs axed and many more under threat in London's financial center, City workers are leading an exodus from the City as they consider alternative careers and dramatic life changes.
Europe's financial crisis is costing lives, with suicides and infectious diseases on the rise, yet politicians are not addressing the problem, health experts say.
Although markets initially held up in the face of renewed chaos, market watchers and analysts are warning that the flare up in the euro zone debt crisis could once again curb investor sentiment.
Austerity is grinding Portugal down. The risk is that improving exports alone will not be enough to restore growth.
It might be possible for large uninsured depositors to be "bailed-in" as part of the future resolution of a bank under a new draft EU law, the European Commission said on Tuesday.
Spain's economy will sink deeper into recession this year, the Bank of Spain said on Tuesday, sending a stark message to the government as it prepares to revise its own growth forecast.
Cyprus's Finance Minister said on Tuesday big depositors in Cypriot banks could lose about 40 percent of their deposits as part of an international rescue plan.
The banking crisis in Cyprus was a unique case and the rescue plan used should not be seen as a model for other European countries that fall into trouble.
Cyprus banks were supposed to re-open on Tuesday but the island nation late Monday ordered all banks to remain closed until Thursday.
Global markets took a roller-coaster ride after a European official's comments sparked fear that the new normal in Europe will be hitting up a bank's own customers in a bailout.
Cyprus and its international lenders on Monday reached a last-minute rescue deal to resolve the country's financial crisis.
Fed Chairman Ben Bernanke on Monday defended the central bank's aggressive easing of monetary policy, saying while it was aimed at bolstering the U.S. economic recovery, it was helping other countries as well.