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With Europe locked in a multi-billion-dollar game of chicken with Cyprus, markets Friday were watching closely to see which side would blink first.
Slovenia, which is struggling to avoid a bailout, must issue a bond by June 6 to meet its financial obligations, the former Prime Minister said.
Markets have held up relatively well this week in the face of financial turmoil in Cyprus, prompting some analysts to warn that investors are too complacent about the risks.
Standard & Poor's cut the sovereign long-term foreign currency credit rating on Cyprus deeper into junk status on Thursday, lowering the rating to CCC from CCC-plus.
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.
Turkey could challenge any move by Cyprus to speed up offshore natural gas exploration as a way of attracting investment to save its economy, Turkish officials said.
For Cyprus—and for Europe—the clock is ticking, with the prospect of the eastern Mediterranean island exiting the euro zone or defaulting on its debt looming ever larger. Click ahead to see how the crisis has unfolded.
Russian state oil company Rosneft closed its deal to buy TNK-BP from UK-based BP and four tycoons on Thursday, releasing $40 billion cash to the sellers and becoming a bigger oil producer than Exxon Mobil.
The reason a rescue agreement for Cyprus has been so difficult is "no one wants to bail out a bunch of Russian criminals," Bill Browder of Hermitage Capital told CNBC.
The Dutch finance minister and new head of the Eurogroup of finance ministers, Jeroen Dijsselbloem, told CNBC that he was confident that an agreement could be found for Cyprus, but Russia might not be the source of the solution.
The U.K.'s newly announced "right to buy" scheme will not fuel a potentially dangerous housing bubble similar to that seen in the subprime mortgage crisis in the U.S., the U.K.'s Finance Minster George Osborne told CNBC on Thursday.
The Bank of England (BoE) may have been given the green light to use "unconventional monetary policy instruments", but it actually needs to engage in some monetary policy "realism", Andrew Sentance, senior economic advisor at PwC, told CNBC.
The euro zone's economic downturn has deepened this month, even before Cyprus's bailout debacle, a business survey showed on Thursday.
Hermes said operating margin last year reached its highest level since they listed in 1993 on robust demand for its hand-crafted leather goods and printed silk scarves.
Russian prime minister Dmitry Medvedev has lambasted the EU's handling of the Cyprus debt crisis, comparing a plan for a levy on bank deposits to measures that hurt savers under the Soviet Union, the Financial Times reports.
Cyprus and Russia resumed talks Thursday to strike a deal that could include cooperation on banking and natural gas reserves, the Cypriot finance minister said.
The Cypriot government is considering capital restrictions if banks reopen on Thursday, a senior government official told Reuters as negotiations between the country and Russia over financial assistance continue in Moscow.
A downward revision for U.K. growth reignited fears on Wednesday that the country's credit rating could once again be downgraded as finance minister George Osborne's budget statement failed to inspire confidence.
Cyprus's citizens are facing up to a very uncertain future, with one Cypriot telling CNBC: "We are not like Greeks."
French authorities searched the Paris flat of IMF chief Christine Lagarde as part of an investigation into her handling of a 2008 compensation payment to a businessman supporter of ex-president Nicolas Sarkozy, her lawyer said.