Fatigued by years of austerity and swayed by promises of debt relief, Icelandic voters dumped the Social Democrats from power on Saturday,returning a center-right government that ruled over its financial collapse five years ago.» Read More
LONDON, March 28- When Argentina froze access to bank deposits in December 2001, the popular backlash was so severe its president and his successor had resigned within a month.
The capital controls, being imposed to avert a run on banks after an EU bailout, will limit foreign transactions and capital outflows but not movements of money within the country itself, the head of the Cyprus chamber of commerce said on Wednesday after meeting government officials.
*Depreciation helped Iceland recover, not open to Cyprus. STOCKHOLM/ REYKJAVIK, March 27- For Iceland, there was a sense of deja vu when Cyprus's finance minister said capital controls would probably last "a matter of weeks".
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.
LONDON, March 26- Cyprus probably won't be the last euro zone country to ask for an international bailout, according to a Reuters poll of economists, who cited Spain and Slovenia as the likeliest candidates.
OSLO, March 24- Middle East-style oil wealth combined with a generous Nordic welfare model is slowly throttling big chunks of Norway's economy, threatening western Europe's biggest success story.
BRUSSELS, March 21- There was no official red flag that Cyprus's oversized banking sector posed a big risk to its economy until last year, when the European Union set up tools to monitor such imbalances, a Reuters review of EU reports dating back to 2003 showed.
*Cyprus faces stark choice between Europe and Russia. LONDON, March 21- As it tries to play Russia off against Europe to salvage its economy, Cyprus has embarked on a high-stakes poker game that could see almost everyone lose.
March 19- Unfair and a bungle it may be, but the plan to levy bank deposits in Cyprus does have its virtues. The levy is a good thing for Cyprus in two ways: it helps to protect future taxpayers; and it will tend to shrink the island's grossly distended financial services industry. To be clear, as originally proposed, the bailout of Cyprus banks is an outrage.
BERLIN/ BRUSSELS, March 19- For Jeroen Dijsselbloem, the new face of the euro zone, a furore over a decision to hurt savers in Cyprus has been a baptism of fire in his role as chairman of the Eurogroup of finance ministers of the currency area.
OSLO, March 12- A Chinese shipping firm is planning the country's first commercial voyage through a shortcut across the Arctic Ocean to the United States and Europe in 2013, a leading Chinese scientist said on Tuesday. The distance from Shanghai to Hamburg is 2,800 nautical miles shorter via the Arctic than via the Suez Canal, Yang said.
BEIJING, March 7- China will likely appoint savvy international dealmakers to run its giant sovereign wealth fund and Commerce Ministry in a soft power push to soothe fears over a planned spending spree to boost Beijing's ownership of strategic global assets.
REYKJAVIK, Feb 21- Iceland's biggest IT company CCP is what the island needs to leave its economic crisis behind. For CEO Hilmar Petursson, Iceland's lauded recovery model that included a sharp currency fall coupled with capital controls may have pulled a $13 billion economy back from the brink after a 2008 bank crash.
*Norway, Russia see cod boom despite global overfishing. ABOARD HAUNES, Norwegian Sea, Feb 10- It was hours before dawn on a heaving Arctic sea, and snow showers were making it hard for Kurt Ludvigsen to find his fishing buoys with the trawler's powerful searchlight.
REYKJAVIK, Feb 8- The estate of a bankrupt Icelandic bank said on Friday it had settled a dispute with a Qatari sheikh which stemmed from a deal the sheikh made to buy shares in the bank just before it collapsed in 2008..
OSLO, Jan 31- Norway's ruling Labour Party is set to support oil exploration off a pristine northern archipelago, bringing to a head controversy over drilling in the Arctic in the run up to elections this year.
The Caribbean, Mediterranean and Europe remain the top cruise destinations, with Americans and Canadians making up the bulk of passengers, but the industry is rapidly going global with Australia and Asia the big growth area.
*European court backs Iceland in controversial Icesave case. REYKJAVIK, Jan 28- Iceland won a court ruling on Monday allowing it to repay billions of euros on it own terms to Britain and the Netherlands for bailing out depositors in a failed Icelandic bank.
FRANKFURT, Jan 24- A top Bundesbank official signalled a break in the Germany central bank's long-held opposition to the use of capital controls as a foreign exchange tool on Thursday, saying limited use could sometimes be appropriate.
FRANKFURT, Jan 24- One of the Bundesbank's top officials on Thursday signalled a break in the Germany central bank's long-held opposition to the regulation of capital flows, saying limited use of controls could sometimes be appropriate.