Mario Draghi, president of the ECB, explains why Cyprus is not a template for the rest of the euro zone and says he's "sure" Jeroen Dijsselbloem was misunderstood.
Mario Draghi, president of the ECB, explains why Cyprus is not a template for the rest of the euro zone and says he's "sure" Jeroen Dijsselbloem was misunderstood.
The head of Cyprus's central bank has sought to deflect blame for the chaos that has engulfed the island's financial system but has promised a steady lifting of capital controls. The FT reports.
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.
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.
Even a good resolution of the Cyprus crisis may not be enough to undo the damage from interventions that are not based on clearly stated diagnoses or predictable frameworks for government actions.
The Cyprus bailout and the death of Russian oligarch Boris Berezovksy this weekend might seem like entirely separate events. But they are deeply connected. And they share the same root tragedy: Call it the "The Oligarchs' Curse."
Cyprus would be better off to leave the euro than accept the terms of the bailout imposed by the European Union, International Monetary Fund and European Central Bank.
As economists warned of the devastating impact the bailout would have on the Cypriot economy, ordinary Cypriots attempted to come to terms with a new reality.
Cyprus has found itself right in the middle of a geopolitical game in which its gas potential is a tool in a showdown between Russia and the European Union.
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.
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 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.