Cyprus secured a 10 billion euro ($13 billion) package of rescue loans in tense, last-ditch negotiations early Monday, saving the country from a banking system collapse and bankruptcy that could have destabilized the entire euro area.
Tense talks between Cyprus and its international creditors on how the country can secure a 10 billion euro bailout were stuck Sunday due to disagreements over how to shrink the bloated Cypriot banking sector, an official said.
Cyprus officials and international representatives were caught up in tortuous negotiations late into the night Saturday as they sought to forge a plan to raise the money the island nation needs to qualify for a bailout package. Failure would mean Cyprus could declare bankruptcy in just three days and possibly have to exit the eurozone.
Cyprus' eurozone partners and the IMF agreed early Saturday to bail out Cyprus to the tune of €10 billion ($13 billion) — largely to prop up its flailing banking industry. But the deal, as usual, comes with strings attached. The one causing the most consternation is a levy on bank deposits held in Cypriot accounts. Here's a look at how that will work — and the problems it may pose.
UPDATED 10:25 A.M. The State Department is set to evacuate U.S. citizens from Egypt on chartered planes, but is relying largely on friends and families in the U.S. to relay that information to stranded Americans.
Lolita C. Baldor and Matthew Lee
, January 31, 2011
A hardline challenger was projected to win the Turkish Cypriot leadership election, official results indicated today, raising fears that peace talks with Greek Cypriots could collapse and scuttle Turkey’s bid for European Union membership.
Three months after it was stolen, the corpseof Cyprus' former president was found today reburied in another grave. The country's justice minister said it had been held for ransom.
, March 09, 2010
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