Bank of Cyprus savers with more than 100,000 euros (£85,000) could face losing up to 60 per cent, central bank and finance ministry officials say.
As banks in Cyprus battened down the hatches because their customers were trying to take all their money out before it got taken off them, a particular word kept on being mentioned. Bitcoin.
With sweeping controls imposed in Cyprus as banks re-open, a former boss of Laiki bank tells Channel 4 News about the fateful meeting where terms for the country’s bailout were discussed.
In Turkish controlled northern Cyprus there is a sense of schadenfreude over the financial woes of its southern neighbour, but also that unifying the island is “back on the agenda”.
Cyprus secures a last-minute, 10bn euro bailout in a deal which will see its second largest bank closed and those with the largest deposits facing a levy to raise funds.
As the bank closure is extended until next week, Cypriot business leaders warn of a question of survival as the government struggles to find a way out of its financial crisis.
The Cypriot parliament votes against plans to tax people’s bank deposits to secure a bailout from the EU and IMF. Meanwhile, the RAF flies 1 million euros in to keep British forces there in cash.
Cypriot politicians extend a national bank holiday by two days as they prepare to vote on a controversial tax on people’s bank deposits – a move it is hoped will secure much needed bailout funds.
As Cyprus takes drastic measures to reduce its own debt burden, Jon talks to Cypriot opposition MP Pambos Papageorgiou fron Nicosia and from Berlin, by Otto Fricke, the budget spokesman of the FDP.
Chancellor George Osborne confirms the UK will compensate any British government and military personnel whose bank accounts in Cyprus may be affected by the European Union bailout levy.
Eurozone finance ministers agree on a bailout for Cyprus, marking the fifth international rescue package in three years of the debt crisis.
Jon Snow speaks to Germany’s foreign minister, Guido Westerwelle, about the fallout across the EU from Greece’s economic woes and how the region fares in the world economy.
After spending a month filming members of the far-right Golden Dawn party on the streets of Athens, Konstantinos Georgousis writes about Greece’s “prime outlet for public anger”.
Greece’s neo-Nazi Golden Dawn is increasingly influential among members of the country’s political mainstream. Student Konstantinos Georgousis filmed party members on the streets of Athens.
Political deadlock in the Italian elections reignites fears over the eurozone crisis, as a hung parliament beckons and markets react with an immediate rise in borrowing costs for the country.