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Cyprus became the latest euro zone domino to teeter in 2012 just when the worst of the crisis appeared to be over. In March 2013, a compromise rescue plan backed by euro zone finance ministers called for Cyprus to wind down one largely state-owned bank, Popular Bank. The raid on Popular Bank was intended to raise most of the 5.8 billion euros that Cyprus was required to raise as part of the bailout.
- The victims were four Filipinos, including a mother and her six-year-old daughter, a Romanian woman and her eight-year-old daughter, and a woman reported to be Nepalese
- All the women had been reported missing, but police failed to follow up the cases, allowing the alleged killer to carry on for nearly three years
Local police said on Sunday that they had retrieved a suitcase containing the remains of a human body at an acidic man-made lake southwest of Nicosia.
Local police said on Sunday that they had retrieved a suitcase containing the remains of a human body at an acidic man-made lake southwest of Nicosia.
Cypriot army officer suspected of killing all three is in custody. Campaigners claim police ignored concerns about the women’s safety when they disappeared last year.
Cypriot army officer suspected of killing all three is in custody. Campaigners claim police ignored concerns about the women’s safety when they disappeared last year.
If unlocked, deposits beneath seabed could radically reshape energy geopolitics and lessen Europe’s reliance on Russia for gas.
If unlocked, deposits beneath seabed could radically reshape energy geopolitics and lessen Europe’s reliance on Russia for gas.
Rather than sitting back to enjoy his retirement, Michel Verdy embarked on a new mission - looking for Hong Kong buyers interested in purchasing homes in Cyprus.
Rather than sitting back to enjoy his retirement, Michel Verdy embarked on a new mission - looking for Hong Kong buyers interested in purchasing homes in Cyprus.
What started off as a botched rescue of the banking system in Cyprus has morphed into geopolitical brinkmanship between Russia and the European Union. It now looks like a fight over who will bail out the oligarchs and other rich depositors from Russia who put their money in high-interest-paying offshore accounts in Cypriot banks, which face collapse.
What started off as a botched rescue of the banking system in Cyprus has morphed into geopolitical brinkmanship between Russia and the European Union. It now looks like a fight over who will bail out the oligarchs and other rich depositors from Russia who put their money in high-interest-paying offshore accounts in Cypriot banks, which face collapse.
Cyprus’ government has drawn up a new plan to raise funds needed for the country to secure a crucial international bailout, three top government officials said on Thursday.
Cyprus’ government has drawn up a new plan to raise funds needed for the country to secure a crucial international bailout, three top government officials said on Thursday.
The Cyprus parliament finally gave its approval early on Saturday to the first two of eight measures hammered out by the government in a desperate bid to rescue an EU bailout ahead of a Monday deadline.
The Cyprus parliament finally gave its approval early on Saturday to the first two of eight measures hammered out by the government in a desperate bid to rescue an EU bailout ahead of a Monday deadline.
Cyprus government agreed to a €10 billion (HK$101 billion) bailout that includes an unprecedented levy on all bank deposits. The debt rescue package, agreed with the euro zone and International Monetary Fund earlier in the day in Brussels, is significantly less than the €17 billion Cyprus had initially sought.
Cyprus government agreed to a €10 billion (HK$101 billion) bailout that includes an unprecedented levy on all bank deposits. The debt rescue package, agreed with the euro zone and International Monetary Fund earlier in the day in Brussels, is significantly less than the €17 billion Cyprus had initially sought.
Cyprus desperately needs EU financial aid, but international lenders are awaiting the results of this election before finalising a rescue package.
Cyprus desperately needs EU financial aid, but international lenders are awaiting the results of this election before finalising a rescue package.
Hong Kong stocks had their largest fall in more than a month yesterday, led by HSBC, as plans by Cyprus to levy an unexpected tax on bank deposits triggered fresh worries over financial stability in Europe and panic selling across the board.
Hong Kong stocks had their largest fall in more than a month yesterday, led by HSBC, as plans by Cyprus to levy an unexpected tax on bank deposits triggered fresh worries over financial stability in Europe and panic selling across the board.
Dr Mahathir Mohamad is having the last laugh. Rather than going cap in hand to the International Monetary Fund, the former prime minister of Malaysia was called an idiot, an ignoramus and a pariah for introducing capital controls during the Asian financial crisis. Now look what's happening in Europe, especially with the latest rescue of Cyprus' banking system.