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U.S. busts alleged Russian mob gambling ring
US federal prosecutors have charged 34 people allegedly linked to the Russian mob with running a high stakes illegal gambling business catering to multi-millionaires and billionaires. Clients, including Russian oligarchs, wracked up debts worth hundreds of thousands and even millions of dollars, the Justice Department said in a statement Tuesday…
Bank of Cyprus savers could lose up to 60%
Big savers in Cyprus’s largest bank face losses of up to 60 percent, far greater than originally feared under the island’s controversial EU-led bailout plan, officials said on Saturday. Cyprus meanwhile launched an investigation into a list published in Greek newspapers of Cypriot politicians who allegedly had loans written off…
Cyprus banks resume normal trading hours
Banks in Cyprus resumed normal trading hours on Friday after a near two-week lockdown and a day that averted a feared run on deposits following an EU-led bailout to rescue the island from bankruptcy. Small queues built up outside the banks of the capital Nicosia as their doors reopened for…
Cyprus may need to tax foreign deposit holders to available future bailout
Katinka Barysch: It’s the best solution to banking crisis in Cyprus. It would alienate Moscow, but bring greater EU support The Cypriot parliament has rejected the initial bailout proposed by the eurozone countries and the IMF. MPs were outraged that small savers would be asked to contribute. Now Cyprus might…
Cyprus cabinet meets to form ‘Plan B’ for bailout deal
The Cyprus cabinet was meeting in crisis session Thursday to approve a “Plan B” bailout deal with the EU and IMF, as a nervous crowd gathered outside parliament expecting the plan to be put to a vote. The island’s politicians have until Monday to clinch a deal with the lenders…
How German fears of underwriting Russian oligarchs pushed Cyprus to crisis
Copyright ImageClick to View Protesters raise their open palms showing the word ‘No’ during an anti-bailout rally today outside the parliament in Nicosia, Cyprus. Cypriot ministers were trying to revise a plan to seize money from bank deposits before a parliamentary vote on Tuesday that will secure… …
Economists warn Cyprus will face a recession ‘for decades’
Russians are preparing to withdraw billions of euros from Cyprus and the island will plunge into a recession lasting for decades due to the onerous terms of a EU bailout, economists warned on Monday. “The Russians are already indicating they want to withdraw their money. Why should they stay? They…
Explosives found near home of Cyprus president
Three pounds (1.36 kilogrammes) of military grade TNT were found on Saturday close to the holiday home of Cyprus President Demetris Christofias, police said. The “high yield explosives and a common detonator” were discovered at a distance of 500 metres (yards) from the president’s retreat and ready to use, police…
Cyprus requests €5 billion bailout loan
Cyprus announced late on Monday that it had requested assistance from its eurozone partners, becoming the fifth out the 17 countries that share the euro to seek a rescue. “The government of the Republic of Cyprus has today informed the appropriate European authorities of its decision to submit to euro…
Let’s Go Euro
It sort of sneaked up on me, but the Euro 2012 qualifying group stage got fully underway this week. I didn’t catch any games (are they even on TV in the States?) but I do always enjoy watching the outcomes in these early stages, when the minnows are still around…
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