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The bubble bursts on e-currency Bitcoin
Many saw it coming, but that didn’t stop the Bitcoin bubble from bursting: after rising to dizzying heights, the digital currency suffered its first true crash this week. The price of the virtual “geek” currency had soared through the stratosphere in recent weeks, trading for a high of $266 on…
Cyprus strikes deal to close second-largest bank and tax deposits over €100,000
Deal will reportedly involve heavy losses for wealthy investors, while those with savings under €100,000 will be spared European leaders reached an agreement with Cyprus early on Monday morning to close down the island’s second biggest bank and inflict huge losses on wealthy savers. Russians would lose billions of euros…
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…
Spanish anti-austerity protesters accuse E.U. of servility to markets
Thousands of protesters marched Saturday in Madrid and other cities in Spain against European Union leaders’ handling of the financial crisis, condemning “an EU that belongs to the markets”. The marches, organised by Spain’s “indignados” protest movement, came after Cyprus announced it would dip into its citizens’ bank accounts to…
Spanish unemployment hits 25 percent in June
Spain’s jobless rate neared 25 percent in June, officials said Friday, darkening the recession outlook despite relief on financial markets at a vow of support by the European Central Bank. The unemployment rate rose in the second quarter to 24.63 percent and a huge 53 percent among the young, despite…
Sarkozy, Merkel to thrash out euro crisis plan
French President Nicolas Sarkozy hosts German Chancellor Angela Merkel on Monday to thrash out details of a plan to save the euro at the start of a pivotal week for the single currency. The meeting comes as Italy kicked off the crucial week with a draconian austerity package of cuts, taxes and pension reforms to…
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