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The Cypriot finance minister is in Moscow for meetings aimed at securing a Russian alternative to the bailout.
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The government of Cyprus is trying to ease fears over a proposed tax on bank deposits. Newly proposed legislation would exempt savers with smaller accounts. It's part of a bailout plan for that Mediterranean country, negotiated with the E.U. and IMF over the weekend.
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A revised plan that would spare small depositors from a one-time tax on savings is being considered.
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Cyprus is facing a run on its banks after the government proposed taxing bank deposits. The government has put off a vote on the plan in a bid to calm things down. Banks are set to re-open on Thursday after a bank holiday was declared on Monday.
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Citizens of Cyprus did not react well to the news that their government wants to allow the European Union to take nearly 10 percent of their savings deposits in exchange for a $13 billion bailout. Banks are closed through Tuesday after worries over bank runs. Depositors stood in long lines to withdraw money over the weekend.
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President Nicos Anastassiades went on television to say he was working to amend parts of the bailout deal struck with negotiators from eurozone countries and the IMF. The deal would levy taxes on all bank deposits, the first time the eurozone has dipped into people's savings to pay for a bailout.
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For Coca-Cola, it was both a PR move and a social experiment. The company set up an ATM that gave out 100 euros ($131) and asked only that recipients share the money. A video of the campaign has gone viral.
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Spain has had more than its share of corruption stories, and they have the added sting of coming at a time of economic crisis. The king's son-in-law, accused of stealing millions in public funds, faces a judge this weekend.
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A system of favors among Greek media outlets, politicians and banks helped produce one of the most inflated media sectors in Europe. But the media have been hit hard by the country's massive austerity drive, and have taken a huge loss in terms of credibility.
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A new form of alternative tourism is cropping up across Europe, with people eager to see the shattered remains of the continent's boom-and-bust economy. In Valencia, Spain, those tours take tourists past the city's many deserted construction projects.