Debt Crisis

9:16am

Tue March 26, 2013
The Two-Way

Head Of Bank Of Cyprus Quits After Appointment Of Special Administrator

Originally published on Tue March 26, 2013 12:56 pm

Students in the Cypriot capital, Nicosia, protest against austerity measures in front of the presidential residence.
Milos Bicanski Getty Images

The chairman of the Bank of Cyprus abruptly stepped down after a special administrator was appointed to oversee its restructuring in the wake of a painful bailout of the island nation by international lenders.

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6:32am

Mon March 25, 2013
The Two-Way

Cypriots Are Suspicious, But Bailout Deal Seems Set

Originally published on Mon March 25, 2013 4:01 pm

A Cypriot man held some coins in Nicosia on Sunday. He and others on the island nation were watching anxiously as world leaders put together a bailout package for Cypriot banks.
Katia Christodoulou EPA /LANDOV
  • From 'Morning Edition': Soraya Sarhaddi Nelson reports

The deal we posted about Sunday evening — a $13 billion bailout by international creditors for the beleaguered banking system on Cyprus — is being met with skepticism on that Mediterranean island nation.

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6:19am

Fri March 22, 2013
The Two-Way

Cyprus Gets Cold Shoulder From Russia On Bailout Aid

Originally published on Fri March 22, 2013 11:47 am

An employee of Cyprus Laiki (Popular) Bank reacts as he takes part in a protest outside Parliament on Friday in the capital, Nicosia.
Patrick Baz AFP/Getty Images

As a deadline on Cyprus to come up with a financial bailout plan nears, a possible rescue from Russia looks to have fallen apart, leaving the island nation few options for staving off default.

Russian Finance Minister Anton Siluanov said as far as Moscow was concerned "the talks have ended," but Prime Minister Dmitry Medvedev left the door open, saying aid from Moscow would be contingent on Cyprus gaining European Union backing for its other money-raising ideas.

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9:36am

Thu March 21, 2013
The Two-Way

Europe's Central Bank Issues Cyprus Ultimatum

Originally published on Thu March 21, 2013 12:42 pm

People line up at an ATM in Nicosia to withdraw cash on Thursday.
Patrick Baz AFP/Getty Images

The clock is ticking on Cyprus' fiscal cliff.

The European Central Bank has given the Mediterranean country just four days to come up with its own bailout plan, or a eurozone lifeline to its struggling banks will be severed.

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1:03am

Thu March 21, 2013
Planet Money

Why Cyprus Matters

Originally published on Thu March 21, 2013 8:25 am

People wait in line to use the ATM at a bank in the Cypriot capital Nicosia.
Patrick Baz AFP/Getty Images

Banks on Cyprus remain closed today. The Cypriot Parliament has rejected the terms of a bailout from the European Union. The finance minister is in Moscow looking for financial help from the Russians.

Cyprus has about as many residents as the Bronx. When you add up all the country's banks, they don't even match the 30th largest bank in the U.S. But people all over the world have good reason to be freaked out over what's happened there this week.

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