Debt Crisis

4:56pm

Sun March 17, 2013
The Two-Way

Cyprus President Tries To Calm Public After Anger Over Bailout Deal

People queue to use an ATM outside of a Laiki Bank branch in Larnaca, Cyprus, on Saturday. Many rushed to cooperative banks after learning that the terms of a bailout deal with international lenders includes a one-time levy on bank deposits.
Petros Karadjias AP

There's news from Cyprus that could have broader implications for Europe when the eurozone's banks open Monday.

It comes a day after officials from the eurozone and the International Monetary Fund signed off on a $13 billion bailout for Cyprus. The money was needed because Cyprus' banks lost 4.5 billion euros on their Greek bond holdings, which were written down last year after Greece's second bailout.

Read more

12:41pm

Thu February 28, 2013
The Two-Way

In Depressed Spain, ATMs That Dispense Free Cash

Originally published on Fri March 1, 2013 10:53 am

A Spanish man bought two theater tickets and gave them to an elderly couple after he received free cash from an ATM set up by Coca-Cola.
YouTube

Fancy some free cash? Don't even bother to insert your ATM card.

People in Spain thought it was a joke — or a fraud — when a video popped up on YouTube showing what looks like a normal ATM, offering 100 euros ($131) for free — without a bank card. It seemed too good to be true.

Read more

9:02am

Thu February 21, 2013
World

Corruption Reigns In Spain; King's Son-In-Law Accused Of Embezzling

Originally published on Fri February 22, 2013 8:26 am

Iñaki Urdangarin, Duke of Palma and the Spanish king's son-in-law, is accused of embezzling millions of dollars in public funds.
Manu Mielniezuk AP

There is no end, it seems, to revelations of corruption in Spain, exacerbated by the country's economic crisis. The latest scandal threatens to topple the pedestal on which Spain's royals have long stood.

The newest suspect is the king's son-in-law, who is accused of embezzling millions of dollars in public funds and faces a judge this weekend.

Read more
Tags: 

12:58pm

Mon February 18, 2013
Europe

Greece's Economic Crisis Reveals Fault Lines In The Media

Originally published on Mon February 18, 2013 5:05 pm

People read newspaper headlines in Athens. In 2009, there were 39 national dailies, 23 national Sunday papers, 14 national weekly papers and dozens of TV and radio stations for a population of 11 million.
Louisa Gouliamaki AFP/Getty Images

Three years of spiraling economic crisis in Greece have devastated every sector of the economy. The Greek media are among the hardest hit. Many newspapers and TV outlets have closed or are on the verge, and some 4,000 journalists have lost their jobs.

Many people believe the country's news media have failed to cover the crisis — and lost credibility along the way. And many Greek journalists acknowledge that a massive conflict of interest sooner or later had to explode.

Read more

3:20am

Sat February 16, 2013
Europe

Activists Offer Protest Tour Of Spain's Modern Ruins

Originally published on Sat February 16, 2013 8:05 am

A protest banner in Valencia, Spain, reflects the view that the city's economic woes are a result of political corruption.
Courtesy of Ruta Despilfarro Valencia

In his hometown of Valencia, Spain, Miguel Angel Ferris Gil runs a "wastefulness tour."

Every Saturday, he charters a bus to take people past government buildings where bribery is rumored to take place, and then to elementary schools where kids go to class in trailers. He wants to show foreign investors where their money has gone.

"Here we are, in [the] face of the Valencian parliament," he says. "We start all our tours, our waste tours, protesting against the political corruption and waste."

Read more

Pages