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