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The Mediterranean island nation was hoping for new terms on an existing loan and a new line of credit from Moscow to help it stave off default.
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The central bank says it will cut off a financial lifeline in four days if Cypriot lawmakers can't agree on a deal to raise $7.5 billion to prop up the country's banks.
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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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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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The $13 billion bailout by the eurozone and IMF would levy a one-time charge on deposits, including those of Russian oligarchs who have billions of euros in Cypriot banks.
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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.