Cyprus

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One of Europe's Longest Conflicts May Finally End

After 40 years, talks could reunify island of Cyprus

(Newser) - It may not generate the headlines of other global conflicts, but the Mediterranean island of Cyprus has the distinction of being home to Europe's last divided capital city. After four decades, however, that might soon change. The island has been split between a Greece-controlled area and a smaller Turkey-controlled... More »

Amulet Offers Up 1.5K-Year-Old Palindrome

But ancient artifact discovered in Cyprus has a few mistakes

(Newser) - It seems that palindromes—phrases that read the same forward and backward—have been popular for a very long time. Researchers have discovered an amulet in Cyprus dating back some 1,500 years, and the words inscribed form such a phrase, LiveScience reports. Translated from Greek, the words say, "... More »

University: Pay Us in Bitcoin

Drums up interest with master of science degree in digital currency

(Newser) - First you could buy a condo with Bitcoin and now you can pay your tuition using the digital currency, too—if you attend Cyprus' University of Nicosia, that is. The school says it's the first university to offer fees payable in the currency feds are praising , and those with... More »

Big Cyprus Depositors May Lose 60% of Money

That's way higher than first reported

(Newser) - They call it a "haircut," but it's more like a scalping now. The Bank of Cyprus might end up taking 60% of the money held by rich depositors—about double previous estimates —reports the Financial Times . As part of the bailout deal, the bank will first... More »

Cyprus Banks Finally Reopen —for 6 Hours

Customers face heavy restrictions on transactions

(Newser) - After nearly two weeks shut amid a bailout scramble , Cyprus has just cautiously reopened its banks for six hours today—but it's not exactly business as usual. Trucks full of cash arrived at the central bank last night as rifle-bearing police and a helicopter stood guard. Private security guards... More »

'Superhuman' Effort Under Way in Cyprus

Authorities scrambling to get capital controls in place

(Newser) - Banks are set to open tomorrow in Cyprus, and that's not a task as easy as just unlocking the doors. As the AFP reports, a "superhuman" effort is under way to ready the banks in time, per the central bank governor. He made the comment yesterday, and not... More »

Cyprus Bank Grab Happening in US, Slowly

Thomas Sowell: The fed is subtly making the money you've saved less valuable

(Newser) - When Cyprus came up with its plan to take money out of its citizens' bank accounts, many Americans were aghast. Could such a thing, they wondered, ever happen here? "Yes and no," writes Thomas Sowell at RealClearPolitics . "The US government is very unlikely to just seize money... More »

Cyprus Keeping Banks Closed Until Thursday

Transaction limits staying in place after bailout

(Newser) - Cypriots hoping to get their hands on what is still technically their money are going to have to wait at least another couple of days. The government has ordered the country's banks, which have been closed since March 15, to stay closed until Thursday to prevent a run on... More »

Cyprus Deal Wallops Rich Russians

World markets rise after last-minute deal

(Newser) - The last-minute rescue deal to prevent a complete collapse of the Cypriot economy has saved the eurozone from its first exit and boosted world markets—but at a heavy cost to those who stashed their cash in the country's banks. The deal, which shuts down the country's second-biggest... More »

As Deadline Looms, Cyprus Prez Threatens to Quit

Fraught negotiations under way in Brussels with European finance ministers

(Newser) - Things are getting testy in Brussels, where Europe's financial powers that be are hunkered down in furious negotiations to determine Cyprus' fate ahead of tomorrow's deadline to finalize a $10 billion bailout. Cyprus President Nicos Anastasiades has threatened to quit, reports Reuters , in a fraught meeting with Eurogroup... More »

Cyprus OKs Bailout Fund, Still $4B Short

Parliament passes last-minute measures

(Newser) - Facing a Monday deadline, lawmakers in Cyprus approved two crisis maneuvers to quell its banking crisis and renew confidence across the eurozone, the BBC reports. The moves: passing a "national solidarity fund," and approving capital controls to protect the island's banks from a catastrophic run. This should... More »

Cyprus Given Monday Deadline

European Central Bank says its emergency funding will expire then

(Newser) - As Cyprus works on a "plan B" today to fund a bailout , the European Central Bank says its emergency assistance will expire Monday, so there had better be a deal in place, the Wall Street Journal notes. That could be possible: The head of the country's central bank... More »

Cyprus' Banks Might Never Reopen, Warns Germany

Cypriot officials acknowledge tomorrow's planned opening may not occur

(Newser) - On the heels of yesterday's crushing rejection of its controversial bank deposit tax, the what-the-heck-is-Cyprus-going-to-do watch continues. The BBC reports that President Nicos Anastasiades is in crisis talks with party leaders and examining "alternative plans." The country's banks remained closed through tomorrow, and officials now say... More »

Britain Flies 1M Euros to Troops in Cyprus

...in case the ATM machines stop working

(Newser) - How's this for a tangible sign of the banking mess in Cyprus: Britain's Royal Air Force is flying in a plane loaded with 1 million euros so its troops stationed there don't get stuck without cash, reports the Independent . The defense ministry made the move after the... More »

Cyprus' New Gambit: Spare Smallest Savers

Government rep says the levy will still likely die

(Newser) - The proposed bank deposit tax that has enraged Cypriots and spooked bank customers across Europe looks likely to die today, even with a last-minute tweak that would spare the smallest savers, Reuters reports. Draft legislation sent to parliament amends the previous plan by exempting accounts containing less than about $26,... More »

Panicked Cyprus Stalls, Braces for Bank Run

Country considers levy of up to 15%

(Newser) - Things are getting crazy in Cyprus, which has again postponed a vote that could levy a tax on bank depositors to fund the nation's bailout, the BBC reports, this time until tomorrow. Its effects, however, are already rippling through Europe, where stock markets and the euro have plummeted, and... More »

Cyprus Wants a Bailout, Too

After Fitch cuts its credit rating

(Newser) - Another day, another European Union bailout. This time Cyprus is the one lining up for a handout, Bloomberg reports. Officials today officially asked European authorities for access to the euro bailout fund, saying they were being hammered by contagion from Greece, the government said in an emailed statement. More »

Navy Chief Among 12 Killed in Vast Cyprus Explosion

98 containers of seized Iranian munitions explode

(Newser) - A brush fire ignited a huge cache of seized Iranian gunpowder at a naval base in Cyprus yesterday, setting off a massive explosion that killed at least a dozen people and wounded 62 others. The country's naval chief and the base's commander were among the dead, as were... More »

Monk Caught Smuggling Nun's Remains

He wanted to give her a better burial at Cyprus monastery

(Newser) - Bag checkers at the Athens airport turned a Cypriot monk over to authorities when they discovered a nun's skeleton in his luggage. The monk admitted digging up the nun's 4-year-old grave at an Athens cemetery so he could bring her remains back to his monastery in Cyprus, reports Huffington Post... More »

Alleged Spy Left Island: Cyprus Official

Suspected Russian agent made bail, then disappeared

(Newser) - The suspected Russian spy who went missing in Cyprus after being granted bail has likely fled the island, the nation's justice minister says. Christopher Metsos, 54, is accused of acting as a go-between for an espionage ring in the US and Russian handlers. Prosecutors in the US are using Metsos'... More »

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