Cyprus

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Suspected Meteor 'Explosion' Rocks Cyprus

Witnesses say it shook the ground

(Newser) - Officials in Cyprus are baffled by reports that a meteor streaking across the nighttime sky exploded overhead with a thunderous bang. Police say eyewitnesses reported seeing a blue glow emanating from the object that raced over the east Mediterranean island's Troodos mountain range shortly before midnight Thursday, per the... More »

Priest Punches Best Man for Following Old Tradition

Irate priest in Cyprus lands more than one punch

(Newser) - The best man slapped the groom on the back, which is an old Cypriot wedding custom. The priest punching the best man would be an innovation. But Cyprus police said Monday they are investigating an allegation that this happened at a wedding over the weekend, the AP reports. Police say... More »

Egypt Hijacker's Motive May Be 'Love'

It's now over: He's under arrest

(Newser) - An EgyptAir plane with about 60 people aboard was hijacked Tuesday while flying from the coastal city of Alexandria to Cairo, and then forced to land in Cyprus, reports the AP . Fortunately, it appears to have ended without violence after hours of negotiations, with all aboard freed and the hijacker... More »

Rare Black Flamingo Seen in Cyprus

It's hard to miss among its peers

(Newser) - Bird watchers in Cyprus were doing double-takes this week at the sight of a black flamingo feeding at a salt lake. The bird was impossible to miss among its peers, and one conservation expert tells the Telegraph that it's the first one to visit the Mediterranean island in, well,... 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 »

Cyprus Strikes Deal, Avoids Bankruptcy

Those holding largest deposits will take a hit

(Newser) - Crisis averted, for now. Cyprus has secured a package of rescue loans in tense, last-ditch negotiations , two EU diplomats said, saving the country from a banking system collapse and bankruptcy. The cash-strapped island nation needs a $13 billion bailout to recapitalize its ailing lenders and keep the government afloat. The... 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 Rejects Bank Tax Bill

It would have seized money from individuals' banking accounts

(Newser) - Cypriot lawmakers today rejected a critical draft bill that would have seized part of people's bank deposits in order to qualify for a vital international bailout, with not a single vote in favor. The rejection leaves Cyprus's bailout in question. Without external funds, the country's banks face... 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 »

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