Bank of Cyprus' Big Depositors to Lose Up to 60% of Savings
Big depositors at Cyprus' largest bank may be forced to accept losses of up to 60 percent, far more than initially estimated, as part of the country's bankruptcy rescue plan.
International Monetary Fund
Cyprus Bailout Deal Approved by European Finance Officials
A deal reached early Monday prevents Cyprus' imminent financial meltdown by securing a last-minute $13 billion bailout.
Cyprus Scrambles to Devise Plan to Avert Banking Crisis
Cypriot officials are scrambling to cement a revised plan to raise funds demanded by international creditors in exchange for an international bailout.
Cyprus Seeks Alternative Solution to Debt Crisis
Cyprus is working on a secondary proposal to stave off bankruptcy, after lawmakers rejected a plan to raise billions of euros by seizing up to 10 percent of people's savings.
Behind Cyprus' Plan to Seize Bank Deposits
A plan to seize up to 10 percent of Cypriot's savings has been met with fury and raised concern, if not panic, in the rest of Europe about the security of bank deposits.
Top 10 Business Stories of 2012
This would be the year when the global economy finally regained its vigor. At least that's what many had hoped. It didn't happen. So what were the top ten business stories of 2012?
Markets Nervous as Eurozone Finance Ministers Meet on Greece
Concerns that European finance ministers will again fail to reach an agreement on handing over more bailout cash to Greece weighed on markets Monday. In addition, an election in Spain's Catalonia region that saw separatists gain ground is also adding to global investor worries.
Syria Is Burning, but Still a Better Place to Invest Than Greece
Syria's ongoing civil war has claimed more than 28,000 lives, left 1.5 million people homeless, and sent 500,000 Syrians into exile. But as far as CFOs are concerned, it's still a better place for foreign investment than debt-battered, austerity-riven Greece.
Stocks Slide from Near 5-Year Highs, and Investors Wait for Earnings
Stocks slumped Tuesday on Wall Street after the International Monetary Fund predicted weaker world economic growth and as investors waited for what they expected to be lower corporate earnings.
Offshored Trillions: The Hidden Economy That's Robbing the World
Tax havens are big news in the U.S., but a recent study shows that, when it comes to offshoring cash to dodge taxes, Americans are amateurs. Globally, tax havens are used to hide an estimated $21 trillion, more than the entire U.S. GDP.
IMF Says China's Economy Has Managed a 'Soft Landing'
China has achieved a "soft landing" in its economic slowdown, the IMF says, while cautioning that more sweeping reforms are needed to ensure healthy growth in the longer term.
Double-Dip Recession Hits Eurozone as Crisis Clouds Swirl
The eurozone has sunk back into its second recession since 2009, a Reuters poll predicted on Thursday, as the debt crisis that has ravaged the continent for over two years continues to stifle growth.
European Central Bank Cuts Rates to New Low to Help Economy
The European Central Bank has cut its key interest rate by a quarter percentage point to a record low of 0.75% to boost a eurozone economy weighed down by the continent's crisis over too much government debt.
Business Leaders Cry for Urgent Action at G20 Meeting
Top business executives from about 350 companies are urging world leaders to show more urgency in addressing economic malaise or risk an even deeper global crisis than in 2008-2009.
OECD Warns of 'Severe Recession' Looming for Eurozone
The 17-country eurozone risks falling into a "severe recession," the Organization for Economic Cooperation and Development warned on Tuesday, as it called on governments and Europe's central bank to act quickly to keep the slowdown from spreading.