Cyprus

9:36am

Thu March 21, 2013
The Two-Way

Europe's Central Bank Issues Cyprus Ultimatum

Originally published on Thu March 21, 2013 12:42 pm

People line up at an ATM in Nicosia to withdraw cash on Thursday.
Patrick Baz AFP/Getty Images

The clock is ticking on Cyprus' fiscal cliff.

The European Central Bank has given the Mediterranean country just four days to come up with its own bailout plan, or a eurozone lifeline to its struggling banks will be severed.

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1:03am

Thu March 21, 2013
Planet Money

Why Cyprus Matters

Originally published on Thu March 21, 2013 8:25 am

People wait in line to use the ATM at a bank in the Cypriot capital Nicosia.
Patrick Baz AFP/Getty Images

Banks on Cyprus remain closed today. The Cypriot Parliament has rejected the terms of a bailout from the European Union. The finance minister is in Moscow looking for financial help from the Russians.

Cyprus has about as many residents as the Bronx. 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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6:14am

Wed March 20, 2013
The Two-Way

Cyprus Scrambles For 'Plan B' Bailout

Originally published on Wed March 20, 2013 6:48 am

German Chancellor Angela Merkel gestures as she leaves a parliamentary session on Wednesday in Berlin.
Johannes Eisele AFP/Getty Images

Cypriot politicians are busy trying to come up with an alternative plan to raise the cash needed to stave off a collapse of its banking sector after they unanimously rejected an international bailout package that would have imposed a levy on the nation's savings accounts.

Here's a quick look at some of Wednesday's developments:

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7:38am

Tue March 19, 2013
Europe

Cyprus Proposes Exempting Smaller Deposits From Tax

Originally published on Tue March 19, 2013 8:42 am

Transcript

RENEE MONTAGNE, HOST:

Lawmakers in Cyprus are trying to ease rage over a proposed tax on all bank deposits by exempting people who have relatively small accounts. It's part of a bailout plan for that Mediterranean country negotiated with the E.U. and IMF over the weekend, but the compromise on taxes may not be enough for Cyprus' parliament to pass the plan.

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6:57am

Tue March 19, 2013
The Two-Way

Cyprus Lawmakers Reject Unpopular Bailout Plan

Originally published on Tue March 19, 2013 1:55 pm

A Cypriot woman holds a sign during a protest against an EU bailout deal outside the Parliament in Nicosia on Monday.
Patrick Baz AFP/Getty Images

Update at 2:25 p.m. ET: Deal Turned Down:

Cyprus lawmakers have rejected the bank tax bill, with zero votes in favor, 36 against and 19 abstentions, after a two-hour debate, The Associated Press and Reuters news agencies report. The bill's rejection throws into doubt the $13 billion international bailout package needed to forestall a default.

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