Almost 60 percent of one Cypriot bank's clients are "high risk" in terms of money laundering and almost a third of all bank depositors' records contain errors, a leaked EU report says. The confidential paper - published ...

The EU on Monday (13 May) said many Cypriot banks do not know who their customers really are, but wired Nicosia €2 billion anyway. Commenting on a recent study on money laundering in the Mediterranean island, eurozone ...

An EU-mandated report on money laundering in Cyprus contains nothing shocking, sources say. But you would be forgiven for thinking otherwise, given the level of secrecy. The report was drafted by Moneyval, a branch of ...

Bailed-out Cyprus should reunite in order to boost its struggling economy, EU economic affairs commissioner Olli Rehn said on Wednesday (8 May). "It is worth recalling that the reunification of the island would give a ...

Cypriot MPs will vote on Tuesday (30 April) on whether to give the green light to the country's controversial €10 billion bailout. The rescue package includes €10 billion from the EU and the International Monetary Fund ...

The German Parliament on Thursday (18 April) approved with a large majority a €10 billion EU and International Monetary Fund bailout for Cyprus. They also backed a request to give seven extra years for Ireland and ...

EU leaders were in the firing line in Strasbourg on Wednesday (17 April), as MEPs accused them of "grave mistakes" over the Cypriot bailout. Hannes Swoboda, the Austrian leader of the Socialist and Democrat group, ...

The German parliament is likely to approve Cyprus' bailout programme despite concerns over a widening funding gap and growth projections which may prove too optimistic. German finance minister Wolfgang Schaeuble on ...

Final agreement has been reached on a €10 billion bailout for Cyprus at a meeting of eurozone finance ministers in Dublin on Friday (12 April). Under the terms of the deal, the €10 billion package will be composed of €9 ...

Cyprus' economy will shrink by 12.5 percent over the next two years and its government needs to sell part of its gold reserves in order to meet the conditions of an EU-IMF bailout, whose final details are to be agreed ...

On the night of 6 October 2008, Thorfinnur Omarsson got a phone call. He had just quit his job at an Icelandic TV station and was looking forward to a "quiet time" as he was about to go back to study. It did not turn ...

European Central Bank chief Mario Draghi on Thursday (4 April) admitted that an initial plan to tax small savers in Cyprus was "not smart", but stressed that the island is "no template" for others. Looking back on the ...

The eurozone crisis and its latest Cyprus episode has led to a boost in the value of an Internet-based currency known as bitcoin, with Finns now the largest per capita users. One bitcoin was trading at over €100 on ...

Cypriot finance minister Michalis Sarris has quit after concluding the country's €10 billion bailout package with the EU and IMF. Sarris, who was swiftly replaced on Tuesday (2 April) by Labour minister Haris Georgiadis ...

Cyprus has four years to implement austerity plans and to balance its budget, according to a leaked copy of bailout terms proposed by international lenders. The 24-page Memorandum of Understanding (MoU) published in ...

In the wake of the bailout/half bail-in that is the Cyprus rescue package, Eurogroup chairman Jeroen Dijsselbloem said last week the EU is now "going down the bail-in track." He later clarified his remarks to say Cyprus ...

Cyprus and Greece have rebuked Turkey for trying to "take advantage" of the bank crisis to get a favourable deal on the Cypriot-Turkish conflict. The Greek foreign minister, Dimitris Avramopoulos, complained about the ...

Cyprus' banks opened without panic on Thursday (March 28) after a 10 day lockout as the government struggled to agree a €10 billion rescue package. With no reports of disruption and with small, orderly queues reported ...

It is now official: Cyprus will pay a heavy toll for turning its economy into an offshore financial haven, and allowing its banking sector to hyper-inflate. But if the purpose of the dramatic Eurogroup all-nighters was ...

Cyprus' foreign minister Ioannis Kasoulides has said lack of EU solidarity has put the country's economy back to where it was after the Turkish invasion in 1974. Kasoulides spoke out on Wednesday (27 March) in two ...

Cyprus will become the first ever eurozone country to impose capital controls when its stricken banks open for business at noon local time Thursday (28 March). Payments out of the country and cheque cashing will be ...

Luxembourg and Malta on Wednesday (27 March) rejected comparisons between their banking sectors and Cyprus. But Deutsche Bank, for one, says they also have reason to worry. The Luxembourg government said in a communique ...

EU lawmakers are divided on whether large holders of large bank deposits should face compulsory levies if their bank hits difficulties. With the dust yet to settle on a last-minute bailout for Cyprus agreed on Monday ( ...

Cyprus' banks will remain shut until Thursday (28 March) as lawmakers scramble to avoid a bank run when they reopen. Under the deal reached between the Cypriot government and the EU on Monday, Cyprus' two largest banks, ...

Auditors on an EU-sponsored mission to see if Cypriot banks launder money for Russian criminals began work last Wednesday (20 March). The project has slipped out of view amid dramatic talks on Cyprus' new bailout. But ...

The success of the Cyprus bailout deal will depend on the social consensus around it, says the EU commission, with the island's GDP expected to dive as the size of banking sector is drastically cut. Speaking in Brussels ...

Twelve years ago, Roddy Damalis decided to leave South Africa where he was running two restaurants and return to his home country, Cyprus. The chef set up base in the southern Cypriot town of Limassol, where he opened ...

The leader of the Cypriot orthodox church has said Cyprus should leave the euro and put its former government on trial. Speaking in Greek publication Realnews on Saturday (23 March), Chrysostomos II said: "The euro ...

Marathon meetings in Brussels ended in the early hours of Monday (25 March) with eurozone finance ministers and international creditors agreeing a second bailout deal for Cyprus. Unlike the agreement last week, which ...

Cyprus edged back from the brink of bankruptcy on Friday (22 March) after MPs agreed to a series of emergency reforms in a bid to avoid financial meltdown and a traumatic exit from the euro. Facing a Monday deadline (25 ...

Be it the German finance minister, European Central Bank (ECB) officials or the head of the Eurogroup - they all agree on one thing: Cyprus must scrap its "unsustainable business model" based on low taxes and attracting ...

Cyprus is on the brink of bankruptcy and of becoming the first-ever country to leave the euro after the European Central Bank (ECB) issued an ultimatum on Thursday (21 March). In its statement, the ECB warned that it ...

Eurogroup boss Jeroen Dijsselbloem told MEPs on Thursday (21 March) that Cypriot savers will have to lose money no matter what the final shape of the bailout deal. "It is inevitable that there will be some kind of levy ...

Cypriot officials are scrambling to find alternative money to put on the table for a €10 billion bailout by the EU and the International Monetary Fund (IMF). In a sign of the drastic situation on the island, the Cypriot ...

The European Commission on Wednesday (21 March) said Cyprus itself was responsible for the most unpopular detail of its bailout. Following the Cypriot parliament's rejection of the €10 billion bailout, the commission ...

Cypriot finance minister Michalis Sarris headed for Moscow early on Wednesday (20 March) for talks with his Russian counterpart, finance minister Anton Siluanov, in the latest twist of the island's bailout drama. ...

Germany has warned Cyprus that the European Central Bank (ECB) will pull the plug on its two largest banks in the absence of a bailout programme and said the terms of the rescue will not change. German finance minister ...

The political-economic implications of the Cyprus bailout are far-reaching. First of all, the eurozone has for the first time chosen not to protect depositors. Usually when a bank goes belly up, you expect stock holders ...

The eurozone plunged into uncertainty on Tuesday (19 March) after the Cypriot parliament voted to reject the €10 billion EU bailout plan by an overwhelming majority. Thirty-six deputies in the 56 member House of ...

EU officials remained defiant on controversial plans for a Cypriot bailout on Monday (18 March), the most tumultuous day for the euro so far in 2013. Following an emergency conference call of eurozone finance ministers ...

As anti-money-laundering auditors begin work in Cyprus, some experts, such as the head of European operations for US due-diligence firm Kroll, are questioning the value of the exercise. EU lenders want it to shed light ...

A dinner on Monday evening (18 March) in the German chancellery with Angela Merkel, French President Francois Hollande, EU commission chief Jose Manuel Barroso that should have been about Europe's competitiveness was ...

Cyprus has been forced to apply a levy on ordinary bank deposits of the type that fall under the €100,000 deposit guarantee that is required by a European Directive. This is an upper limit for guarantees, taking away ...

German finance minister Wolfgang Schaeuble and European Central Bank board member Joerg Asmussen during parallel events in Berlin on Monday (18 March) tried to blame each other for an unprecedented eurozone bailout deal ...

The Cyprus bailout deal forcing losses on all bank customers - from pensioners to Russian oligarchs - is leading to bank run which sets a dangerous precedent for other troubled eurozone countries. Cypriot pensioners, ...

Depositors will lose up to 10 percent of their savings as part of a €10 billion bailout for Cyprus agreed on Friday (15 March) The Mediterranean island will become the fifth eurozone country to receive a rescue package ...

EU foreign ministers meeting on Friday and Saturday (22-23 March) in Dublin will seek to overcome disagreements over how to deal with a Syrian arms embargo. Britain and France want to change it so weapons can be ...

Eurozone leaders breaking off late Thursday night (14 March) after a first summit day in Brussels said swift negotiations are under way to close a deal on the Cyprus bailout. "I cannot imagine we can let the week-end ...

The German Social-Democrats say one report on anti-money-laundering measures in Cyprus will not be enough to convince them to approve a bailout for the troubled island. "As long as there is an economic model in Cyprus ...