Tags archives: cyprus

Inside the Bitcoin Phenomenon

What’s invisible, untraceable, and irresistible to investors and drug dealers alike? That would be bitcoin, a groundbreaking digital, decentralized currency system that’s challenging conventional financial wisdom- and winning. Last night, bitcoin rode wild waves of highs and lows as it traded into the morning, sling-shotting from $106 to $147 in a matter of hours,and finally settling down around $139 this afternoon. Just two weeks ago, one bitcoin was worth $47. That’s about […]

Cypriot President Breaks His Silence

Center-right leader Nicos Anastasiades addressed civil servants in the capital city of Nicosia today, just one day after banks reopened across the country following a nearly two-week shutdown. Amid jabs at banking authorities in Cyprus and Europe, Anastasiades insisted that despite the crescendo of international concern, Cyprus would remain on the EU’s single-currency system. “We have no intention of leaving the euro,” he stated this afternoon, adding, “In no way […]

Banks Open, Stock Exchange Remains Closed in Cyprus

Today, Cypriot banks will open their doors to customers for the first time in two weeks. Anticipating a major run on deposits, the Finance Ministry has imposed strict capital controls to stop depositers from cleaning out their vaults. These include a 300 Euro per day withdrawal cap, a ban on check cashing, and an injunction on the foreign transfer of funds. Economists rightfully predicted that citizens would be flocking to […]

Cyprus Strikes Bailout Deal With EU

In what has been deemed as a last minute deal, Cyprus leaders have reached an agreement with the European Union for a 10 billion euro bailout. Officials say the deal was reached after pressure mounted from a German-led bloc threatening to cease all temporary funding if a deal was not reached. With an economy largely based on banking, the bailout will consist of shutting down the country’s largest bank, The […]