NICOSIA, Cyprus (AP) — Cyprus finance minister, Michalis Sarris, resigned Tuesday after less than five weeks in the job, to make way for a government investigation into how the country’s economy nearly collapsed last month.
BRUSSELS (AP) — Cyprus secured a $13 billion package of rescue loans in tense, last-ditch negotiations early Monday, saving the country from a banking system collapse and bankruptcy that could have destabilized the entire euro area.
ATHENS, Greece (AP) — Banks stocks fell sharply on the Athens Stock Exchange on Tuesday, as trading resumed for the first time in Greece since Cyprus announced a shock plan to seize a part of bank deposits. There were no signs of bank runs, however.
NICOSIA, Cyprus (AP) — A plan to seize up to 10 percent of people’s savings in the small Mediterranean island nation of Cyprus sent shockwaves across Europe on Monday as households realized the money they have in the bank may not be safe.