If you were hoping to book one of Sochi’s fabulous hotel rooms with the bitcoins in your newly-unfrozen Mt. Gox account, be prepared for an unpleasant encounter with one of Vladimir Putin’s security services. Read more »
Cyprus may have banks once again—if no stock exchange—but no one’s quite ready to be deemed “just like Cyprus,” least of all Luxembourg and Malta. Which is true: Both have banking sectors that are, compared to their GDPs, waaaaay bigger than Cyprus’. Read more »
Sign Up For The DealBreaker NCAA Tournament Challenge Or The Banks In Cyprus Will Never Open Again…EverBy Bess Levin
And you don’t want that on your conscience. Read more »
Things in Cyprus: kinda bad. There are better places than here to read about it; I particularly recommend Joseph Cotterill here and here, pseudo-Paweł Morski here and here, Mohammed El-Erian here, the FT’s coverage here and here, the Journal’s round-up of analyst reaction here, etc.
The basic story is that Cyprus’s government and banks are both massively overindebted and need a bailout, and the EU and IMF will provide a €10bn bailout, but they demanded that Cyprus chip in some €7bn, which it has decided to do by means of a tax on deposits in Cypriot banks of 6.75% for up to €100,000 and 9.9% above €100,000. (Is that rate on bigger deposits marginal or absolute? No one knows!) Those numbers are being renegotiated and may end up not being approved by Cyprus’s parliament.