Economics

Colorado Gun Sales Hit All-Time High

March 22, 2013

“The number of background checks for gun sales has skyrocketed since the proposed assault ban legislation was introduced, according to CBI records.”

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Taylor: Cyprus Banking System Flooded With Russian Funds and Money Laundering

March 22, 2013

“Just look at what happened to Sergei Magnitsky, the Moscow-based lawyer who was imprisoned and died mysteriously in jail after calling attention to Russian corruption, including alleged money-laundering in Cyprus.”

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Bank of Cyprus: Cyprus Economy on the Brink of Collapse

March 22, 2013

“”The next move may prove its salvation or destruction,” said the Bank of Cyprus – itself said to require urgent funding to prevent collapse.”

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Cyprus Unable to Reach Financial Lifeline Agreement With Russia Investors

March 22, 2013

“Talks between Russian officials and the government of Cyprus broke up early Friday, with no agreement on a cash infusion that could have helped the tiny island nation to secure an EU bailout.”

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Cyprus Finance Minister: Bank Tax Back on the Table

March 22, 2013

“Cyprus was just hours away from a deal on Friday to raise billions of euros and unlock a bailout from the European Union that could avert financial meltdown and exit from the euro, its ruling party said.”

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European Central Bank Threatens to Cut-Off Crucial Funding to Banks in Cyprus on Monday

March 21, 2013

“As the European Central Bank threatened to shut off crucial financing for banks in Cyprus without a rapid accord on an international bailout, members of Parliament put off a vote on Thursday on yet another revamped formula. The vote was rescheduled for Friday.”

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Cyprus Government Officials Meeting With Russian Leaders in Moscow to Discuss Bailout

March 21, 2013

“In Moscow, Cypriot finance officials continued negotiations with Russian leaders over possible new funding.”

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Cyprus Government Leaders Under Pressure to Avoid Default on Debt

March 21, 2013

“Cypriot leaders scrambled Thursday to raise $7.5 billion to avoid a debt default for the island nation, but the European Central Bank warned it would cut off emergency funding Monday if the country cannot resolve its financial crisis.”

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Cyprus Parliament Rejects 5.8 Billion Euro Bailout Deal

March 19, 2013

“Late on Tuesday night the eurozone governments said that despite the vote Cyprus would still need to raise the €5.8 bn – a third of the €17bn bailout.”

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U.S. Stocks Post Flat Trading Day Partially Due to Financial Crisis in Cyprus

March 19, 2013

“The Standard & Poor’s 500-stock index fell 0.2 percent by the close of trading, and the Nasdaq composite index dropped 0.3 percent, while the Dow Jones industrial average gained 3 points.”

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Cyprus Parliament Likely to Reject Terms of Bailout And Tax on Bank Holdings

March 19, 2013

“Cyprus’s Parliament is likely to reject an international bailout package that involves taxing ordinary depositors to pay part of the bill, President Nicos Anastasiades said Tuesday.”

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Cyprus Finance Minister Michael Sarris Abruptly Resigns; President Anastasiades Rejects Resignation

March 19, 2013

“Bloomberg and Reuters are reporting that Cyprus finance minister Michael Sarris has resigned, citing Market News International.”

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Venezuela to Create Foreign Exchange Mechanism Allowing Citizens Another Channel to Buy U.S. Dollars

March 18, 2013

“He didn’t provide specific details, but people familiar with central bank deliberations last week said the government will allow dollars to be bought at rates much weaker than the fixed rate.”

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European Union Finance Ministers Sticking to Target for Cyprus to Raise 5.8 Billion Euros

March 18, 2013

“Euro-area finance ministers told Cyprus to raise 5.8 billion euros ($7.5 billion) from bank depositors to unlock emergency loans, maintaining the revenue target while suggesting sparing small-scale savers.”

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Government: Cyprus Banks to Remain Closed Until Thursday

March 18, 2013

“”Tuesday and Wednesday are bank holidays,” the source said. A decree will be released shortly from the Finance Ministry to this effect, he said.”

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