Cyprus Gets Its Late-Night Bailout
It took all weekend, but European finance chieftains finally clinched a deal that will keep Cyprus afloat—by taking a heavy toll from their wealthiest customers.
Advertisement
As banks reopened in the beleaguered island nation of Cyprus Thursday, account holders were told daily limits on cash withdrawals would last only a week. But just kidding, according to the government, it could be a month before Cypriots are allowed full access to their bank accounts
It took all weekend, but European finance chieftains finally clinched a deal that will keep Cyprus afloat—by taking a heavy toll from their wealthiest customers.
After widespread anger over the plan to tax regular people's bank accounts to pay for a big bank bailout, Cyprus's government reworked to the deal to protect small savers. Unfortunately, the new tax plan is unlikely to change anyone's mind about the fairness of having their savings taken away.
Global markets are doing great on Monday morning after Spain agreed to a 100 billion euro bailout package, but it may only be a temporary oasis before reaching Europe's next crisis point.
Today in Ad Watch: Mitt Romney fantasizes about President Romney, President Obama loves higher-ed because he loved his mom, Karl Rove's Super PAC gets into the Nebraska Senate race, and Democrats gloat over the negative coverage of Romney's business career.
Mitt Romney says that he opposed the government bailout of Detroit because the private market would have provided loans so GM and Chrysler could go through managed bankruptcy, but it turns out the firm Romney once led, Bain Capital, turned down the chance to do so.
Cartoonist Steve Breen on the view of the protest from above
AIG claims they were duped into investing in mortgage backed securities
Today's Euro Zone package is roughly the same size as last year's
Meanwhile, Democrats rush to take credit for the news
A Finn nationalist party's 19 percent vote share could doom a Portugese bailout
Have a story we missed? A link we have to click? A sharp opinion about the news? Instead of waiting for us to post it, tell us on the Open Wire.
Submit your news and ideas | See all reader postsThe Atlantic Wire is your authoritative guide to the news and ideas that matter most right now. Our team tracks newsmakers and opinions across the entire media spectrum: newspapers, web sites, television, radio and magazines.
But we do more than just collect information. By synthesizing, analyzing and summarizing what’s out there, and adding new information when we can, we are a news engine that gives you a quick and valuable account of the issues of the day.
Have a hot tip? A story we missed? Tell us on the Open Wire
How to send us editorial or technical feedback
Get Five Best Columns in your inbox each morning (preview)
