Panic is not a good basis for rational, long-term decision-making. But Britain's main rightwing party, or much of it, seems to have decided that the best response to an insurgent competitor is jumping off a cliff, leading the country into a void of uncertainty.
Retired ex-chancellors can perhaps be forgiven a bout of self-indulgence, but my cabinet colleagues should know better. Their behaviour has consequences, not least in shaping economic expectations. Global companies will ponder the wisdom of staying or investing in a country where business risk has suddenly been increased. Companies trading with the EU are barely recovering their confidence after the worst financial crisis for a century, and are now being told to expect years of debate over whether a network of trade and investment relationships should be torn up. At a time when jobs matter acutely, 3.5 million workers have been given an additional injection of job insecurity.
NICOSIA - When the Cyprus bank run began earlier this year, Russians set much of the pace. Documents seen by Reuters show that as the Mediterranean island headed towards financial meltdown in March, most notable among companies transferring money from the country's two main banks were Russians and East Europeans.
LONDON — Pressure is mounting on the European Central Bank to cut interest rates this week after figures Tuesday showed inflation in the euro area at a three-year low and unemployment at another record high.
NICOSIA - Cyprus plans to limit presidential immunity from prosecution and increase government transparency, its president said on Monday, a move to win over a public jaded by graft and economic mismanagement that saddled it with brutal bailout terms.
BERLIN, April 14 (Reuters) - The political establishment has dismissed Germany's new anti-euro party as a fear-mongering populist aberration that could implode even before a looming federal election.
NICOSIA, April 14 (Reuters) - Cyprus's central bank governor said on Sunday he was willing to work with the government to pull the island out of its economic crisis, provided the bank's independence was respected.
DUBLIN/LONDON April 14 (Reuters) - Though the implosion of Cyprus's bloated banking system has put other euro zone economies with outsized financial sectors such as Luxembourg and Malta in the spotlight, loan quality is the real litmus test of a country's financial stability.
LONDON, April 14 (Reuters) - Bankers are confident they can persuade the European Union that its proposed financial trading tax poses enough risks to struggling economies and banks to warrant being watered down.
BERLIN (AP) — It's a spectacle that Germans are getting tired of: southern European protesters burning their flags and waving placards comparing Chancellor Angela Merkel to Nazi leader Adolf Hitler, all in reaction to Berlin's insistence on reforms and austerity in return for bailout funds.
NICOSIA, Cyprus — Cyprus' president said Friday, April 12 that he will ask the European Union to provide more help for the crisis-hit country, which has to pay for most of its expected 23 billion euro ($30 billion) bailout.
BRUSSELS — The cost of bailing out Cyprus has swollen to euro 23 billion ($30 billion), with the crisis-hit country having to take on the lion's share of the measures needed to avoid bankruptcy, according to a draft document by the country's international creditors.
Big depositors at Cyprus' largest bank may be forced to accept losses of up to 60 percent, far more than initially estimated under the European rescue package to save the country from bankruptcy, officials said on March 30.
BERLIN - Europe's carefully maintained autobahns, high-speed TGV trains and vast network of modern airports have long been the envy of the world.
MOSCOW, March 26 (Reuters) - Russian businesses and banks that face losses from the European Union's bailout of Cyprus are considering legal action but may have a hard time making a case, say lawyers who are combing through treaties find strategies to recover funds.
LONDON, March 27 (Reuters) - Europe's financial crisis is costing lives, with suicides and infectious diseases on the rise, yet politicians are not addressing the problem, health experts said on Wednesday.
BERLIN, March 25 (Reuters) - Europe's onerous bailout deal for Cyprus has burnished Angela Merkel's reputation as a tough defender of German interests and removed one of the biggest threats to her re-election prospects half a year before voters go to the polls.
BRUSSELS (AP) — Inflicting losses on banks' shareholders, bondholders and even large depositors should become the 17-country eurozone's default approach for dealing with ailing lenders, a top European official said Monday.
BRUSSELS (AP) — Cyprus avoided bankruptcy, and potential turmoil across the eurozone, by securing a last-minute 10 billion euro ($13 billion) bailout with promises to sharply cut back its oversized banking sector and make large bank account holders take losses to help pay much of the bill.