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A Better Cyprus Deal
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This WSJ editorial says the EU bailout deal for Cyprus of March 25, 2013, which shut down Cyprus Popular Bank, and aggressively downsizes Bank of Cyprus, is the right move. Under this bailout deal no money from the EU's $10 billion to the Cyprus government goes to bailout banks. Cyprus Popular Bank is allowed to go bust, with only insured deposits below $100,000 protected. Larger depositors are compensated with equity shares in a "bad bank," holding this bank's questionable assets. The good assets of this bank are transferred to the Bank of Cyprus. Bank of Cyprus, the largest bank, will have depositors and creditors take haircuts so that it can maintain a 9% capital ratio- estimated losses of depositors being 35%. All this leaves Cyprus with lower debt of 140% of GDP than under other plans. A large part of these losses will be borne by Russian depositors taking advantage of Cyprus as an offshore tax haven. Germay's Angela Merkel and finance minister Schauble face German voters in 2013 elections. Merkel and Schauble did not want to be seen burdening German taxpayers for bailouts in Cyprus to help affluent Russian depositors.
Cyprus
06/12/2012
Grouped Articles
New York Times 06/12/2012
Russia Denounces Deposit-Tax Plan
Wall Street Journal 03/19/2013
Wall Street Journal 03/25/2013
Wall Street Journal 03/26/2013
Wall Street Journal 03/28/2013
Cyprus bank rescue and tax on depositors
03/17/2013
Grouped Articles
Wall Street Journal 03/18/2013
Cyprus Deposits a New Challenge on the Euro Zone
Wall Street Journal 03/17/2013
Russia Denounces Deposit-Tax Plan
Wall Street Journal 03/19/2013
Is Bitter Medicine for Cyprus a Cure for the Euro Zone?
Wall Street Journal 03/18/2013
Wall Street Journal 03/25/2013
No Matter Outcome, Cyprus Crisis Is Blow to Business
New York Times 03/24/2013
Russia's banking connection with Cyprus
03/18/2013
Grouped Articles
Russia Denounces Deposit-Tax Plan
Wall Street Journal 03/19/2013
Is Bitter Medicine for Cyprus a Cure for the Euro Zone?
Wall Street Journal 03/18/2013
Wall Street Journal 03/25/2013
Wall Street Journal 03/26/2013
Wall Street Journal 03/28/2013
Cyprus Capital Controls Come Years After They Were Needed
New York Times 03/28/2013
A German view of bailouts by the president of the Ifo Institute in Munich
05/26/2010
Hans-Werner Sinn of the Ifo Institute says Germany has already done its part, and socialization of losses in Europe- through eurobonds or other measures- is dangerous. Something he says, even the U.S. avoided doing in the 1830's and 1840's when it let 8 states go bankrupt.
Grouped Articles
Elites Flock to Anti-Euro Party, Alternative for Germany
New York Times 04/14/2013
Germany reaps rewards of entitlement cuts - The Washington Post
Washington Post 09/20/2011
New York Times 05/26/2010
German Election Overturns Political Order
Wall Street Journal 09/23/2013
Germany Open to Deal on Pooling Euro Debt, With Limits
New York Times 06/04/2012
Germany Can't Fix the Euro Crisis
New York Times 06/12/2012
Efforts in Spain to compensate the 700,000 depositors who bought preferred shares in Bankia and other regional banks
07/01/2011
Grouped Articles
Investors in Bankia to Sue Bank of Spain Over Losses
New York Times 05/09/2013
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
Rodrigo Rato Resigns as Executive Chairman of Bankia
New York Times 05/07/2012
Wall Street Journal 09/03/2012
Spain Sets Plan to Compensate Savers Who Bought Bank Shares
Wall Street Journal 01/30/2013
Wall Street Journal 03/01/2013
Spain's banks conversion of deposit holders into equity holders and the risks associated with this move.
07/13/2011
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
Wall Street Journal 09/28/2011
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
Spanish Banks Find New Source of Capital Comes With New Kind of Risk
Wall Street Journal 04/03/2012
Spain's Bank-Investor Ties Stir Worry
Wall Street Journal 05/09/2012
Spain Tries to Calm Fears About Ailing Lender
New York Times 05/17/2012
Cyprus and foreign investment after the financial crisis in 2013
03/24/2013
Grouped Articles
No Matter Outcome, Cyprus Crisis Is Blow to Business
New York Times 03/24/2013
Wall Street Journal 03/26/2013
Politics and government in Cyprus- 2012-2015
03/25/2013
Grouped Articles
Wall Street Journal 03/25/2013
Wall Street Journal 03/26/2013
The economy of Cyprus
03/24/2013
Grouped Articles
Cyprus Heads Toward Exit, Leaving Greece as Last Bailout Member
Wall Street Journal 03/04/2016
Wall Street Journal 03/25/2013
No Matter Outcome, Cyprus Crisis Is Blow to Business
New York Times 03/24/2013
Wall Street Journal 03/26/2013
In Cyprus, Big Losses Expected on Deposits
New York Times 03/26/2013
Cyprus Capital Controls Come Years After They Were Needed
New York Times 03/28/2013
Shifts in German public opinion to bailouts of other European countries
12/01/2010
Grouped Articles
Germany reaps rewards of entitlement cuts - The Washington Post
Washington Post 09/20/2011
Collapse of Greek Bailout Deal Brings Surprise Boost to German Coffers
Wall Street Journal 07/04/2015
Greek Crisis Shows How Germany’s Power Polarizes Europe
Wall Street Journal 07/07/2015
Merkel’s German Critics Say Greek Bailout Was Doomed From Start
Wall Street Journal 07/08/2015
Debt crisis tests German ties to euro
Washington Post 12/01/2010
Merkel's Defense of Euro Forged in East Germany
New York Times 01/30/2011
Small depositors with money invested in Spanish banks and senior bond holders in bank restructuring 2012-2013
07/13/2012
Grouped Articles
Senior Bank Creditors Safe, for Now
Wall Street Journal 07/13/2012
In New Euro Boss, a Hard-Line Future
New York Times 03/08/2013
Wall Street Journal 03/26/2013
The management and culture of the Cajas Savings banks in Spain- the Cajas in Galicia
02/25/2010
The Cajas, local savings banks, evolved in the post Franco years into banking institutions that controlled significant deposits and expanded into the real estate sector. This happened under Cajas leaders who ran the cajas for many years and became highly influential in the political system. After the bubble burst these Cajas had to be consolidated under new management by the federal government in Madrid. Prime minister Rajoy of Spain comes from the same region of Galicia in northwestern Spain. Today the Cajas are seen as a symbol of the bubble years and lack of financial controls.
Grouped Articles
New York Times 05/17/2013
Wall Street Journal 09/28/2011
The Pain in Spain Falls Mainly on the Cajas
BusinessWeek 02/25/2010
Economist 05/29/2010
Spain's cajas: Thinking outside the box
Economist 07/31/2010
Spain's banks: Two cheers, three tiers
Economist 10/02/2010
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