Europe

Nuclear Waste Barrels Litter English Channel

Photo: ARTE German journalists have discovered barrels of radioactive waste on the floor of the English Channel, just a handful of thousands dumped there decades ago. It was previously thought the material had dissipated. Now politicians are calling for the removal of the potentially harmful containers. Some 28,500 containers of radioactive waste were dropped into the English Channel between 1950… Read more →

German and French economies stumble

Germany’s economy slowed to “near stagnation” last month, while France’s recorded its biggest contraction for four years, according to a closely watched survey. The Markit composite purchasing managers’ index (PMI), which measures both the manufacturing and services sectors, declined to 50.6 in Germany last month, from 53.3 in February. Any figure above 50 indicates growth. France’s reading fell to 41.9… Read more →

Cyprus bailout inside info? 132 companies pull out over $900mn in deposits

(AFP Photo / Patrick Baz) One hundred and thirty-two companies reportedly had inside knowledge of Cyprus’ impending levy tax as they withdrew deposits worth US$916 million in the run-up to the bailout deal. The companies withdrew their savings in the two week period (between March 1 to March 15) leading up to the rescue deal that enforced heavy losses on… Read more →

Cyprus crisis: Moscow will not bail out Russian savers

The Russian government says it will not compensate Russian savers who have lost money in the Cyprus banking crisis. Russians are believed to have billions of euros in Cypriot accounts and deposits above 100,000 euros (£84,300; $128,200) in the two biggest banks could be reduced by as much as 60%. Such losses would be “a great shame”, First Deputy PM… Read more →

Patient Cypriots line up as banks reopen

Photo: REUTERS/Bogdan Cristel (Reuters) – Cypriots lined up calmly at banks as they reopened on Thursday under tight controls imposed on transactions to prevent a run on deposits after the government was forced to accept a stringent EU rescue package to avert bankruptcy. Banks were shut almost two weeks ago as the government negotiated a 10 billion euro ($13 billion) international bailout, the… Read more →

Cyprus to bring in weekly cash curbs

Cyprus finance ministers are planning to impose a weekly limit on cash withdrawals, the BBC has learned. The country’s draft capital controls include export limits on euros and a ban on cashing cheques, says Newsnight economics editor Paul Mason. In addition, fixed-term deposits will have to be held until maturity. Cyprus’s finance minister earlier confirmed that depositors with more than… Read more →

Cyprus reaches last-minute deal on 10 billion euro bailout

Credit: REUTERS/Yannis Behrakis (Reuters) – Cyprus reached a last-ditch deal with international lenders on a 10 billion euro ($13 billion) rescue plan to avoid economic meltdown, agreeing to close down its second-largest bank and inflict heavy losses on big depositors. The agreement came hours before a deadline to avert a collapse of the banking system in fraught negotiations between President… Read more →

Cyprus crisis deepens: Bailout rejected, banks may not reopen

Photo: AFP – Getty Images Cypriot leaders held crisis talks on Wednesday to avert financial meltdown after rejecting the terms of a controversial European Union bailout, turning instead to Russia for help. Banks on the Mediterranean island may never reopen, Germany warned after lawmakers late Tuesday turned down a $12.9 billion deal that would have seen Cypriots lose up to 10… Read more →