http://www.spiegel.de Daily news, analysis and opinion from Europe's leading newsmagazine and Germany's top news Web site. en Thu, 23 May 2013 23:03:00 +0200 Thu, 23 May 2013 23:03:00 +0200 http://www.spiegel.de http://www.spiegel.de/static/sys/logo_120x61.gif http://www.spiegel.de/international/business/deloitte-audit-prevention-of-money-laundering-in-cyprus-is-inadequate-a-900593.html#ref=rss A recent inquiry suggests that Cyprus isn't doing enough to combat money laundering, a precondition for obtaining a bailout package. The banks know little about their customers and are ill-equipped to identify suspicious transactions. Fri, 17 May 2013 17:36:00 +0200 http://www.spiegel.de/international/business/deloitte-audit-prevention-of-money-laundering-in-cyprus-is-inadequate-a-900593.html A recent inquiry suggests that Cyprus isn't doing enough to combat money laundering, a precondition for obtaining a bailout package. The banks know little about their customers and are ill-equipped to identify suspicious transactions.]]> http://www.spiegel.de/international/europe/cypriot-foreign-minister-ioannis-kasoulides-on-prospects-for-reconciliation-a-897562.html#ref=rss In a SPIEGEL ONLINE interview, Cypriot Foreign Minister Ioannis Kasoulides discusses prospects for fresh talks on a peace and reunification deal with Northern Cyprus and the growing humanitarian catastrophe in nearby Syria. Wed, 01 May 2013 12:19:38 +0200 http://www.spiegel.de/international/europe/cypriot-foreign-minister-ioannis-kasoulides-on-prospects-for-reconciliation-a-897562.html In a SPIEGEL ONLINE interview, Cypriot Foreign Minister Ioannis Kasoulides discusses prospects for fresh talks on a peace and reunification deal with Northern Cyprus and the growing humanitarian catastrophe in nearby Syria. ]]> http://www.spiegel.de/international/europe/banking-crisis-awakens-hopes-for-reconciliation-in-cyprus-a-897549.html#ref=rss The Greek half of Cyprus has been hard-hit by the banking crisis -- and now hopes are growing in the Turkish north for reconciliation. If the two populations could resolve their dispute, they could likely access large natural gas reserves estimated to be worth hundreds of billions of euros. Wed, 01 May 2013 10:46:44 +0200 http://www.spiegel.de/international/europe/banking-crisis-awakens-hopes-for-reconciliation-in-cyprus-a-897549.html The Greek half of Cyprus has been hard-hit by the banking crisis -- and now hopes are growing in the Turkish north for reconciliation. If the two populations could resolve their dispute, they could likely access large natural gas reserves estimated to be worth hundreds of billions of euros.]]> http://www.spiegel.de/international/germany/german-parliament-approves-cyprus-bailout-a-895159.html#ref=rss The Bundestag, Germany's parliament, voted Thursday to approve a 10 billion euro European Union and IMF bailout for Cyprus. Legislators also voted in favor of seven-year extensions for crisis loans provided to Ireland and Portugal. Thu, 18 Apr 2013 13:27:58 +0200 http://www.spiegel.de/international/germany/german-parliament-approves-cyprus-bailout-a-895159.html The Bundestag, Germany's parliament, voted Thursday to approve a 10 billion euro European Union and IMF bailout for Cyprus. Legislators also voted in favor of seven-year extensions for crisis loans provided to Ireland and Portugal. ]]> http://www.spiegel.de/international/europe/cyprus-mulls-giving-russian-investors-citizenship-a-894409.html#ref=rss After being forced to impose a levy on bank deposits above 100,000 euros under the terms of its bailout, Cyprus is looking for ways to preserve the country's attractiveness to foreign investors. The government may soon offer EU citizenship to Russians hit by the one-time tax. Mon, 15 Apr 2013 12:34:00 +0200 http://www.spiegel.de/international/europe/cyprus-mulls-giving-russian-investors-citizenship-a-894409.html After being forced to impose a levy on bank deposits above 100,000 euros under the terms of its bailout, Cyprus is looking for ways to preserve the country's attractiveness to foreign investors. The government may soon offer EU citizenship to Russians hit by the one-time tax.]]> http://www.spiegel.de/international/europe/growing-bailout-german-conservatives-angered-by-cypriot-shortfall-a-894004.html#ref=rss Euro-zone finance ministers are set to agree on a bailout package for Cyprus on Friday, but news this week that the country will need to raise an additional 5.5 billion euros has raised new questions. Germany's parliament is likely to approve the aid, but many are calling for conditions to be imposed. Fri, 12 Apr 2013 12:46:08 +0200 http://www.spiegel.de/international/europe/growing-bailout-german-conservatives-angered-by-cypriot-shortfall-a-894004.html Euro-zone finance ministers are set to agree on a bailout package for Cyprus on Friday, but news this week that the country will need to raise an additional 5.5 billion euros has raised new questions. Germany's parliament is likely to approve the aid, but many are calling for conditions to be imposed. ]]> http://www.spiegel.de/international/europe/cyprus-bailout-woes-harmful-to-eu-strategic-interests-a-892331.html#ref=rss The euro-zone bailout of Cyprus exposed deep divides within Europe and also brought back the specter of the euro crisis. In addition to harming the island nation's economy, errors made in negotiating the deal will ultimately be a setback to strategic EU interests as well. Wed, 03 Apr 2013 18:02:52 +0200 http://www.spiegel.de/international/europe/cyprus-bailout-woes-harmful-to-eu-strategic-interests-a-892331.html The euro-zone bailout of Cyprus exposed deep divides within Europe and also brought back the specter of the euro crisis. In addition to harming the island nation's economy, errors made in negotiating the deal will ultimately be a setback to strategic EU interests as well.]]> http://www.spiegel.de/international/europe/cypriots-look-for-a-future-in-crisis-stricken-country-a-891852.html#ref=rss Cypriots are paying a high price for the collapse of their banking system. A leading lawyer, a real estate broker and a bar owner have already begun the process of searching for a future -- for themselves, their companies and their country. Tue, 02 Apr 2013 16:24:00 +0200 http://www.spiegel.de/international/europe/cypriots-look-for-a-future-in-crisis-stricken-country-a-891852.html Cypriots are paying a high price for the collapse of their banking system. A leading lawyer, a real estate broker and a bar owner have already begun the process of searching for a future -- for themselves, their companies and their country. ]]> http://www.spiegel.de/international/europe/cyprus-investigating-allegations-of-covert-capital-flight-a-891925.html#ref=rss Several Cypriot companies were allegedly able to move millions out of the country ahead of tight capital restrictions imposed as part of the recent bailout. President Anastasiades has been accused of passing on insider information to relatives to help them avoid losses. Mon, 01 Apr 2013 16:15:22 +0200 http://www.spiegel.de/international/europe/cyprus-investigating-allegations-of-covert-capital-flight-a-891925.html Several Cypriot companies were allegedly able to move millions out of the country ahead of tight capital restrictions imposed as part of the recent bailout. President Anastasiades has been accused of passing on insider information to relatives to help them avoid losses.]]> http://www.spiegel.de/international/europe/cyprus-bank-bailout-model-has-increasing-numbers-of-adherents-in-eu-a-891849.html#ref=rss Should the Cypriot bailout become a model for the future? The mere suggestion sent markets tumbling last week. But increasing numbers of European politicians would like to see bank shareholders and investors bear a greater share of crisis risk. The EU may be changing its strategy. <i>By SPIEGEL Staff</i> Mon, 01 Apr 2013 14:48:00 +0200 http://www.spiegel.de/international/europe/cyprus-bank-bailout-model-has-increasing-numbers-of-adherents-in-eu-a-891849.html Should the Cypriot bailout become a model for the future? The mere suggestion sent markets tumbling last week. But increasing numbers of European politicians would like to see bank shareholders and investors bear a greater share of crisis risk. The EU may be changing its strategy. By SPIEGEL Staff ]]> http://www.spiegel.de/international/europe/luxembourg-warns-of-investor-flight-from-europe-a-891672.html#ref=rss In Luxembourg, leaders are warning that applying the Cypriot bailout model -- a levy on bank deposits -- to other crisis-plagued countries could lead to a flight of investors from Europe. But the EU is considering the option anyway. Fri, 29 Mar 2013 11:53:26 +0100 http://www.spiegel.de/international/europe/luxembourg-warns-of-investor-flight-from-europe-a-891672.html In Luxembourg, leaders are warning that applying the Cypriot bailout model -- a levy on bank deposits -- to other crisis-plagued countries could lead to a flight of investors from Europe. But the EU is considering the option anyway.]]> http://www.spiegel.de/international/europe/banks-in-cyprus-open-amid-calm-and-fear-a-891608.html#ref=rss Many had feared that Cyprus would experience a bank run once financial institutions were reopened. That did not happen on Thursday, but frustration levels are high, as are fears for the country's economic future. Thu, 28 Mar 2013 17:41:09 +0100 http://www.spiegel.de/international/europe/banks-in-cyprus-open-amid-calm-and-fear-a-891608.html Many had feared that Cyprus would experience a bank run once financial institutions were reopened. That did not happen on Thursday, but frustration levels are high, as are fears for the country's economic future.]]> http://www.spiegel.de/international/europe/lancet-study-european-austerity-costing-lives-a-891308.html#ref=rss As the euro crisis wears on, the tough austerity measures implemented in ailing member states are resulting in serious health issues, a study revealed on Wednesday. Mental illness, suicide rates and epidemics are on the rise, while access to care has dwindled. Wed, 27 Mar 2013 17:08:24 +0100 http://www.spiegel.de/international/europe/lancet-study-european-austerity-costing-lives-a-891308.html As the euro crisis wears on, the tough austerity measures implemented in ailing member states are resulting in serious health issues, a study revealed on Wednesday. Mental illness, suicide rates and epidemics are on the rise, while access to care has dwindled.]]> http://www.spiegel.de/international/europe/cypriot-parliament-investigates-government-after-dubious-transactions-a-891168.html#ref=rss Banks have been closed and accounts frozen in Cyprus recently. Nevertheless, large amounts were moved out of the country's crippled financial institutions on the eve of the bailout package. Lawmakers are suspicious and are investigating both the government and the Cypriot central bank. Wed, 27 Mar 2013 10:35:00 +0100 http://www.spiegel.de/international/europe/cypriot-parliament-investigates-government-after-dubious-transactions-a-891168.html Banks have been closed and accounts frozen in Cyprus recently. Nevertheless, large amounts were moved out of the country's crippled financial institutions on the eve of the bailout package. Lawmakers are suspicious and are investigating both the government and the Cypriot central bank.]]> http://www.spiegel.de/international/europe/euro-group-head-jeroen-dijsselbloem-under-fire-for-cyprus-comment-a-891102.html#ref=rss New Euro Group chief Jeroen Dijsselbloem fanned market uncertainty with contradictory statements about the Cyprus rescue and angered colleagues with his glib negotiating style. This never would have happened under his predecessor, say his critics. Is he in over his head? Tue, 26 Mar 2013 18:00:05 +0100 http://www.spiegel.de/international/europe/euro-group-head-jeroen-dijsselbloem-under-fire-for-cyprus-comment-a-891102.html New Euro Group chief Jeroen Dijsselbloem fanned market uncertainty with contradictory statements about the Cyprus rescue and angered colleagues with his glib negotiating style. This never would have happened under his predecessor, say his critics. Is he in over his head?]]> http://www.spiegel.de/international/europe/the-cyprus-bailout-reveals-german-fears-of-tax-havens-a-891063.html#ref=rss The Cypriot government was willing to do anything to save its banking industry. Yet Berlin, driven by a deep-seated fear of tax havens, sought the opposite. The resulting deal may have driven a stake through the heart of the euro-zone's much ballyhooed banking union. Tue, 26 Mar 2013 16:08:46 +0100 http://www.spiegel.de/international/europe/the-cyprus-bailout-reveals-german-fears-of-tax-havens-a-891063.html The Cypriot government was willing to do anything to save its banking industry. Yet Berlin, driven by a deep-seated fear of tax havens, sought the opposite. The resulting deal may have driven a stake through the heart of the euro-zone's much ballyhooed banking union.]]> http://www.spiegel.de/international/europe/german-press-reaction-to-cyprus-bailout-a-891018.html#ref=rss With Cyprus racing to install capital controls before re-opening its banks on Thursday, German media commentators say the island has only itself to blame for its plight. They also warn though that the tough bailout terms are a fresh sign of waning solidarity among euro-zone member states. Tue, 26 Mar 2013 14:09:00 +0100 http://www.spiegel.de/international/europe/german-press-reaction-to-cyprus-bailout-a-891018.html With Cyprus racing to install capital controls before re-opening its banks on Thursday, German media commentators say the island has only itself to blame for its plight. They also warn though that the tough bailout terms are a fresh sign of waning solidarity among euro-zone member states. ]]> http://www.spiegel.de/international/europe/opinion-german-euro-leadership-stubborn-and-egotistical-a-890848.html#ref=rss The drama over Cyprus has made clear that the euro-zone crisis is developing into a struggle over German hegemony in Europe. On the surface, Merkel and Schäuble seem to be working to stabilize the economy. In actuality, they're binding other nations with the shackles of debt. Mon, 25 Mar 2013 17:58:00 +0100 http://www.spiegel.de/international/europe/opinion-german-euro-leadership-stubborn-and-egotistical-a-890848.html The drama over Cyprus has made clear that the euro-zone crisis is developing into a struggle over German hegemony in Europe. On the surface, Merkel and Schäuble seem to be working to stabilize the economy. In actuality, they're binding other nations with the shackles of debt.]]> http://www.spiegel.de/international/europe/russia-criticizes-eu-over-cyprus-bailout-terms-a-890860.html#ref=rss Russia has sharply criticized the bailout deal for Cyprus, with Prime Minister Dmitry Medvedev accusing the EU of theft. Russian state television even likened the forced levy imposed on wealthy investors -- many of them Russian -- to the expropriation of Jews by Nazi Germany. Mon, 25 Mar 2013 17:51:27 +0100 http://www.spiegel.de/international/europe/russia-criticizes-eu-over-cyprus-bailout-terms-a-890860.html Russia has sharply criticized the bailout deal for Cyprus, with Prime Minister Dmitry Medvedev accusing the EU of theft. Russian state television even likened the forced levy imposed on wealthy investors -- many of them Russian -- to the expropriation of Jews by Nazi Germany. ]]> http://www.spiegel.de/international/germany/cyprus-bailout-highlights-deep-mistrust-in-europe-and-euro-zone-a-890745.html#ref=rss Cyprus has been saved. But the euro zone may ultimately be the biggest loser. The tough negotiations clearly demonstrated that Europe's north and south no longer understand each other -- and the political differences could soon become more dangerous than the currency crisis. By SPIEGEL Staff Mon, 25 Mar 2013 13:17:00 +0100 http://www.spiegel.de/international/germany/cyprus-bailout-highlights-deep-mistrust-in-europe-and-euro-zone-a-890745.html Cyprus has been saved. But the euro zone may ultimately be the biggest loser. The tough negotiations clearly demonstrated that Europe's north and south no longer understand each other -- and the political differences could soon become more dangerous than the currency crisis. By SPIEGEL Staff]]>