Large depositors stand to lose up to 60 percent of their savings as Cyprus enforces the controversial conditions of a €10-billion bank bailout from the eurozone and the International Monetary Fund. Officials said that deposits over €100,000 ($128,225) at the country’s largest bank will lose 37.5 percent of their value after being converted into bank shares. The losses could increase by another... 

Cypriots queue for banks, which reopened after 12 days Thursday, as President Nicos Anastasiades cuts own wages by 25%. The Cypriot foreign minister promises banking restrictions will be lifted in “about a month”. A European Central Bank (ECB) spokesman confirmed that 5 billion euros were flown into Cyprus from Germany late Wednesday in time for the reopening of the banks on Thursday, The ECB... 

Jobseekers wait in line at a French job center in Paris The number of jobless people in France has climbed towards a record high in February for the 22nd month running, and has reached its highest level since 1997. Data released from the French Labor Ministry showed on Tuesday that the number of registered jobseekers in the eurozone’s second-largest economy rose by 18,400 from January to 3.188... 

The central bank in Cyprus has imposed an ATM withdrawal limit of 100 euros per day for the island’s two biggest banks, in order to prevent a run on lenders. A spokesman for the country’s second largest lender, Cyprus Popular Bank, told Reuters that the new measure began at 1pm local time (11am GMT) and would remain in place until the bank reopens, or until confirmation of continued emergency... 

A Ministry of Foreign Affairs (MFA) “urgent bulletin” being sent to Embassies around the world today is advising both Russian citizens and companies to begin divesting their assets from Western banking and financial institutions “immediately” as Kremlin fears grow that both the European Union and United States are preparing for the largest theft of private wealth in modern history. According... 

In Nigel Farage’s first TV appearance since the Cypriot wealth tax was announced, the Englishman pulls no punches. In all his years and all his experience of the desperation of the European Union’s leadership “never did [he] think they would resort to stealing money from people’s savings accounts.” The simple fact is that they know they cannot let any country leave, no matter how small,... 

Cypriot MPs vote on a controversial bailout package during a parliament session in Nicosia on March 19, 2013. The Cypriot parliament has voted against a revised bank deposit levy. The tax was meant to shave 9.9% off any deposits over €100,000 and has since caused uproar in the country. Thirty six deputies voted against the proposal to tax bank deposits in the 56-member chamber, while 19 abstained.... 

Britain’s Royal Air Force is flying out one million euros ($1.3 million) in emergency loans for UK military personnel, as a “contingency measure” in case debit cards and cash machines stop working on the island. Britain’s ministry of defense (MoD) said the flight has a “contingency measure” in case banks in Cyprus stop giving out cash, as the country deals with the fallout from a controversial... 

An interesting article in Forbes entitled “If Alan Greenspan Wants To ‘End The Fed’, Times Must Be Changing,” informs us that the predictions we made long ago about the Federal Reserve are coming true. The author of the article is Nathan Lewis, an economist, former strategist for institutional investors and author of a best-selling book Gold, the Once and Future Money. Our predictions regarding... 

Thousands of students demonstrate in Madrid to protest against Spanish government’s spending cuts in the education system, February 6, 2013. Thousands of students and teachers have demonstrated in the Spanish capital Madrid to protest against the government’s budget cuts in the education sector. Carrying flags and banners that read “Our education will not pay your debt,” the demonstrators... 

A trade union representative gives a speech in Brussels, Belgium, against austerity policies on March 14, 2013. Thousands of Europeans have staged a rally near the European Union (EU) headquarters in Brussels to protest against anti-austerity measures. About 15,000 protesters and trade union representatives from Belgium, Britain, France, Germany and other European Union countries gathered in the Belgium... 

European Union (EU) member states have forfeited their political freedoms to a bunch of unelected officials in Brussels, an analyst tells Press TV. “Free trade is a great idea. I always support the idea of free trade among European countries – a wonderful idea. But giving up your political freedom to a central government that is virtually unelected? Are you kidding? They need to wake up,”... 

People wait outside an unemployment bureau in the Greek capital, Athens. Official figures show that the unemployment rate in Greece rose above 26 percent in December 2012, as the country embarks on its sixth year of recession. The Greek statistics office ELSTAT announced on Thursday that the unemployment rate hit 26.4 percent in December, which is five percent more than the data registered in 2011. The... 

Spaniards stand in line outside an unemployment office in Madrid. The Spanish Labor Ministry says the number of people who are officially registered as unemployed in Spain has surpassed a record five million. The ministry released the data on Monday, also announcing that the number of the people who registered for unemployment benefits increased by 59,444 or 1.2 percent in February, compared to a month... 

Economists predict that the US Federal Reserve could lose half a trillion dollars in just three years thanks to policies enacted by the central bank under Chairman Ben Bernanke. A study conducted by investment analysts at New York City’s MSCI Inc. suggests that Mr. Bernanke’s efforts to keep the floundering economy in tact on the heels of a recession have proven to be futile and will continue...