Banks, Bailout | featured news

Some key data about bond purchases by Bank of Cyprus - now the focus of a controversial EU-IMF bailout - is missing, investigators have found. The gaps were found in computer records studied by a financial consultancy, Alvarez and Marsal, Cypriot media say.

Michalis Sarris resigned after announcing the final terms of a bailout for the nation’s banking system that imposed heavy losses on bank depositors in return for aid.

Antreas Artemis, the chairman of Bank of Cyprus, contended that he and the bank's board were not consulted in bailout negotiations that would impose large losses on depositors.

The Central Bank of Cyprus says the country's finance minister has decided to order all banks in the country to remain shut until Thursday.

Over the course of five days, the Greek government -- led by the understated conservative Prime Minister Antonis Samaras -- overcame two high hurdles in a dash to qualify for the austerity program set out by the so-called troika, made up of the European Central Bank, the International Monetary Fund and the European Commission.

The Spanish economy is falling deeper into recession and depositors are pulling their money out of the banks, figures published on Tuesday showed, while the country's most economically important region, Catalonia, said it needed a major rescue from Madrid.

Freddie Mac's chief executive, Charles E. "Ed" Haldeman Jr., will step down by the end of the year, the regulator of the company said on Wednesday.

A top bank lobbyist insisted Saturday that banks and the eurozone are far from reaching a deal to cut Greece's debt, despite claims by eurozone finance ministers that they will ask banks to take steeper losses on their Greek bonds.

Under the plan, French banks would give Athens more time to pay back loans as they come due over the next three years.