Banks, Euro Zone 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.

Cyprus has imposed limits on money transfers and hired extra security guards to prepare for the reopening of its banks, which have been shut for almost two weeks to avoid a run during the country's financial drama.

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.

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.