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People queue up to make a transaction at an ATM outside a branch of Laiki Bank in Nicosia, Cyprus today. Photograph: Yannis Behrakis/Reuters.

Cyprus looks close to agreeing a new proposal to radically restructure its banking sector in a desperate effort to avoid default and financial (...)

German finance minister Wolfgang Schäuble: said it was preferable to tap the high level of foreign capital in Cypriot banks, including from Russia, before expecting European taxpayers to underwrite the programme cost. Photograph: Vincenzo Pinto/AFP/Getty

German finance minister Wolfgang Schäuble has said recent experiences in Iceland and Ireland had shown why Cypriot bank investors should accept(...)

Ireland is making use of a secret arrangement between euro-area central banks to ensure its controversial debt swap doesn't fall foul of a ban on monetary state financing. Ralph Orlowski/Bloomberg

Ireland is making use of a secret arrangement between euro zone central banks to ensure its controversial debt swap doesn't fall foul of a ban (...)

An elderly man sits in front of a closed branch of Bank of Cyprus as a youth makes a transaction at an ATM in Nicosia today. Labour MEP
Nessa Childers described as a “terrible mistake” a bailout deal which includes small Cypriot depositors. Photograph: Yorgos Karahalis/Reuters.

GENEVIEVE CARBERY Labour MEP Nessa Childers has called for EU economics commissioner Olli Rehn to resign over the Cypriot bailout. (...)

heir first reaction to the €10 billion Cypriot bailout deal today, amid fear that the deal could spark contagion across the euro zone. (...)

People wait to use the ATM machines outside a Laiki Bank branch in the Cypriot capital  Nicosia yesterday. Photograph: Petros Karadjias

The Cypriot parliament will hold an emergency debate this afternoon on the terms of Cyprus ’s bailout deal amid mountin(...)

Hourly labour costs in the euro zone rose 1.3% in the last quarter of 2012. Simon Dawson/Bloomberg

Inflation pressures in the euro zone are easing, data showed today, giving governments and central bankers more leeway for stimulus as the regi(...)

European Council President Herman Van Rompuy defends the discursive nature of the summit pointing out that solutions to the issues are not “not black and white”. Photograph: Eric Vidal (Reuters)

It was not a “crisis meeting,” as Enda Kenny said before it got going. Eu rope right now is enjoying a period of relative calm in(...)

Job seekers wait to speak to representatives of employers at a job fair. Photo: Getty Images
Euro zone employment falls

The euro zone’s stagnant economy failed to generate jobs at the end of last year despite increased business during the Christmas shopping seaso(...)

Cyprus’s president Nicos Anastasiades (left) talks with Greece’s president Karolos Papoulias in Athens.

SUZANNE LYNCH in Brussels There is growing expectation that losses may be imposed on senior bank bondholders as part of the imminent Cypr(...)

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