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  Cyprus will be forced to find an extra €6bn to secure a EU-IMF funded loan raising the total cost of its bailout to €23bn.  Initially, the plan to rescue Cyprus was going to cost €17bn but after a month of negotiations a draft plan presented by the country’s international creditors raised that estimate and the extra money will [...]

Banks in Cyprus re-opened on Thursday after having been shut for two weeks following the approval of the country’s 10 billion euro ($12.8) bailout. The country’s banks remained closed as its lawmakers were negotiating with EU officials on the terms of the deal. Long queues were seen outside banks as customers walked in one at the time but [...]

MADRID – Spain’s borrowing rates surpassed the 7% threshold on Monday as finance ministers in Europe are discussing the terms if the rescue package for its banks. The interest rate on Spain’s ten-year bonds have past the benchmark that forced Greece, Ireland and Portugal to seek financial aid. Europe’s finance ministers are gathering in Brussels [...]

MADRID (AP) – Spain’s finance minister insisted again Wednesday that the country does not need a full-blown bailout, even as the country’s sky-high borrowing costs remained at dangerous levels. The interest rate, or yield, on the Spanish benchmark 10-year bond fell 13 basis points to 6.86 percent, below the 7 percent interest rate it has [...]

BRUSSELS (AP) – A European Union official says the terms of Greece’s bailout will be renegotiated because worsening economic conditions have made the old agreement an “illusion.” He said that the goals of the agreement would still be to reduce Greece’s debt and reform its economy to make it competitive. But how they are achieved [...]

MADRID – The interest rate Spain would have to pay to raise money on the world’s bond markets continued to rise Wednesday amid worries that a planned bank bailout might not be enough to save the country from needing an overall financial rescue. The interest rate – or yield – on Spanish 10-year bonds started [...]

As much as 100 billion euro will be poured into Spain’s banking system after the country announced Saturday it would ask Europe for financial aid. Spain’s finance minister Luis De Guindos said that the amount of cash could restore confidence in the eurozone. Under the plan, as much as 100 billion euro could be heading [...]

MADRID – Spain’s prime minister said Sunday that the country’s economy will continue to contract despite its request for financial aid. Mariano Rajoy says Spain will stay stuck in its second recession in three years, and unemployment will rise above the current level of nearly 25 percent, the highest among the 17 nations that use [...]

Spain said Saturday it would forward a request to Europe for financial aid, thus becoming the fourth euro zone member to draw on rescue money to fix its troubled banking sector, writes The Wall Street Journal. As much as 100 billion euro ($125 billion) will be injected by Spain’s government in its banks. Spanish finance [...]

According to an official who spoke on conditon of anonymity, Spain could be given up to 100 billion euro to inject money in its troubled banking sector. The exact amount will be discussed in a conference call this afternoon, writes The Wall Street Journal. A second official said the money could come from the European [...]