Following an EU bank bailout deal for Cyprus, people in the island nation are worried about the future of their economy. Cypriot banks have been ordered to stay closed for at least another two days.
Germany's foreign minister has described the trans-Atlantic relationship as pivotal, saying: "We cannot do without the US." He is on a mission to revive relations as Washington continues to distance itself from allies.
A European Commission report has warned against the risks of handing out so-called golden visas to wealthy foreigners. The Commission said it will recommend a set of security checks for member states to implement.
The EU has fined Mastercard €570 million for limiting competition between banks offering cheaper payment fees. The European Commission said Mastercard's actions harmed consumers and retailers in the bloc.
In most countries, the global financial crisis has led to a ballooning of sovereign debt levels. Large-scale economic stimulus programs and bank bailouts have been a costly affair, a fresh study bears out.
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