Cypriot lawmakers are voting on a series of measures that will decide whether the country qualifies for a bailout. With emergency funds due to be withdrawn on Monday, tonight's vote will be crucial for Cyprus' banks.
The Turkish economy is in turmoil as fears over an ongoing currency and debt crisis grow. While the problem is being billed in some quarters as a primarily domestic one, concerns of wider contagion abound.
Investors are losing faith in former economic reformer Tayyip Erdogan. It's not ruled out that the current crisis may end badly for him, but also for economies in Europe, says DW business editor Henrik Böhme.
Debt relief measures for Greece, agreed by the EU in June, have been estimated to cost €34 billion, a German daily reports. The package gave Athens a 15-year deferral in loan repayments and interest.
Eurozone finance ministers negotiated late into the night to bring an end to an eight-year bailout for Greece. Debt relief and a big cash payout will form part of a broad exit deal.
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