The overwhelming yes vote came after a warning from Germany's finance minister Wolfgang Schaeuble that if Cyprus was allowed to go bankrupt, other euro zone countries would be at risk.
Whenever there's a big economic crisis, investors usually flock to the safety of gold or U.S. government bonds. But when things got crazy in the last couple weeks in Cyprus, it was something called Bitcoin that surged in value.
Banks are open for the second day in Cyprus after two weeks of closure. From the outside, things appear to be calm. The President of Cyprus said this morning that the country will not leave the euro.
As Cyprus reopens banks but attaches capital and cash limits, we look at how such restrictions would affect American businesses and individuals if imposed here.
Diane Swonk, chief economist with Mesirow Financial, joins Marketplace Morning Report host Jeremy Hobson to discuss whether the crisis in Cyprus will spread and how the U.S. economy is faring.
Strict controls on the level of withdrawals have prevented a bank run in Cyprus. But the restrictions are raising fresh doubts about the future of the euro.
Banks in Cyprus have just re-opened for the first time in two weeks. Although there are tough restrictions on just how much cash customers can withdraw and what they can do with that money once they have it.
The recent crisis in Cyprus threw the spotlight on its reputation as a haven for money launderers. Now, some dodgy investors with money its banks have taken a hit. Where can they turn now to shelter their ill-gotten goods?
