Anyone with cash in a bank account in Cyprus could lose up to 10 percent of it, as a one off tax to help fund a bank bailout.

Julia Coronado, chief economist with the investment bank BNP Paribas, explains how the situation in Cyprus is rippling out to other economies around the world.

Financial markets in Asia and Europe fell sharply today thanks to the unusual terms of the EU bailout of Cyprus. A tax of up to 10 percent on bank deposits in Cyprus was proposed to defray some of the cost of the bailout.

As Cyprus debates a controversial bailout plan to tax savings accounts, here are the five things you need to know about Cyprus, its economy, and why it is important to the global economic recovery.

The European debt crisis has calmed down a lot in the past few months, but elections in Italy have ended in deadlock and uncertainty is back.

Global stock markets are falling this morning after preliminary election results in Italy indicate no political party won a clear majority in parliament.

Italian media magnate and former Prime Minister Silvio Berlusconi is seeking re-election at the polls this weekend. But will the country take him back or stick with their austerity agenda?

Today, the European Commission said the euro zone will shrink another 0.3 percent in 2013, which is deeper and longer lasting than originally expected.

After clashes between police and protesters became violent, Bulgarian Prime Minister Boyko Borisov submitted his resignation today in what has become the latest example of voters rising up against budget cuts and winning.

Francois Hollande gives his first speech to the European Parliament as head of state.