Cyprus is in turmoil following the decision last night by its parliament to reject a bailout plan from the eurozone. The plan entailed a one-off tax of up to 10 percent on Cypriot bank accounts.
Voters in Switzerland have approved a referendum to curb executive pay. The move comes less than a week after the European Union announced plans to cap banker bonuses.
The head of the International Monetary Fund, Christine Lagarde, had reassuring words this morning about the state of the European economy. But the latest economic numbers tell a different story.
The Organization for Economic Cooperation and Development is reaching out to its members — the rich governments of the world — to shape up or risk a global economic calamity.
Investors in Europe are calling today "Super Thursday": the day when the head of the European Central Bank Mario Draghi rides to the rescue and saves the euro. Draghi is set to unveil his much-heralded plan to end the eurozone debt crisis.
Several countries in the eurozone are preparing to borrow by selling bonds. Each nation in the bloc is becoming more wary of buying the debt of its neighbors.
