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Switzerland, the world’s largest offshore wealth center, worth an estimated $2.2 trillion in assets, has signed an agreement to share financial information with nearly 60 other countries, which could completely change the country’s financial landscape. The country has made a giant leap towards banking transparency after it signed a convention with the Organization for Economic Cooperation and Development (OECD) agreeing...
The US Treasury has already exceeded the federal legal borrowing limit of $16.7 trillion in May. That signals the main structural problems remain unresolved putting at risk the fragile recovery. The country’s  outstanding public debt is already $38.82 million above the statuary debt ceiling and now at $16,738,220,000,000.00, according to Treasury data. Christopher Weafer from the Economist Macro Advisory Consultancy says the...
Cyprus and the Troika have agreed to a 20 per cent tax on deposits over 100,000 euros at the Bank of Cyprus and 4 per cent on deposits held at other banks. A senior Cypriot official told Reuters that a plan to tap nationalized pension funds would not be a part of a plan to raise billions of euros in...
In a bid to secure an EU bailout, the Cypriot parliament has adopted laws creating a “solidarity fund” to pool assets as the basis for an emergency bond issue and allowing the government to impose capital controls for the country's banks. Nicosia introduced emergency legislation in the parliament late on Thursday to secure a bailout package from the international lenders...
The Cypriot parliament has voted against a revised bank deposit levy. The tax was meant to shave 9.9% off any deposits over €100,000 and has since caused uproar in the country. Thirty six deputies voted against the proposal to tax bank deposits  in the 56-member chamber, while 19 abstained. One deputy was not present for the vote. "The bill has been...
Washington is reportedly considering opening all US financial records to national intelligence agencies in order to prevent future crimes. Only the FBI has had unlimited access to such databases; other agencies had to file case-by-case requests. The Obama administration is preparing legislation to enable the country’s numerous security and intelligence agencies to spy on the accounts of US citizens, Reuters...