Timothy Sumer

In which Ben explains the potential long term importance of the bank bailouts in Cyprus...also I say some mean things about Russians.... ( read more ) LEARN MORE ABOUT: Bank Failures REVEALED: Best Investment During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing In recent years, the small island nation of Cyprus has made headlines due to its banking system and the controversial bailout it received. To help shed light on this complex issue, let's take a closer look at the Cyprus bank bailouts and what they mean for both the country and the global economy. The banking crisis in Cyprus began to unfold in 2012 when it was revealed that several of the country's largest banks were heavily exposed to Greek government bonds. As the Greek economy deteriorated, these bonds lost their value, putting immense strain on the Cypriot banking sector. In an effort to prevent a complete collapse of the banking s

The Haircut (2013): For the first time in the financial crisis, bank accounts are being raided and people's savings are being seized. We look at the fallout of the EU's cruel gamble, exposing the human cost that's devastating Cyprus. For downloads and more information visit: In Cyprus the confiscation of bank deposits has been labelled 'the haircut', all too benign a way to describe what's happening. In return for 10 billion Euros of financial assistance, the European Commission, the European Central Bank and the International Monetary Fund have applied a cut-throat razor. The cuts it has imposed will devastate Cyprus and undermine confidence in banking Europe-wide. "We had a gun to our forehead and were told we are going to pull the trigger if you do not accept an arrangement like this," Michael Sarris, Cyprus's former Finance Minister and the man who signed the deal, tells us. He says it was out and out bullying and if Cyprus hadn&#

CNN's Richard Quest explains why Cyrpus' banking sector is unlike any other in the region.... ( read more ) LEARN MORE ABOUT: Bank Failures REVEALED: Best Investment During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing The Cyprus bank bailout was a major event in the European Union's economic history. In 2013, the small Mediterranean island nation of Cyprus faced a financial crisis as its banks suffered from a series of bad investments and a shrinking economy. The banks were unable to meet their obligations, leading to a dramatic, multi-billion euro bailout. What led to this crisis, and why did the EU feel it necessary to step in and assist Cyprus? The Cyprus bank bailout was necessitated by a number of factors. First and foremost was the overheating of the Cypriot economy in the years leading up to the crisis. Following its accession to the European Union in 2004, Cyprus experienced a per

50 billion euros in Greece, 70 billion euros in Ireland, 40 billion euros in Spain - one Euro-country after another is forced to support its banks with huge sums of money in order to equalize the losses incurred by money worldwide from bad loans. But where do the billions go anyway? Who are the beneficiaries? With this simple question the award-winning business journalist and nonfiction author Harald Schumann travels across Europe and gets surprising answers. The rescued are not in the poorer Euro states - unlike commonly believed - but mainly in Germany and France. A large part of the money ends up with the creditors of the banks that want to be saved or must be saved. And although these investors have obviously made bad investments, they are - against all logic of the free market economy - protected at the expense of the general public against any losses. Why? Who gets the money? Actually, simple questions, but that regard the core of European identity. Maybe the most passi