It has been confirmed that savings accounts in Cyprus holding more than €100,000 will be hit by a controversial levy.

Cypriots are struggling through a sorry saga while their leaders figure out a solution, even though potential EU and Russian saviours are keeping their cards hidden. It’s a situation Europe is all too familiar with, says Kyran Fitzgerald

This weekend, as we relax between two bank holiday weekends, maybe we should for a fleeting moment — anything longer would be too frightening — imagine ourselves Cypriot.

Cyprus has four days to agree on a new plan to raise funds to avoid bankruptcy after the European Central Bank warned that it would pull the plug on the country’s banks at the start of next week if no bailout deal is agreed.

A Cypriot-style raid on bank savings will never happen in Ireland, ministers have insisted.

And you thought it couldn’t get any worse.

With bankruptcy hanging over Cyprus, the people of Ireland probably have greater understanding than most Europeans of the plight of the beleaguered citizens of the Mediterranean island.

The Cypriot government has come up with a new plan to raise funds needed for the country to secure a crucial international bailout.

Banks in Cyprus will stay closed until at least Tuesday as the Cypriot government holds emergency talks on the crisis.

A senior member of the Cypriot government is warning that the country's two biggest banks may never open again.

The Cypriot government is struggling to gain parliamentary support for its levy on bank accounts.

If bank deposits can be seized in Cyprus to fund its bailout, then they can be seized in other EU countries as well, argues Felix Salmon

The Cyprus bank account levy plan sent has sent shockwaves across Europe with savers in other countries now fearing their money may not be safe.

Cyprus has postponed its parliamentary vote on a bank deposits levy by a day.

Ratings agency Standard & Poor’s has downgraded Cyprus further into junk status amid concerns that the country could default on its debts.

Cyprus is aiming to get a bailout of about €11.5bn from the other 16 countries that use the euro to recapitalise its troubled banks and pay its bills, officials said today.

Cyprus has sought a financial lifeline from the eurozone’s firewall funds, becoming the fifth of the euro’s 17 member states to request a bailout.

Cyprus faces the choice of asking for a bailout from its European partners in the euro or from Russia, and will decide where to turn after this weekend’s crucial elections in Greece, officials said today.

Cyprus will have to seek bailout funds from the European Union to recapitalise a banking sector pummelled by exposure to Greek debt and must prepare by taking tough steps to shore up its finances, the chairman of the country's second-largest lender said today.

International ratings agency Moody’s has downgraded Cyprus’s credit rating by one notch to Ba1.

Moody’s rating agency has downgraded Cyprus’s credit rating by two notches from A2 to Baa1 over concerns about the economic impact of a deadly explosion which knocked out the island’s main power station.

Moody’s rating agency cut Cyprus’s credit grade by two notches today, citing worries about its banks’ exposure to crisis-hit Greece, rising debt and a lack of economic competitiveness.

ONE of the suspects in an alleged spy ring has confessed to US federal agents that he worked for Russia’s intelligence service, federal prosecutors said yesterday.

New Turkish Cypriot leader Dervis Eroglu vowed to continue peace talks amid fears his victory could halt reunification negotiations with the Greek side and scupper Turkey’s bid for European Union membership.

Cypriot President Tassos Papadopoulos was eliminated today from Cyprus’ presidential run-off in a major surprise after a cliff-hanger election that saw three candidates neck-and-neck until the last minute.

Ireland and Cyprus have joined forces to build a girls’ boarding school in Lesotho, it emerged today.

Turkey’s prime minister accused the European Union of not treating the issue of Cyprus fairly but said his country still wants to join the 25-nation bloc and will continue to work to meet the criteria for membership.

Turkey today accused the European Union of bowing to Greek Cypriot pressure and being hesitant to take bolder steps on the Cyprus stand-off.

European Union foreign ministers today struggled to agree on how to sanction Turkey for backtracking on a commitment to open its ports to trade with Cyprus, without alienating Ankara, which is negotiating to become the first mainly Muslim country to enter the EU.

Turks were sharply divided today over the government’s surprise proposal to open a major port and airport to long-time foe Cyprus and save the country’s troubled EU membership talks.

Turkey’s prime minister said today that his country would not compromise on opening its ports to Cyprus, defying a European Commission recommendation that Turkey’s EU membership talks be suspended over its failure to do so.

The European Commission has threatened Turkey with the possible suspension of membership talks unless it does more to protect human rights and implements a customs pact with EU member Cyprus.

European Union officials today warned that time was running out for Turkey to open its ports to Cypriot planes and ships or face a possible break in EU membership negotiations.

Turkey must expand freedom of expression, open its ports to Greek Cypriot ships and planes and bring its powerful military under civilian control, the EU’s chief expansion official said today.

Turkey was set to conclude the first round of membership negotiations with the European Union today, after EU foreign ministers resolved a stand-off with Cyprus over Ankara’s relationship with the divided island.

European Union foreign ministers agreed on a common position to start detailed membership talks with Turkey today after resolving a stand-off with Cyprus, officials said.

The conservative group in the European Parliament will today ask the assembly to postpone the planned ratification of Turkey’s customs union with the European Union if it doesn’t get immediate guarantees the Turkish parliament will not link its own ratification of the pact to non-recognition of Cyprus.

European Union ambassadors have failed to find a breakthrough on a joint negotiating position for Turkey’s membership talks and could not agree on a common response to Ankara’s refusal to recognise EU member Cyprus.

Turkey’s foreign minister has said the country would only establish ties with Cyprus after a comprehensive settlement and formation of a new partnership state.

Grieving relatives, many black-clad and weeping, arrived at a central Athens morgue today by bus, taxi or on foot to try to identify the remains of some of the 121 people – including 10 families – killed in Greece’s worst plane crash.

Turkey has signed an accord extending its customs agreement with the European Union to Cyprus and other new EU members, in a key step towards opening membership talks with the bloc – but stressed its signature was not recognition of the Cypriot government.

About 2,500 passengers were left stranded in Cyprus today when pilots from the Mediterranean island’s state-owned airline walked out because flight crew had been sacked.

European leaders today paved the way for Turkey to join the EU as its first Muslim country.

FORTY years of knocking on the door looked like paying off for Turkey last night, as EU leaders inched closer to agreeing that talks should begin to admit the country to the European Union.