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Economy

European Shares Rally As Cyprus Agrees To Last-Minute Bailout Deal

BLOOMBERG, REUTERS

Worldcrunch

BRUSSELS - European banks climbed after Cyprus reached an overnight, last-minute deal with its international creditors on a 10 billion-euro ($13 billion) bailout.

European and Asian shares rallied on Monday at the news of the rescue bailout, with U.S. yields also rising, thus ending a week of financial panic worldwide.

In Brussels, France's Pierre Moscovici, IMF's Christine Lagarde, Germany's Wolfgang Schauble and Austria's Maria Fekter managed to reach an agreement with Cypriot President Nicos Anastasiades to dodge a collapse of the country’s banking industry – which could have seen the island become the first country to exit the European union.

“It’s been yet another hard day’s night,” European Union Economic and Monetary Affairs Commissioner Olli Rehn told reporters in Brussels early on Monday, according to Bloomberg. “There were no optimal solutions available, only hard choices.”

However, the deal leaves Cyprus in a delicate position, as the country will have to shut down its second largest bank (Laiki Bank) and inflict heavy losses on uninsured depositors – including wealthy Russians – in exchange for the bailout, Reuters reports.

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FOCUS: Russia-Ukraine War

The Poroshenko Plan: 7 Ways To Truly Crush Russia's Economy

Petro Poroshenko, the Ukrainian businessman and politician, who served as the fifth president of Ukraine from 2014 to 2019, believes more can be done to defeat Putin, by truly crippling the Russian economy:

photo of a tanker ship behind barbed wire

The German processing ship ''Neptune'' is moored in the industrial port at the LNG terminal. The port is secured with fences and NATO wire.

Jens Büttner/dpa via ZUMA
Petro Poroshenko

Since Russia’s invasion of Ukraine, Western countries have pummeled the Russian market and its richest oligarchs with sanctions after sanctions. Despite this, preliminary data from the World Bank shows Russia’s GDP only decreased by 3.5% last year.

Petro Poroshenko, Ukrainian businessman and politician, who served as the fifth president of Ukraine from 2014 to 2019, believes more can be done. Here, he reveals his seven point plan to cripple Putin and the Russian economy:

-OpEd-

KYIV — Ukraine can win a war it did not start and force Russia, the aggressor, to bear international responsibility.

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This will be our joint victory with all the democratic countries of the world.

Fierce battles continue, like those in Bakhmut, and Ukrainian heroes are dying. Civilians, too, continue to perish - from Bucha in March last year, to Dnipro in January.

Russia has begun a new offensive, preparing to avenge the failures of its military campaign which in just under a year has not achieved any (!) of the goals Russia laid out prior to the invasion.

Late last month, the Russian dictator made a number of statements regarding the Kremlin's plans.

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