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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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Did Climate Change Cause The Fall Of The Ming Dynasty?

In the mid-17th century, the weather in China got colder. The frequency of droughts and floods increased while some regions were wiped out by tragic famines. And the once-unstoppable Ming dynasty began to lose power.

Ming dynasty painted ceremonial warriors

Gabriel Grésillon

The accounts are chilling. In the summary of his course on modern Chinese history at the Collège de France, Pierre-Etienne Will examined journals held by various individuals, often part of the Chinese administration, during the final years of the Ming dynasty. These autobiographical writings were almost always kept secret, but they allow us to immerse ourselves in the everyday life of the first half of 17th-century China.

In the Jiangnan region, close to Shanghai and generally considered as a land of plenty, the 1640s did not bode well. The decade that had just ended was characterized by an abnormally cold and dry climate and poor harvests. The price of agricultural goods kept rising, pushing social tension to bursting points.

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