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2012–2013 Cypriot Financial Crisis
The 2012–2013 Cypriot financial crisis was an economic crisis in the Republic of Cyprus that involved the exposure of Cypriot banks to overleveraged local property companies, the Greek government-debt crisis, the downgrading of the Cypriot government's bond credit rating to junk status by international credit rating agencies, the consequential inability to refund its state expenses from the international markets and the reluctance of the government to restructure the troubled Cypriot financial sector. On 25 March 2013, a €10 billion international bailout by the Eurogroup, European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) was announced, in return for Cyprus agreeing to close the country's second-largest bank, the Cyprus Popular Bank (also known as Laiki Bank), imposing a one-time bank deposit levy on all uninsured deposits there, and seizing possibly around 48% of uninsured deposits in the Bank of Cyprus (the island's largest commer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cyprus Bonds
Cyprus ; tr, Kıbrıs (), officially the Republic of Cyprus,, , lit: Republic of Cyprus is an island country located south of the Anatolian Peninsula in the eastern Mediterranean Sea. Its continental position is disputed; while it is geographically in Western Asia, its cultural ties and geopolitics are overwhelmingly Southern European. Cyprus is the third-largest and third-most populous island in the Mediterranean. It is located north of Egypt, east of Greece, south of Turkey, and west of Lebanon and Syria. Its capital and largest city is Nicosia. The northeast portion of the island is ''de facto'' governed by the self-declared Turkish Republic of Northern Cyprus, which was established after the 1974 invasion and which is recognised as a country only by Turkey. The earliest known human activity on the island dates to around the 10th millennium BC. Archaeological remains include the well-preserved ruins from the Hellenistic period such as Salamis and Kourion, and Cypr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Haven
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national), and tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs. The first known taxation took place in Ancient Egypt around 3000–2800 BC. A failure to pay in a timely manner ( non-compliance), along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent. Most countries have a tax system in place, in order to pay for public, common societal, or agreed national needs and for the functions of government. Some levy a flat percentage rate of taxation on personal annual income, but mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dmitry Rybolovlev
Dmitry Yevgenyevich Rybolovlev (russian: Дмитрий Евгеньевич Рыболовлев; ; born 22 November 1966) is a Russian oligarch, billionaire businessman, and investor. Rybolovlev became chairman of the Russian fertilizer producer Uralkali in 1995. In 2010, he sold his majority share of Uralkali to three Kremlin-linked oligarchs for $6.5 billion. As of 2021, Rybolovlev had a reported net worth of $6.7 billion, which ranked him 391st on ''Forbes''s list of billionaires. In 2011, he became the majority owner and President of Monaco's football club AS Monaco. He is one of the alleged victims of Swiss art transporter Yves Bouvier as part of The Bouvier Affair. Early life and career Dmitry Rybolovlev born in Russian family, in Perm. His parents worked at the department at the Perm State Medical University named after Academician E.A. He entered the business world in 1990 after graduating from the Perm Medical Institute. He worked as doctor before going into ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Russian Oligarch
Russian oligarchs (Russian language, Russian: олигархи, Romanization of Russian, romanized: ''oligarkhi'') are business oligarchs of the Post-Soviet states, former Soviet republics who rapidly accumulated wealth in the 1990s via the Privatization in Russia, Russian privatisation that followed the dissolution of the Soviet Union. The Failed state, failing Soviet state left the ownership of Public property, state assets contested, which allowed for Blat (favors), informal deals with former Soviet Union, USSR officials (mostly in Russia and Ukraine) as a means to acquire state property. Historian Edward L. Keenan has compared these oligarchs to the system of powerful Boyar#Boyars in Muscovy, boyars that emerged in late-medieval Grand Duchy of Moscow, Muscovy. The first modern Russian oligarchs emerged as business-sector entrepreneurs under Mikhail Gorbachev (General Secretary of the Communist Party of the Soviet Union, General Secretary 1985–1991) during his period of Mark ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nominal GDP
Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is often revised before being considered a reliable indicator. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. The ratio of GDP to the total population of the region is the per capita GDP (also called the Mean Standard of Living). GDP definitions are maintained by a number of national and international economic organizations. The Organisa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Offshore Bank
An offshore bank is a bank regulated under international banking license (often called offshore license), which usually prohibits the bank from establishing any business activities in the jurisdiction of establishment. Due to less regulation and transparency, accounts with offshore banks were often used to hide undeclared income. Since the 1980s, jurisdictions that provide financial services to nonresidents on a big scale can be referred to as offshore financial centres. OFCs often also levy little or no corporation tax and/or personal income and high direct taxes such as duty, making the cost of living high. With worldwide increasing measures on CTF ( combatting the financing of terrorism) and AML (anti-money laundering) compliance, the offshore banking sector in most jurisdictions was subject to changing regulations. Since 2002 the Financial Action Task Force issues the so-called FATF blacklist of "Non-Cooperative Countries or Territories" (NCCTs), which it perceived to be non-c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-performing Loan
A non-performing loan (NPL) is a bank loan that is subject to late repayment or is unlikely to be repaid by the borrower in full. Non-performing loans represent a major challenge for the banking sector, as it reduces the profitability of banks, and is often presented as preventing banks from lending more to businesses and consumers, which in turn slows down economic growth (although this theory is disputed). In the European Union, the management of the NPLs resulting of the global financial crisis of 2008 has become a politically sensitive topic, culminating in 2017 with the decision by the Council to task the European Commission to launch an action plan to tackle NPLs. The action plan supports the fostering of a secondary market for NPLs and the creation of Asset Management Companies (aka bad bank). In December 2020, this action plan was revised in the wake of the Covid19 pandemic crisis. Definition Non-performing loans are generally recognised as per the following criteria: * Pay ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tourism In Cyprus
Tourism in Cyprus occupies a dominant position in the country's economy, and has significantly impacted its culture and multicultural development throughout the years. In 2006, the tourism industry made up 10.7% of the country's GDP and the total employment in the tourism industry was estimated at 113,000 jobs. With a usual minimum of around 4 million tourist arrivals per year, it is the 40th most popular destination in the world and the 6th most popular per capita of local population. Cyprus has been a full member of the World Tourism Organization since 1975. History Varosha was once one of the most popular destinations in the world, frequented by Hollywood stars such as Marilyn Monroe, until the Cypriot coup d'état in 1974. It is now abandoned and the majority of it is guarded by armed troops. Arrivals by country The majority of tourist arrivals are from elsewhere in Europe. Over 80% of visitors come from Northern, Western, and Eastern Europe, with British tourists re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recession
In economics, a recession is a business cycle contraction when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale Anthropogenic hazard, anthropogenic or natural disaster (e.g. a pandemic). In the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." The European Union has adopted a similar definition. In the United Kingdom, a recession is defined as negative economic growth for two consecutive quarters. Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as monetary policy, incr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Sovereign-debt Crisis
The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, is a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone member states (Greece, Portugal, Ireland, Spain, and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF). The eurozone crisis was caused by a balance-of-payments crisis, which is a sudden stop of foreign capital into countries that had substantial deficits and were dependent on foreign lending. The crisis was worsened by the inability of states to resort to devaluation (reductions in the value of the national currency) due to having the Euro as a shared currency. Debt accumulation in some eurozone members was in part due t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Domino Effect
A domino effect or chain reaction is the cumulative effect generated when a particular event triggers a chain of similar events. This term is best known as a mechanical effect and is used as an analogy to a falling row of dominoes. It typically refers to a linked sequence of events where the time between successive events is relatively small. It can be used literally (an observed series of actual collisions) or metaphorically (causal linkages within systems such as global finance or politics). The term ''domino effect'' is used both to imply that an event is inevitable or highly likely (as it has already started to happen), and conversely to imply that an event is impossible or highly unlikely (the one domino left standing). Demonstration of the effect The domino effect can easily be visualized by placing a row of dominoes upright, each separated by a small distance. Upon pushing the first domino, the next domino in line will be knocked over, and so on, thus firing a linear ch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subprime Mortgage Crisis
The United States subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the Financial crisis of 2007–2008, 2007–2008 global financial crisis. It was triggered by a large decline in US home prices after the collapse of a 2000s United States housing bubble, housing bubble, leading to Mortgage loan, mortgage delinquencies, foreclosures, and the devaluation of Mortgage-backed security, housing-related securities. Declines in residential investment preceded the Great Recession and were followed by reductions in household spending and then business investment. Spending reductions were more significant in areas with a combination of high household debt and larger housing price declines. The housing bubble preceding the crisis was financed with Mortgage-backed security, mortgage-backed securities (MBSes) and collateralized debt obligations (CDOs), which initially offered higher interest rates (i.e. better returns) than go ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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