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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 Government of Cyprus, Cypriot government's bond credit rating to junk status by international Credit rating agency, 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cyprus Bonds
Cyprus (), officially the Republic of Cyprus, is an island country in the eastern Mediterranean Sea. Situated in West Asia, its cultural identity and geopolitical orientation are overwhelmingly Southeast European. Cyprus is the List of islands in the Mediterranean, third largest and third most populous island in the Mediterranean, after Sicily and Sardinia. It is located southeast of Greece, south of Turkey, west of Syria and Lebanon, northwest of Israel and Palestine, and north of Egypt. Its capital and largest city is Nicosia. Cyprus hosts the British Overseas Territories, British military bases Akrotiri and Dhekelia, whilst the northeast portion of the island is ''de facto'' governed by the self-declared Northern Cyprus, Turkish Republic of Northern Cyprus, which is separated from the Republic of Cyprus by the United Nations Buffer Zone in Cyprus, United Nations Buffer Zone. Cyprus was first settled by hunter-gatherers around 13,000 years ago, with farming communities em ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Haven
A tax haven is a term, often used pejoratively, to describe a place with very low tax rates for Domicile (law), non-domiciled investors, even if the official rates may be higher. In some older definitions, a tax haven also offers Bank secrecy, financial secrecy. However, while countries with high levels of secrecy but also high rates of taxation, most notably the United States and Germany in the Financial Secrecy Index (FSI) rankings, can be featured in some tax haven lists, they are often omitted from lists for political reasons or through lack of subject matter knowledge. In contrast, countries with lower levels of secrecy but also low "effective" rates of taxation, most notably Ireland in the FSI rankings, appear in most . The consensus on ''effective tax rates'' has led academics to note that the term "tax haven" and "offshore financial centre" are almost synonymous. In reality, many offshore financial centers do not have harmful tax practices and are at the forefront among ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dmitry Rybolovlev
Dmitry Yevgenyevich Rybolovlev (, ; 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, Rybolovlev became the majority owner and president of the football club Monaco. He is one of the alleged victims of Swiss art transporter Yves Bouvier as part of The Bouvier Affair. His hobbies include sailing where his yachts named Skorpis race competitively winning the ClubSwan 50 World Championship and taking line honour in the 2021 Fastnet Race sailing his ClubSwan 125. Early life and career Dmitry Rybolovlev was born in a Russian family, in Perm. His parents worked at the department at the Perm State Medical University named af ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Russian Oligarch
Russian oligarchs () are business oligarchs of the former Soviet republics who rapidly accumulated wealth in the 1990s via the Russian privatisation that followed the dissolution of the Soviet Union. The failing Soviet state left the ownership of state assets contested, which allowed for informal deals with former USSR officials as a means to acquire state property. The Russian oligarchs emerged as business entrepreneurs under Mikhail Gorbachev (General Secretary, 1985–1991) using various loopholes during economic liberalization under Gorbachev's perestroika. Boris Berezovsky, a mathematician and former researcher, became the first well-known Russian business oligarch. Oligarchs became increasingly influential in Russian politics during Boris Yeltsin's presidency (1991–1999), a period often dubbed as ''the wild nineties''; they helped finance his re-election in 1996. Well-connected oligarchs like Roman Abramovich, Michail Khodorkovsky, Boris Berezovsky and Vladimir P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nominal GDP
Gross domestic product (GDP) is a monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic performance of a country or region. Several national and international economic organizations maintain definitions of GDP, such as the OECD and the International Monetary Fund. GDP is often used as a metric for international comparisons as well as a broad measure of economic progress. It is often considered to be the world's most powerful statistical indicator of national development and progress. The GDP can be divided by the total population to obtain the average GDP per capita. Total GDP can also be broken down into the contribution of each industry or sector of the economy. Nominal GDP is useful when comparing national economies on the international market according to the exchange rate. To compare economies over time inflation can be adjusted b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Offshore Bank
An offshore bank is a bank that is operated and 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 ... [...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 they reduce profitability. They are often claimed to prevent banks from lending more to businesses and consumers, which in turn slows economic growth, although this theory is disputed. In the European Union, the management of the NPLs resulting from the 2008 financial crisis has become a politically sensitive topic, culminating in 2017 with the decision by the European 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 banks). In December 2020, this action plan was revised in the wake of the COVID-19 pandemic crisis. Definition Non-performing loans are generally recognised as per the following criteria: * Payments of inter ... [...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 Turkish Invasion of Cyprus in 1974. It is now abandoned and the majority of it is guarded by armed troops. Tourism Statistics ImageSize=width:270 height:300 PlotArea=left:60 bottom:75 top:10 right:16 AlignBars=justify Period=from:0 till:600 TimeAxis=orientation:horizontal Colors ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recession
In economics, a recession is a business cycle contraction that occurs when there is a period of broad 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). There is no official definition of a recession, according to the International Monetary Fund, IMF. 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 and Canada, a recession is defined as negative economic growth for two consecutive qu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Sovereign-debt Crisis
The euro area crisis, often also referred to as the eurozone crisis, European debt crisis, or European sovereign debt crisis, was a multi-year debt crisis and financial crisis in the European Union (EU) from 2009 until, in Greece, 2018. The eurozone member states of Greece, Portugal, Ireland, and Cyprus were unable to repay or refinance their government debt or to bailout fragile banks under their national supervision and needed assistance from other eurozone countries, the European Central Bank (ECB), and the International Monetary Fund (IMF). The crisis included the Greek government-debt crisis, the 2008–2014 Spanish financial crisis, the 2010–2014 Portuguese financial crisis, the post-2008 Irish banking crisis and the post-2008 Irish economic downturn, as well as the 2012–2013 Cypriot financial crisis. The crisis contributed to changes in leadership in Greece, Ireland, France, Italy, Portugal, Spain, Slovenia, Slovakia, Belgium, and the Netherlands as well as in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Domino Effect
A domino effect is the cumulative effect produced when one event sets off a series of similar or related events, a form of chain reaction. The term is 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 short. The term can be used literally (about a series of actual collisions) or metaphorically (about causal linkages within systems such as global finance or politics). The literal, mechanical domino effect is exploited in Rube Goldberg machines. In chemistry, the principle applies to a domino reaction, in which one chemical reaction sets up the conditions necessary for a subsequent one that soon follows. In the realm of process safety, a domino-effect accident is an initial undesirable event triggering additional ones in related equipment or facilities, leading to a total incident effect more severe than the primary accident alone. The metaphorical usage implies that an outcome ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subprime Mortgage Crisis
The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010, contributing to the 2008 financial crisis. It led to a severe economic recession, with millions becoming unemployed and many businesses going bankrupt. The U.S. government intervened with a series of measures to stabilize the financial system, including the Troubled Asset Relief Program (TARP) and the American Recovery and Reinvestment Act (ARRA). The collapse of the United States housing bubble and high interest rates led to unprecedented numbers of borrowers missing mortgage repayments and becoming delinquent. This ultimately led to mass foreclosures and the devaluation of housing-related securities. The housing bubble preceding the crisis was financed with mortgage-backed securities (MBSes) and collateralized debt obligations (CDOs), which initially offered higher interest rates (i.e. better returns) than government securities, along with attractive risk ratin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
