The news at a glance

Jitters over Cyprus bailout plan;  A hitch in American-US Airways merger; AT&T hacker sentenced to three years; A record fine for insider trading; Feds probe Microsoft over bribery claims

Markets: Jitters over Cyprus bailout plan

Global markets stumbled this week after the European Union announced a controversial plan to tax bank accounts in Cyprus to help pay for a bailout, said Ryan Vlastelica in Reuters.com. The Cypriot parliament’s subsequent rejection of the plan could “put the bailout in jeopardy and raise the risk of default.” In the U.S., the S&P 500 dipped and market benchmarks remained fragile over the plan to seize up to 10 percent of bank deposits to help fund a $20 billion bailout package for the tiny Mediterranean state. But “strong U.S. housing data” limited the downturn, as did the European Central Bank’s standing commitment to preserving the euro.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us