Anyone with cash in a bank account in Cyprus could lose up to 10 percent of it, as a one off tax to help fund a bank bailout.

Julia Coronado, chief economist with the investment bank BNP Paribas, explains how the situation in Cyprus is rippling out to other economies around the world.

Financial markets in Asia and Europe fell sharply today thanks to the unusual terms of the EU bailout of Cyprus. A tax of up to 10 percent on bank deposits in Cyprus was proposed to defray some of the cost of the bailout.

As Cyprus debates a controversial bailout plan to tax savings accounts, here are the five things you need to know about Cyprus, its economy, and why it is important to the global economic recovery.

European finance ministers are meeting in Brussels today, and at the top of their agenda is Cyprus. The small Mediterranean island nation, which has 850,000 people, is in desperate need of a bailout.

The tiny Mediterranean island nation of Cyprus is formally asking for a bailout from Europe. The country says it needs more than $10 billion from its eurozone partners to avoid default.

The tiny Mediterranean island nation says it needs $10 billion to avoid default just as Spain makes a formal request for a bank bailout

The past year wasn’t kind to those with money in the Greek market, but Zambian investors are laughing all the way to the bank.