Nicosia - The University of Nicosia made waves this week when it announced that it would become the first accredited institution to accept Bitcoins from students.

The University of Nicosia, located in Cyprus, announced that it would allow students to pay tuition fees with Bitcoin, the first accredited university to do so.

The European Central Bank cuts interest rate from 0.50 percent to 0.25 percent. The historically low rate shows E.C.B.’s intentions to save the Euro but may have quickened the abolishment the Euro instead.

Akrotiri - An incident last Monday illustrated just how easily UK forces could become involved should President Obama elect to proceed with ‘limited and narrow’ strikes against the regime of Syria’s President Assad.

Strasbourg - The European Parliament adopted a resolution, Thursday July 4, giving the go-ahead for the Parliament’s Civil Liberties Committee to conduct an in-depth inquiry into the US surveillance programs.

Mihalis Eleftheriou, former activist in the Occupy Buffer Zone movement in Cyprus who was also involved in the Egyptian Revolution in Tahrir Square, sent a message of both solidarity and warning to activists in Turkey.

Nicosia - The Cyprus Parliament has narrowly voted in favour of accepting the terms of the international bailout deal. Critics claim Troika imposed austerity diktats will plunge the economy into deep recession and stagnate growth.

Nicosia - The Cypriot parliament is due to vote next week on whether to accept the terms of the bailout. "The choice before Cyprus is clear, either accept the bailout or face bankruptcy" said DISY leader Averof Neophytou.

Turkish Cypriots are claiming rights to the island's gold reserves which the Greek Cypriots are planning to sell as part of the EU bailout.

Nicosia - The island nation of Cyprus has confirmed that it will sell 400 million euros of gold reserves to finance its part of the bailout, according to an assessment released by the European Commission on Wednesday.

Nicosia - It appears that politicos, elites and favored companies may have had advance inside information pertaining to Cypriot bank deposit haircuts. The names of 132 companies and elites who transferred funds out prior to bank closures have been released.

Nicosia - Cyprus Finance Minister Michalis Sarris announced that he is stepping down from his post following the launch of a government investigation into the island nation's economic collapse. The president has accepted his resignation.

Nicosia - Depositors with more than 100,000 euros in their Bank of Cyprus accounts could now possibly lose up to 60% of their savings.

What has been perhaps the most significant factor in the European Debt Crisis for the currencies markets has not been the actual event itself, but the reaction of global central bankers..

In Cyprus, the Banks opened today at 11 .a.m after being closed for nearly two weeks. Long queues snaked outside the banks, but the opening was calm.

Banks in Cyprus have now reopened for business after being closed since March 16., though the Cypriot stock exchange remains closed. Draconian capital controls are in place to prevent a bank run.

Nicosia - Cyprus has been decimated by the banking crisis but has at least avoided a eurozone exit. Morgan Stanley differs, opining "Cyprus is effectively no longer a full member of the eurozone." It has certainly been relegated to second-class status.

It appears that the looting of Cypriot bank accounts could set a precedent for government sanctioned theft to become a popular pastime. Savers and current account holders are now bank investors rather than customers, their accounts ripe for plunder.

The Russian Deputy Prime Minister Igor Shuvalov is clearly disappointed at Cyprus stopgap which means losses for Russian investors - and does not exclude that Russia's loans to Cyprus can be renegotiated.

Sydney - You get tired of writing about nothing but human stupidity after a while. The Cyprus case, however, is exceptional in its sheer bastardry. A bailout with no specifics, a policy with no objectives and less economic planning, you name it, it’s all there.