The official result of Britain’s referendum on whether to leave the European Union—dubbed Brexit—isn’t expected to arrive until tomorrow morning, but just minutes after voting stations closed on Thursday, four final opinion polls indicated that “Remain” has narrowly won the day, The Independent reports.
After months of hesitation, the European Union announced that it will join the United States in its economic sanctions against Russia in response to the country's support of separatists in Ukraine. President Obama also promised today expanded sanctions by the U.S. that will "have an even bigger bite."
Eurozone finance ministers are demanding a one-time levy on bank deposits of all sizes—even on insured accounts—as part of a bailout package for Cyprus, which is teetering on the brink of bankruptcy. Cypriots sprinted to banks and ATMs this weekend, waiting in long lines to withdraw cash after hearing about the plan on Saturday; if approved by Cyprus' parliament, it would mark the first time ordinary European depositors would be asked to take a haircut for a bailout plan. The levy would take 6.7 percent for deposits of less than 100,000 Euros and 9.9 percent for those above, and while more progressive plans have been floated, as it stands right now "[t]his is a conscious choice to make poorer people pay to help richer ones," The Financial Times writes. Why lean on the little guy? In all likelihood to preserve the island nation's status as an offshore haven for, in particular, Russian businessmen. Still, the tax is far from being assured: it's unclear whether President Nicos Anastasiades has the necessary majority to approve the plan, and the vote has been delayed until tomorrow. [Financial Times | NYT | Reuters | image via Getty/AFP]
Over the weekend, Greece voted to stay in the European Union and that meant that the Greek drachma, poised to make a return, was put back on the shelf. On tonight's Daily Show, Jon Stewart consoled the still-obsolete currency.