Cyprus bailout plan hits Russian economic model

MADRID — Daubed on the wall of one lender in the city center are the words: “This bank kills people.” That’s an increasingly common sentiment in Spain, where banks are blamed not just for helping prompt this country’s dire economic crisis, but also foreclosures practices that have forced tens of thousands from their homes and driven a desperate few to suicide. However, this week the European Court of Justice ruled that Spain’s mortgage legislation is unfair to homeowners, giving hope the rules will be eased.

BRUSSELS — When European leaders agreed last summer on a "growth compact" designed to pump more than two hundred billion dollars into the euro zone economy, it was hailed as modern-day Marshall Plan. Seven months on, however, the money's still not moving and neither is the economy.

BRUSSELS — The ancient Maya may not have had much to say about Europe's shared currency, but there were plenty of others willing to predict the euro would meet its doom in 2012. In the end, the euro zone survived intact and will limp into 2013 with fears of an imminent europocalypse much diminished. No one should have any doubts, however, that the crisis is anywhere near over.

  BRUSSELS — European Union leaders have agreed to give the European Central Bank sweeping new powers to supervise the continent's banks and finally approved a $64 billion slice of bailout money for Greece during a two-day summit that ended on Friday. However, with deep divisions remaining over concrete steps to greater euro zone integration next year, concern is growing that this week’s meeting, and wider EU policy, is now focused on the wrong crisis.