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A document from the European Commission (EC) has had accessed the agency Reuters claims that Spain does not need to use the available funds of the ESM to continue supporting the banks. The problem of the sector is the profitability.

The Government of Cyprus in the course of its negotiations with creditors of the Troika (European Commission, European Central Bank and International Monetary Fund), in beginning reached an agreement on the division of the Bank of Cyprus in one commercial and other real estate.

The forex or currency trading market is the largest financial market in the world with an estimated $4 trillion traded daily, dwarfing the daily volume of any global stock market. In the past, forex markets were available only to large corporations, governments, central banks and hedge funds but the spread of the internet in the mid 1990s made it possible to trade currencies electronically, anywhere in the world, 24 hours a day, with no physical exchange needed. The easily accessible internet spawned the birth of online trading which now offers even the smallest trader access to the financial market place.

The indictment follows a multi-year investigation, which concluded that the firm engaged in "pervasive" and "substantial" insider trading, led to the arrest of several employees, and forced the investment firm to pay more than $600 million in a civil settlement. Interestingly, the indictment does not include SAC's prominent founder and chief, Steven Cohen. But, if SAC was truly committed to insider trading, is it plausible that Cohen did not know about it?

The repression of demonstrations in favour of Morsi in Cairo that has caused hundreds of deaths and thousands of injuries not only has unleashed a wave of unrest in the country, but may have an economic reaction of unpredictable consequences.