Cyprus is facing a run on its banks after the government proposed taxing bank deposits. The government has put off a vote on the plan in a bid to calm things down. Banks are set to re-open on Thursday after a bank holiday was declared on Monday.
A Cypriot banking crisis has the potential to disrupt global financial systems, which are still trying to recover from the crisis of 2008-2009. The proposed tax on deposits in Cyprus could shake the trust in banks in Europe, and that could end up threatening the tenuous U.S. economic recovery.
In March 2003, U.S. troops crossed from Kuwait into Iraq with the goal of toppling dictator Saddam Hussein. Within weeks, the Hussein regime had fallen. The occupation that followed left U.S. combat forces in the country until December 2011. The legacy of the war is still widely debated.
Syria's political opposition is meeting in Istanbul this week to choose a rebel government, despite opposition from the Obama administration. The vote has been postponed twice because of internal tensions over naming a rival government to Syrian President Bashar Assad's regime.
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