KGOU

financial crisis

Rebecca Cruise and Suzette Grillot discuss the banking crisis in the Mediterranean island nation of Cyprus, and the decision to re-try American student Amanda Knox in Italy.

University of Oklahoma Italian language and literature professor Jason Houston joins GrillotĀ from Arezzo, Italy. He's been following the Catholic Church's transition of power in the Vatican, and speculates what the last voluntary papal resignation in 1294 could teach us about 2013.

urbanlegend / Flickr

Banks in Cyprus are open for normal business for the second day, but with strict restrictions on how much money their clients can access, after being shut down for nearly two weeks to prevent people from draining their accounts as the country's politicians sought a way out of an acute financial crisis.

"They were weakened by the fact that they had too many investments in Greek companies," said Suzette Grillot. "So they've become another victim of the Greek financial crisis."