Daily Archives: March 18, 2013

By Gideon Rachman
European leaders must surely know that they are taking a big risk with Cyprus. The danger is obvious. Now that everybody with money in Cypriot banks is being forced to take a hit, nervous depositors elsewhere in Europe might notice that a dangerous precedent has been set. Rather than run even a small risk of an unwanted financial “haircut” in the future, the customers of Greek, Spanish, Portuguese or Italian banks might choose to get their money out now. If that starts to happen, the euro crisis will be back on again – with a vengeance.

The architecture world’s most prestigious award – the Pritzker – was announced on Sunday, and the winner was Toyo Ito – an acclaimed Japanese architect whose works include the Sendai Mediatheque, the temporary Serpentine Gallery pavilion in London’s Hyde Park, and the amazing solar-powered World Games stadium in Taiwan.

Born in 1941, Ito studied at Tokyo University’s Department of Architecture before founding his own studio in 1971. His projects range from public, multipurpose buildings like the Mediatheque, to commercial buildings like his Tod’s outlet in Tokyo, and also include deeply personal, intimate spaces such as the “White U” house that he built for his recently widowed sister in 1976.

In awarding the prize, the jury said:

Toyo Ito’s personal creative agenda is always coupled with public responsibility. It is far more complex and riskier to innovate while working on buildings where the public is concerned, but this has not deterred him. He has said that architecture must not only respond to one’s physical needs, but also to one’s senses.

We’ve put together a slideshow of some of his most stunning works from throughout his career (and a picture of the prizewinner himself, of course). Read more

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Stock markets have recovered from their earlier turmoil as Cypriot politicians and central bankers hold emergency meetings to negotiate a rescue package with the island’s creditors.

Lina Saigol, Tom Burgis and Ben Fenton, from the FT’s Live News Desk follow the event, along with FT correspondents in Europe