Cyprus - Aid deal hits deposits
March 17, 2013, Sunday
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Print Edition
Print Edition
THE euro zone struck a deal yesterday to hand Cyprus a bailout worth 10 billion euros (US$13 billion), but demanded depositors in its banks forfeit some money to stave off bankruptcy.
Cyprus becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for help in the wake of the region's debt crisis.
In a radical departure from previous aid packages, euro zone ministers forced Cyprus' savers, almost half of whom are believed to be non-resident Russians, to pay up to 10 percent of their deposits to raise 6 billion euros.
Without a rescue, Cyprus would default and threaten to unravel investor confidence in the euro zone.
Cyprus becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for help in the wake of the region's debt crisis.
In a radical departure from previous aid packages, euro zone ministers forced Cyprus' savers, almost half of whom are believed to be non-resident Russians, to pay up to 10 percent of their deposits to raise 6 billion euros.
Without a rescue, Cyprus would default and threaten to unravel investor confidence in the euro zone.
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