Cyprus' Savers Bear Brunt of Unprecedented Bailout
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Cyprus’ Savers Bear Brunt of Unprecedented Bailout
Photo Credit: Reuters/Yiannis Nisiotis
By Annika Breidthardt and Robin Emmott and Michele Kambas
The euro zone agreed on Saturday to hand Cyprus a bailout worth 10 billion euros ($13 billion), but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risk of a wider run on savings.
The eastern Mediterranean island becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help during the region’s debt crisis.
In a radical departure from previous aid packages – and one that gave rise to incredulity and anger across the country – euro zone finance ministers forced Cyprus’ savers to pay up to 10 percent of their deposits to raise almost 6 billion euros.
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