The Cyprus Bank Bailout Could Be A Disastrous Precedent - 12160 Social Network2024-03-29T10:44:12Zhttps://12160.info/forum/topics/the-cyprus-bank-bailout-could-be-a-disastrous-precedent?feed=yes&xn_auth=no
(Reuters) - The euro zone s…tag:12160.info,2013-03-16:2649739:Comment:11520072013-03-16T14:49:08.546Ztruthhttps://12160.info/profile/adap2k
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<p>(Reuters) - The euro zone struck a deal 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 risks of a wider run on savings.</p>
<p>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.</p>
<p>In a radical departure from previous aid packages - and…</p>
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<p>(Reuters) - The euro zone struck a deal 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 risks of a wider run on savings.</p>
<p>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.</p>
<p>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.</p>
<p>Almost half of its depositors are believed to be non-resident Russians, but most of those queuing on Saturday at automatic teller machines to pull out cash appeared to be Cypriots.</p>
<p><a href="http://www.reuters.com/article/2013/03/16/us-eurozone-cyprus-idUSBRE92E02220130316" target="_blank">http://www.reuters.com/article/2013/03/16/us-eurozone-cyprus-idUSBRE92E02220130316</a></p>