Tag Archives: Hitting The Savers: Euro Zone Reaches Deal On Cyprus Bailout

Der Spiegel – Hitting The Savers: Euro Zone Reaches Deal On Cyprus Bailout – 16 March 2013

An automated teller machine in Nicosia, Cyprus: Under the terms of the bailout agreement, savers will be hit with a one-time levy.After fraught negotiations, euro-zone finance ministers reached a deal early Saturday to provide up to €10 billion ($13 billion) bailout funds to Cyprus, which faces bankruptcy in May. For the first time, deposits at banks in a country are being seized to assist in the rescue. Continue reading