Bank Depositors Will Help Pay for Bailout in Cyprus

Monday, March 18, 2013

The Central Bank of Cyprus (Michal Osmenda/Wikimedia Commons)

European regulators approved a bailout over the weekend, but with controversial conditions. They decided to make bank depositors in the politically troubled Mediterranean Island nation to pay for part of a $13 billion bailout.

Cyprus's parliament votes on the measure Tuesday night. Leaders in Cyprus are looking for wiggle room with E.U. bailout negotiators before then. Will depositors with less money in the bank be protected?

Liz Alderman is the chief European business correspondent for the International Herald Tribune and our partner The New York Times. Vasso Vassiliou is the president of the Cyprus United States Chamber of Commerce.


Liz Alderman and Vasso Vassiliou

Comments [2]

Larry Fisher from Brooklyn, N.Y.

European Regulators needed to be more spinful of the situation. All they needed to do was charge the banks, and then the bank comes back and tells their customers that there is a new fee.

By the way, how much of the 13 billion are the depositors supposed to pay?

Mar. 18 2013 12:23 PM

This is massive robbery and lawlessness and already the media is making excuses.
They are playing people against each other like seemingly trying to spare small accounts and going after alleged ill gotten gains by taking 10 percent from everyone.

At least when the US Treasury begins going after 401K and IRA accounts to pay a $20 trillion dollar debt we know how the famously unbiased media will spin it.

Mar. 18 2013 09:18 AM

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