Cyprus Crisis: 'I'm Scared For Where We're All Headed – It Will Be A Bloody Tuesday' -- The Independent
The island’s banks will reopen next week for the first time since the crisis began. Nathalie Savaricas talks to panicked savers in Nicosia desperate to withdraw their cash
Dimitra Harilaou and her husband led a comfortable life in Nicosia. Her husband’s pension – he used to run a state prison – and the earnings from her electronic equipment store allowed the couple to put some money away in the bank for a rainy day. But after financial crisis hit the island a week ago today their savings, along with those of thousands of other ordinary Cypriots, are now under threat.
Last week, the Cypriot government caused panic when it agreed a deal with 17 eurozone finance ministers in Brussels to impose a tax of up to 9.9 per cent on deposits to qualify for the €10bn (£8.5bn) bailout designed to save the island from bankruptcy – sending people rushing to cash machines to try to withdraw their money. Though those with less that €20,000 in the bank were later exempted, the deal on the table could still see those with between €20,000 and €100,000 lose 6.75 per cent of their savings, and those with over €100,000 lose 9.9 per cent.
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More News On The Debt/Financial Crisis In Cyprus
Cyprus crisis: MPs approve bank restructuring and solidarity fund - as it happened -- The Guardian
Cyprus MPs pass banking reforms -- BBC
Cyprus crisis: MPs back solidarity fund but postpone vote on bank levy -- The Independent
Cyprus Adopts Bank Overhaul Plan -- Wall Street Journal
Cyprus Approves Capital Controls as EU Ministers Prepare to Meet -- Bloomberg Businessweek
Cyprus adopts bank bill to split good and bad assets -- Reuters
Cyprus parliament passes bailout bills -- Xinhuanet