‘Cyprus caught between punishing savers and bankrupcy’

Published on 18 March 2013 at 10:06

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Eurozone finance ministers want Cyprus savers to forfeit a portion of their deposits in return for a €10bn bailout for the island, but the national government is trying to soften the levy on small savers.
Following a report on Sunday, the national parliament could to vote on the package on Monday, a bank holiday in Cyprus. The holiday also means the banks are closed. The government may decide to keep the banks closed until Wednesday to avoid more turmoil and a bank run from customers.
In a speech to the nation on Sunday, President Nicos Anastasiades said that the choice was between “the catastrophic scenario of disorderly bankruptcy or the scenario of painful but controlled management of the crisis.”

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