Would you like to react to this message? Create an account in a few clicks or log in to continue.

Facing Bailout Tax, Cypriots Try to Get Cash Out of Banks

Go down

Facing Bailout Tax, Cypriots Try to Get Cash Out of Banks Empty Facing Bailout Tax, Cypriots Try to Get Cash Out of Banks

Post by DSN Sun Mar 17, 2013 4:02 pm

Facing Bailout Tax, Cypriots Try to Get Cash Out of Banks Cyprus-articleLarge

ATHENS — In a move that could set off new fears of contagion across the euro zone, anxious depositors drained cash from automated teller machines in Cyprus on Saturday, hours after European officials in Brussels required that part of a new 10 billion euro bailout be paid for directly from the bank accounts of ordinary savers.

The move — a first in the three-year-old European financial crisis — raised questions about whether bank runs could be set off elsewhere in the euro zone. Jeroen Dijsselbloem, the president of the group of euro area ministers, declined early Saturday to rule out taxes on depositors in countries beyond Cyprus, although he said such a measure was not currently being considered.

Although banks placed withdrawal limits of 400 euros, or about $520, on A.T.M.’s, most had run out of cash by early evening. People around the country reacted with disbelief and anger.
Read the full article here.
DSN
DSN
_________________________
_________________________

Tendency : Socialist
Posts : 345
Reputation : 276
Join date : 2012-03-28
Location : London

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum