[QODLink]
Europe

EU rescue terms spark run on Cyprus banks

Savers react with shock after government agrees to levy on deposits in return for $13bn rescue package.
Last Modified: 16 Mar 2013 18:21

Savers in Cyprus have been told that a proportion of their money in the bank is going to be taken from them.

Their government agreed to do this as part of a $13bn loan they secured in Brussels. The country's president is preparing to make an emergency statement on Sunday to try and calm investors' fears.

Al Jazeera's Peter Sharp reports.

58

Source:
Al Jazeera
Topics in this article
People
Country
City
Organisation
Featured on Al Jazeera
Italy struggles to deal with growing flood of migrants willing to risk their lives to reach the nearest European shores.
Israel's Operation Protective Edge is the third major offensive on the Gaza Strip in six years.
Muslims and Arabs in the US say they face discrimination in many areas of life, 13 years after the 9/11 attacks.
At one UN site alone, approximately four children below the age of five are dying each day.
Featured
More than fifty years of an armed struggle for independence from Spain might be coming to an end in the Basque Country.
After the shooting-down of flight MH17, relatives ask what the carrier has learned from still-missing MH370.
Human rights and corporate responsibility prompt a US church to divest from companies doing business with Israel.
Afghan militias have accumulated a lengthy record of human-rights abuses, including murders and rapes.
Growing poverty is strengthening a trend among UK Muslims to fund charitable work closer to home.
join our mailing list