Cyprus has become the latest eurozone nation to apply for a bailout amid a financial crisis linked to debt defaults in Greece. The Mediterranean island has a huge banking sector and its public debt is expected to match GDP within the next decade. Proposals to tax existing bank deposits as part of a rescue package have alarmed investors. The Cypriot parliament on March 19 rejected a €10 billion ($13B) eurozone bailout package due to investor alarm over a proposed tax on existing bank deposits as part of the rescue package.
via CNN.com - Top Stories http://edition.cnn.com/2013/03/18/business/cyprus-bank-levy-explainer/index.html?eref=edition
via CNN.com - Top Stories http://edition.cnn.com/2013/03/18/business/cyprus-bank-levy-explainer/index.html?eref=edition
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