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Cyprus Gets New Bailout Deal
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A new EU bailout on March 25, 2013, provides the Cyprus government with $10 billion, and closes the second largest bank, Cyprus Popular Bank PCL. The depositors at that bank with deposits larger than 100,000 euros will face large losses. Cyprus had a banking sector about 4 times the size of its economy because of low taxes and lax banking laws to attract deposits from Russia. The largest bank, Bank of Cyprus, will be downsized and large depositors there will also take losses. An earlier plan for a tax of 6.87% on all deposits at Cyprus banks was rejected by its parliament. The EU ministers and negotators rejected an alternate plan to nationalize Cyprus pension funds for a bailout. Analysts estimate the impact on Cyprus will be a shrinking of the economy by about 10% in 2013, and 8% in 2014, after this financial crisis and the EU bailout. The size of the banking sector in relation to the economy is similiar to the situation in Iceland which faced a financial crisis earlier. This shows the consequences of small countries depending on inflated financial sectors several times the size of the economy.
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Cyprus Deposits a New Challenge on the Euro Zone
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Is Bitter Medicine for Cyprus a Cure for the Euro Zone?
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Wall Street Journal 03/25/2013
No Matter Outcome, Cyprus Crisis Is Blow to Business
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Cyprus Heads Toward Exit, Leaving Greece as Last Bailout Member
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Wall Street Journal 03/25/2013
No Matter Outcome, Cyprus Crisis Is Blow to Business
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In Cyprus, Big Losses Expected on Deposits
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