Cyprus

2:43pm

Mon March 18, 2013
Europe

Confidence In Cyprus Banks Falters As Government Proposes Deposit Tax

Originally published on Mon March 18, 2013 3:54 pm

Cyprus is facing a run on its banks after the government proposed taxing bank deposits. The government has put off a vote on the plan in a bid to calm things down. Banks are set to re-open on Thursday after a bank holiday was declared on Monday.

10:30am

Mon March 18, 2013
Planet Money

Where The Bank Really Keeps Your Money

Originally published on Thu March 21, 2013 8:37 am

People queue to use an ATM outside of a Laiki Bank branch in Larnaca, Cyprus, on Saturday. Many rushed to cooperative banks after learning that the terms of a bailout deal with international lenders includes a one-time levy on bank deposits.
Petros Karadjias AP

Cyprus has about as many residents as the Bronx. All Cypriot banks combined are smaller than the 30th-largest U.S. bank. So why is the country's financial system front-page news today?

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6:54am

Mon March 18, 2013
The Two-Way

Cyprus Bailout To Hit Depositors, Sends Shivers Through Markets

Originally published on Mon March 18, 2013 4:08 pm

Take the money and run: An ATM in the Cypriot capital Nicosia on Sunday.
Hasan Mroue AFP/Getty Images

A vote in Cyprus on whether to approve a controversial bailout plan has been postponed after the prospect of the deal caused bank customers to rush to withdraw their savings and drew the ire of overseas depositors.

As NPR's Krishnadev Calamur wrote in a post over the weekend: "The money [is] needed because Cyprus' banks lost 4.5 billion euros on their Greek bond holdings, which were written down last year after Greece's second bailout."

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2:06am

Mon March 18, 2013
Business

EU Bailout Tax Sparks Bank Run In Cyprus

Originally published on Tue March 19, 2013 8:08 am

Transcript

STEVE INSKEEP, HOST:

It's MORNING EDITION, from NPR News. I'm Steve Inskeep.

RENEE MONTAGNE, HOST:

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4:56pm

Sun March 17, 2013
The Two-Way

Cyprus President Tries To Calm Public After Anger Over Bailout Deal

People queue to use an ATM outside of a Laiki Bank branch in Larnaca, Cyprus, on Saturday. Many rushed to cooperative banks after learning that the terms of a bailout deal with international lenders includes a one-time levy on bank deposits.
Petros Karadjias AP

There's news from Cyprus that could have broader implications for Europe when the eurozone's banks open Monday.

It comes a day after officials from the eurozone and the International Monetary Fund signed off on a $13 billion bailout for Cyprus. The money was needed because Cyprus' banks lost 4.5 billion euros on their Greek bond holdings, which were written down last year after Greece's second bailout.

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