Published March 26, 2013
People with more than $130,000 deposited in Cypriot banks could see about 40 percent of their deposits turned into bank shares, the country’s finance minister has warned. The news comes after Cyprus struck a deal with the European Union and the International Monetary Fund in which the island nation will get $13 billion in aid. But to earn it, Cyprus has to overhaul its banking sector. As Selah Hennessy reports from London, analysts say the result could be crippling.