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Cyprus Banks Remain Closedi
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March 26, 2013 9:06 PM
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.

Cyprus Banks Remain Closed

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.