For Cyprus, Painful Medicine to Swallow in Order to Avoid Collapse

The World
Cyprus has been going through a crazy week. But the good news is that a banking collapse on the Mediterranean island has been avoided. The bad news? The new $13 billion bailout deal with the European Union involves significant pain. Stavros Zenios is a professor of finance at the University of Cyprus in Nicosia. He says the plan involves major changes for two of Cyprus' leading banks: One will be shut down, another will be restructured, and anybody with more than 100,000 euros in those banks is going to help pay for the deal.
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