Need for Cyprus Financial Bailout Sparks Protests, Concern in Europe
Demonstrators hold an anti-bailout rally outside the parliament in Nicosia, Cyprus. (Photo: REUTERS/Yorgos Karahalis)
Cyprus, like its Mediterranean neighbor Greece, needs a financial bailout.
But a plan by the European Union to partially pay for the bailout with a tax of up to 10 percent on customers’ bank deposits sparked protests and a run on ATMs in Cyprus.
And that’s got the rest of Europe worried about contagion. The World’s Gerry Hadden has the latest.
The article you just read is free because dedicated readers and listeners like you chose to support our nonprofit newsroom. Our team works tirelessly to ensure you hear the latest in international, human-centered reporting every weekday. But our work would not be possible without you. We need your help. Make a gift today to help us raise $25,000 by the end of the month and keep The World going strong. Every gift will be matched 2:1!