Euro zone to pay $10 billion in Cyprus bailout
BRUSSELS- The euro zone struck a deal on Saturday to hand Cyprus a bailout worth 10 billion euros ($13 billion), but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risks of a wider bank run.Cyprus becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help in the wake of the region@@@s debt crisis.In a radical departure from previous aid packages, euro zone ministers forced Cyprus@@@ savers, almost half of whom are believed to be non-resident Russians, to pay up to 10 percent of their deposits to raise almost 6 billion euros."I wish I was not the minister to do this," Cypriot Finance Minister Michael Sarris said after 10 hours of late-night talks where euro zone finance ministers agreed the package.ByREUTERS06/08/2025 07:57 AMByREUTERS06/08/2025 05:36 AMByMAARIV06/07/2025 02:33 PMByWALLA!06/07/2025 11:18 AM
