Depositors will lose up to 10 percent of their savings as part of a €10 billion bailout for Cyprus agreed on Friday (15 March)
The Mediterranean island will become the fifth eurozone country to receive a rescue package after eurozone ministers reached agreement following all-night talks on Friday (15 March).
However, in a departure from all previous rescue packages, people with Cypriot bank accounts will share in the pain.
People with less than €100,000 face a 6.75 percent l...
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Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.