Savings account seizure plan draws fury in Cyprus
NICOSIA, Cyprus – A plan to seize up to 10 percent of savings accounts in Cyprus to help pay for a $20.4 billion financial bailout was met with fury Monday, and the government shut down banks until later this week while lawmakers wrangled over how to keep the island nation from bankruptcy.
Though the euro and stock prices of European banks fell, global financial markets largely remained calm, and there was little sense that bank account holders elsewhere across the continent faced similar risk.
Political leaders in Cyprus scrambled to devise a new plan that would not be so burdensome for people with less than $129,290 in the bank.
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