March 16, 2013
Nervous depositors in Cyprus rushed to ATM machines on Saturday to drain their accounts following a bailout agreement with international creditors that includes a levy on all the country’s bank accounts.
Lines formed at many ATMs as people scrambled to pull their money out after word that the €10 billion ($13 billion) rescue package Cyprus agreed with its euro area partners and the International Monetary Fund included one-off levy on deposit, an unprecedented step in the eurozone crisis.
The levy is expected to raise €5.8 billion.
This article was posted: Saturday, March 16, 2013 at 10:29 am