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March 18, 2013

EU Bailout Terms Spark Panic in Cyprus 
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A European Union bailout plan is sparking wide financial panic in
Cyprus. The EU is demanding Cyprus impose an across-the-board, one-time
tax on all Cypriot bank deposits as a condition for $13 billion in
rescue money. The plan led to massive bank withdrawals over the weekend
as Cypriots rushed to protect their savings. Government ministers now
say they are crafting an alternative plan before a vote on the bailout
terms.

 

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