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Tuesday, March 19, 2013

Explainer: Crisis in Cyprus

Cyprus has become the latest eurozone nation to apply for a bailout amidst a financial crisis linked to debt defaults in neighboring Greece. The Mediterranean island has a huge banking sector and its public debt is expected to match GDP within the next decade. Proposals to tax existing bank deposits as part of a rescue package have alarmed investors.

READ THE ORIGINAL POST AT edition.cnn.com