Cyprus threat to EU banks

Significant damage to the EU banking system is threatened as talks of a rescue deal for Cyprus go to the wire this weekend.

24th March, 2013

Significant damage to the EU banking system is threatened as talks of a rescue deal for Cyprus go to the wire this weekend. Major losses for big depositors in Cypriot banks proposed in the talks now under way and the likely imposition of capital controls to stop money flooding out of the country when banks reopen will set precedents which will crate new uncertainty for EU banks.

The alternative - a failure to reach agreement...

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