Play Cypriots React as Second-Largest Bank Closes For Cypriots trying to make sense of the past 10 days, the worst is yet to come. While they may be staying in the euro for now, people on the island are lamenting the demise of an economy built on the banks that ended up sinking it. Cyprus sealed an agreement with creditors overnight that will shut one of its largest lenders in return for 10 billion euros ($13 billion) of aid. “

The problem is not solved and some bad things are going to happen in the next six months,” said Maria Philippou, 45, a civil servant in Nicosia and a mother of three. “The leaders are to blame in Cyprus and the European Union. They let the bankers do whatever they wanted.” Cyprus is the fifth country to tap international aid since the European debt crisis erupted in Greece in 2009. The accord, revised after a March 16 deal was rejected in the Cypriot Parliament because of a tax on smaller depositors, exempts bank accounts below the insured limit of 100,000 euros. It doesn’t spare people’s livelihoods, locals said. “We will have even more people unemployed,” said Epifanos Epifaniou, 50, who used to drive a delivery truck in Nicosia and has been jobless for six months. “It’s a huge problem. Nobody knows where we are heading.” Cypriot President Nicos Anastasiades agreed to shut Cyprus Popular Bank Pcl, the second biggest, under pressure from his euro partners and the International Monetary Fund […]

Click here to view original article at www.bloomberg.com

Invest In Yourself And Get Premium Analysis

Less than 20 cents a day
Major Currency Pairs Analysis
Forex Sentiment Analysis
Understand The Market
10 days money back guarantee

View Subscription Options

Would you like to connect?

Get notifications on new forecasts and articles.

Cypriots Mourn Collapse of Livelihoods as Bailout Crushes Banks

Trending Forex Articles