‘Haircut’, Cyprus style

There is some poetic justice in the bailout deal that Cyprus has struck with the European Union (EU) and the International Monetary Fund to avert total financial collapse and allow it to remain within the 17-member single currency bloc. The €10 billion package is conditional upon Cyprus raising €5.8 billion, which is to primarily come from ‘freezing’ all deposits above €100,000 held in the Mediterranean island nation’s two largest banks. 

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