Cyprus lawmakers met yesterday to try and work out the terms of a European bailout, which may include tapping bank accounts with deposits above 100,000 euros. Lawmakers rejected a initial levy to tax all bank accounts a few days ago. This article details a few potential plans, including tapping accounts at the biggest bank lender, the Bank of Cyprus. Yesterday lawmakers agreed to "wind down" Cyprus Popular Bank and put the losses on its depositors. Cyprus is the fifth euro-area nation to request a rescue; the problems in Cyprus stem from Greece's debt restructuring, which was a big area that Cyprus's banks invested in.
Link: http://www.bloomberg.com/news/2013-03-22/cyprus-approves-capital-controls-as-ministers-prepare-to-meet.html
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