Friday, March 29, 2013

Cyprus video

This New York Times video offers insight into the financial crisis that is occurring in Cyprus right now. The video shows the long lines outside banks and bank ATMs and includes interviews of business owners, who detail the troubles that are occurring because of the tax on certain accounts. Also, the video portrays Russians and the affects of Russian money being hidden - for tax reasons - in Cyprus. The interviews illustrate the fear of a lot of citizens, the anger they have for how the EU is dealing with this crisis, the frustration of the wealthy Russians not taking more of the burden, and also inside views of how the crisis should really be handled. Supermarkets are full, lines in banks are long, and fear is a consistent in each citizen. Will this most recent debacle ruin the Euro, or at least make Cyprus leave the Union?

Link: http://www.nytimes.com/2013/03/29/business/global/cyprus-banks.html?ref=world

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