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Need for Cyprus Financial Bailout Sparks Protests, Concern in Europe
Cyprus, like its Mediterranean neighbor Greece, needs a financial bailout. But a plan by the European Union to partially pay for the bailout with a tax of up to 10 percent on customers’ bank deposits sparked protests and a run on ATMs in Cyprus.
Demonstrators hold an anti-bailout rally outside the parliament in Nicosia, Cyprus. (Photo: REUTERS/Yorgos Karahalis)
Cyprus, like its Mediterranean neighbor Greece, needs a financial bailout.
But a plan by the European Union to partially pay for the bailout with a tax of up to 10 percent on customers’ bank deposits sparked protests and a run on ATMs in Cyprus.
And that’s got the rest of Europe worried about contagion. The World’s Gerry Hadden has the latest.