Cyprus Rescue Risks Backlash

Via American Power:

The flood of people to bank cashpoints in Cyprus over the weekend appears to have come to an end, but that was not because fears about an EU charge on savings have abated, or that everyone had accepted the deal as a fait accompli.

The euro zone took the unprecedented step of taking a bite out of depositors’ accounts in Cypriot banks to help pay for its bailout of the island’s financial system, a high-risk decision that could erode savers’ confidence across the currency bloc and add to popular anger over its handling of the crisis.

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