Dread was mixed with anger. Cypriots feared that deposits in the two largest banks, Bank of Cyprus and Laiki Bank, might be taxed or converted into worthless equity-and worried about the economic effects. The glum mood in the shops and cafes of Nicosia was little improved when the terms of their country's €10 billion ($13 billion) bail-out emerged on March 25th (see page 67). The deal will close Laiki Bank, restructure Bank of Cyprus and impose big losses in both institutions on deposits above €100,000.
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