Cypriot rescue includes haircut for bank depositors

Cypriot President Nicos Anastasiades said in a televised address that he has no practical alternative to applying a haircut to bank deposits as part of a €10 billion rescue by the euro zone. As partial compensation for losses, depositors will receive bonds linked to natural gas revenue, he said.

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Kathimerini (Greece) · Spiegel Online (Germany) · Cyprus Mail · Reuters · Financial Times (tiered subscription model)

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