Anger and shock sweep Cyprus

Cypriots hold placards during a protest against an EU bailout deal outside the parliament in Nicosia on March 18, 2013.

Imagine you wake up in Nicosia, Cyprus  Saturday morning, you take a quick look at the headlines and realize you're about to have 3, 6, or maybe 10 percent less money in the bank.

That's pretty much what happened to 70-year-old Andreas Moyseos. He was hit with the news over the weekend that the Cypriot government planned to take a percentage of the savings in his bank account.

Moyseos is a retired electrician and now lives on retirement benefits. The tax -- should it go through -- will amount to about $4,000 of his own money.

"My first reaction was anger. I don't think this action is correct. It will not correct the economy. It will create more problems. I thinks it's a robbery this kind of action," said Moyseous.

About the author

Kai Ryssdal is the host and senior editor of Marketplace, the most widely heard program on business and the economy in the country.


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