European Debt Crisis

Russia speaks out against Cyprus bailout

Marketplace Contributor Mar 25, 2013
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European Debt Crisis

Russia speaks out against Cyprus bailout

Marketplace Contributor Mar 25, 2013
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Eurozone finance ministers reached a last minute deal to grant Cyprus a $13 billion bailout early this morning. Those with large deposits in Cypriot banks could be hit will a tax of 30 percent in order to help fund the bailout.

But the news extends beyond Cyprus, which is a popular off-shore location for international bank depositors. Many Russians with money in Cypriot banks will feel the pain of the bailout. And that, according to Russian Prime Minister Dmitry Medvedev, amounts to thievery.

“The stealing of what has already been stolen continues,” Medvedev said.

The BBC’s Steve Rosenberg in Moscow joins Marketplace’s Mark Garrison to explain how Russians are responding to the latest bailout plan in Cyprus.

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