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Cyprus depositors line up to withdraw funds after EU-IMF bailout deal taxes their funds


edmontonjournal.com
March 16, 2013

Nervous depositors in Cyprus rushed to ATM machines on Saturday to drain their accounts following a bailout agreement with international creditors that includes a levy on all the country’s bank accounts.

Lines formed at many ATMs as people scrambled to pull their money out after word that the €10 billion ($13 billion) rescue package Cyprus agreed with its euro area partners and the International Monetary Fund included one-off levy on deposit, an unprecedented step in the eurozone crisis.

The levy is expected to raise €5.8 billion.

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