Wednesday, March 27, 2013
'Unique Cyprus model to spill further across Eurozone' (VIDEO)
More than a thousand students have protested in Nicosia, against the last-ditch bailout deal the government struck with its creditors on Sunday. High school and university students marched to the presidential palace in the Cypriot capital, chanting slogans and saying their future has been stolen. That's as the chairman of the Bank of Cyprus - the country's largest financial institution - resigned, while all banks in the Mediterranean state remain closed until Thursday to prevent a massive run on accounts.
Depositors with over a hundred-thousand euros in 2 of the main banks, could see about 40% of their assets taken,to raise money for the crucial bailout. RT contributor Afshin Rattansi believes the 'unique Cyprus model' of raising money by raiding depositors' accounts, could be adopted by other European countries in the future.