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Cypriots are forced to bail out their own country

By Quartz Staff in Cyprus


A link from Reuters

Furious Cypriots are queueing up at bank teller machines after the euro zone this morning agreed on a bailout that includes taking up to 10% out of every bank account, in an attempt to prop up the banks without burdening the country with unsustainable debt. The deposit levy will raise nearly €6 billion, while the euro zone lends another €10 billion. Depositors will, however, get shares in the banks equivalent to their losses.