Cyprus president says depositors had to pay to avoid bankruptcy

NICOSIA – Cypriot President Nicos Anastasiades said on Saturday a levy on bank depositors was a painful decision he had to make in order to obtain financial aid, or else the island's economy would have gone bankrupt. Anastasiades, elected three weeks ago with a pledge to negotiate a swift bailout, said refusal to agree to terms would have led to the collapse of the island's two largest banks. The president said he would make a state address on Sunday, when the island's parliament was scheduled to meet in an emergency session to decide whether to approve the measure. The eastern Mediterranean nation becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial aid. Read more: http://www.foxbusiness.com/news/2013/03/16/cyprus-president-says-depositors-had-to-pay-to-avoid-bankruptcy/#ixzz2NlPf6fKB