Cyprus Bailout: Banks Relieved, Cypriots Squeezed

In the latest of the E.U. financial crises, the island nation of Cyprus has had a EuroZone bailout “successfully negotiated” on its behalf. However Cypriots themselves, as well as the members of the Parliament are less than pleased. The Eurozone bailout package, agreed upon today in Brussels between Eurogroup ministers and IMF officials, has in addition to the typical austerity measures demanded of nations accepting bailout money, such as deficit reduction and higher taxes, comes with another condition. Requiring a 9.9% deposit levy on all Cypriot bank accounts to stave off outright national bankruptcy, the deal is a first of…