Savings account seizure plan causes banks to be shut down
By: Associated Press - Texarkana Gazette
• Protesters who wrote “NO” on their hands protesting Monday outside of the parliament in capital Nicosia, Cyprus.
• A woman holds a banner during a protest Monday outside of the parliament in Nicosia, Cyprus. A vote on a bailout package for Cyprus that includes an immediate tax on all savings accounts has been postponed until Tuesday evening.
NICOSIA, Cyprus—A plan to seize up to 10 percent of savings accounts in Cyprus to help pay for a $20.4 billion financial bailout was met with fury Monday, and the government shut down banks until later this week while lawmakers wrangled over how to keep the island nation from bankruptcy.Published: 03/19/2013