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Protests in the streets and closed banks after Cyprus’s financial time-bomb exploded.
The island has been asking Europe for help for some time, but the conditions for that aid, when it finally came, shocked many. For the first time in the European financial crisis, ordinary bank depositors were being asked to contribute through a one-time levy on their savings.
Cyprus’s parliament strongly rejected the plan, which raised many questions. The country’s banks remained shut for a week, but what is hidden in their accounts? Who has their money there? And what could this mean for the global banking system?
We discuss all this with Nejra Cehic from Bloomberg in this edition of Business Weekly.