Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Russian PM lambasts deal to rescue Cyprus

[March 25, 2013]  MOSCOW (AP) -- Russia's prime minister has slammed a deal that saves Cyprus from bankruptcy but forces big losses on many bank deposits, a large chunk of which are held by Russians.

Cyprus secured a 10 billion euros ($13 billion) bailout early Monday on the condition it scales back its banking sector and forces hefty losses on a number of big deposits to help pay much of the bill.

Dmitry Medvedev says the move is tantamount to theft.

Moscow has been worried about the crisis in Cyprus with Russian citizens holding as much as 20 billion euros ($26 billion) in Cypriot banks.

[Associated Press]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.