Russia's PM lambasts deal to rescue Cyprus' ailing banking sector

Published January 13, 2015

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.

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https://www.foxnews.com/world/russias-pm-lambasts-deal-to-rescue-cyprus-ailing-banking-sector