Inside Story - The Cyprus effect

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It is a decision made to obtain financial aid and to prevent the island nation of Cyprus from going bankrupt. Just three weeks into the job, and Nicos Anastasiades, the Cypriot president, is tackling the nation's debt crisis head-on, saying he had no choice but to force savers to forfeit up to 10 percent of their deposits to avoid a catastrophic banking collapse. Cypriots themselves are furious and they have responded by trying to clear out their accounts. How will the bank levy impact the country's economy and other eurozone members? Joining presenter Jane Dutton on Inside Story are guests: Demetris Georgiades, the financial editor for the Politis newpaper; Fiona Mullen, an economist and political analyst; and Bernard Casey, an academic from the Hellenic Observatory at the London School of Economics.