Daily VideoMarch 26, 2013
Bailout Saves Cyprus from Potential Bankruptcy Plunge
The country of Cyprus avoided bankruptcy yesterday after it agreed to terms for a financial bailout from its partners in the eurozone. The bailout, which totaled $13 billion, may have prevented financial chaos, but will still leave citizens hurting.
“I don’t think there is any denying that the Cyprus people will have to go through tough times and will suffer the consequences of a protracted period where wrong decisions were made,” said Cyprus Finance Minister Michalis Sarris.
As part of the deal, large depositors in the two biggest banks will take substantial losses to help the government raise some $7.5 billion, and the country’s second largest bank will be shut down. While this will prevent Cyprus from falling out of the eurozone, many in Cyprus felt the deal was far from generous.
“We feel rather bitter. And we feel rather that we have not been treated the same way as other partners, probably being the smallest, I don’t know. But we are a resilient people. And we are going to fight,” said Cyprus Foreign Minister Ioannis Kasoulides.
The decisions that were taken were harsh. It is a catastrophe. It will be a long time before things are right again,” – Savvas Georgiou, Cyprus.
“It’s a big shame what has happened. But with the way things were going, what else could they do? There was no other solution. God help us all,” – Elizabeth Loakovou, Cyprus.
Warm up questions
1. What is the eurozone?
2. Where is Cyprus?
3. What is a bailout?
1. How would you characterize the Cypriot reaction to the news of the bailout?
2. Why do you think the other eurozone countries wanted to bail Cyprus out?
Tooltip of related stories
Tooltip of more video block
Submit Your Student Voice
Rising ocean temperatures resulting from climate change are killing coral reefs across the planet. Continue readingArts & CultureEconomicsHealthScienceU.S.UncategorizedWorld
Confirmation hearings for President Donald Trump’s Supreme Court nominee Judge Neil Gorsuch began this week. Continue readingArts & CultureEconomicsHealthScienceU.S.UncategorizedWorld
The National Hockey League celebrated ‘Hockey is for Everyone’ in February, as a time for promoting inclusiveness and a positive environment for all–including both men and women. Continue readingArts & CultureEconomicsHealthScienceU.S.UncategorizedWorld
A panel of federal judges in Texas ordered the state to redraw its congressional district map because it discriminates against Hispanic voters. Continue readingArts & CultureEconomicsHealthScienceU.S.UncategorizedWorld
Republican lawmakers introduced their replacement for former President Barack Obama’s Affordable Care Act (ACA) this week, but face opposition from both Democrats and members of their own party as they push to move the bill through committee and into the U.S. House of Representatives for a vote. Continue readingArts & CultureEconomicsHealthScienceU.S.UncategorizedWorld