Will Cyprus Be the Financial Mouse that Roared?

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The island nation of Cyprus has 1.1 million people — but it's becoming a threat to the entire Eurozone, which is 317 times larger. It's all about banks structured as tax shelters, often for wealthy Russians, banks now in so much trouble they've asked for a bailout. But when Eurozone leaders proposed to tax every depositor – not just the wealthy, ordinary Cypriots took to the streets, emptying ATMs and forcing parliament to reject the deal. What about depositors in Greece and other troubled countries?  Will they lose faith in their own banks and their confidence in the Euro?




Warren Olney