BRUSSELS, BELGIUM – Cyprus: a tiny country with a big problem. Money!
The European Union and Cyprus played their last round of Let’s Make A Deal, ending with a bailout hours before their deadline.
Here’s the gist: the Popular Bank of Cyprus is shutting down, with deposits of less than 100,000 Euros moving over to the Bank of Cyprus. Those with more green will be seeing red, though. Larger accounts have been frozen, and will be used to help pay off the country’s debts.
This maneuver is expected to rake in around 4.2 billion Euros for the tiny nation.
“We will rebuild again. And, in a few years’ time, Cyprus will have an economy respondent to the needs of the prosperity of its people,” said Ioannis Kasoulides, Foreign Minister of Cyprus.
It was either that, or Cyprus would have gone bankrupt and left the Euro zone. With a major shift like that, who knows what would have happened next? Forget love. Looks like money makes the world go round.