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Cypriots anxious over austerity measures

Saturday, Mar 23, 2013 - 01:13

Mar. 23 - Cypriots and expatriates vent frustration over new measures as Cyprus scrambles to avert financial meltdown. Jessica Gray reports.

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With a decisive thump of a gavel, Cyprus moves to save the country from bankruptcy. On Saturday, Cypriots and expatriates worried over the future as the country scrambled to avert financial collapse. Financial institutions have been closed for five straight days in the capital Nicosia. This hotel owner says the shortage of cash means people won't be able to pay their bills. Many are also angry about new rules preventing citizens from transferring their funds abroad. On Friday, legislators passed a bill to split the country's banks into good and bad institutions and launch an emergency bonds issuance after rejecting an unpopular tax on bank deposits. But there could still be new taxes on the horizon, prompting British expatriates to vent their frustrations. (SOUNDBITE) (English) BRITISH NATIONAL OF CYPRIOT ORIGIN AND PUB OWNER, JOHN IOANNOU, SAYING: "They are following Greece's footsteps. It's going to be very difficult, it's going to be a difficult couple of years. I don't know if the euro is helping." Cyprus' president is set to fly to Brussels for a meeting with EU leaders on Saturday to discuss further measures to clinch billions of euros in bailout cash.

Cypriots anxious over austerity measures

Saturday, Mar 23, 2013 - 01:13

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