Cyprus' Bank Deposit Tax Would Hit Russian Wallets

NPR | March 18, 2013 2:54 p.m.

Contributed By:

Corey Flintoff, NPR People: Robert Siegel

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Robert Siegel talks to Corey Flintoff about reaction in Russia to a European Union plan to seize close to 10 percent of large deposits in Cypriot banks and close to 7 percent of all other deposits. Many Russian oligarchs park their money in banks in Cyprus because of the favorable terms and banking regulations there.