Cyprus president in desperate bid to prevent run on banks

President Nicos Anastasiades will on Monday attempt to persuade Cypriot lawmakers to back an EU bailout deal that slaps a levy on bank savings, amid fears of a run on accounts if he fails.

Anastasiades, in an address to the shell-shocked nation on Sunday night, said that rejecting the EU demands would have seen Cyprus exit the eurozone and face bankruptcy.

“I chose the least painful option, and I bear the political cost for this, in order to limit as much as possible the consequences for the economy and for our fellow Cypriots,” Anastasiades said.

via Business feed http://www.scmp.com/business/economy/article/1193508/cyprus-president-desperate-bid-prevent-run-banks