Cyprus Bailout: Anastasiades Speech To The Nation - Business ...

Cyprus President?Nicos Anastasiades just addressed the nation in a dramatic Sunday night speech regarding the bailout of Cyprus, which will see a one-time tax on everyone with cash in Cypriot banks.

The basic gist of his message is this:

Cyprus is in a huge crisis, and the country was given two choices, blackmail style.

Either the government could get no help, and see a complete collapse of the economy and the financial system, as the banks ran out of money.

Or Cyprus could take the "bailout" deal, which involves the painful tax on everyone's deposits.

The President believes the latter options is superior.

Here are some tweets to describe what the speech from folks on the ground, including Ekathimerini editor Nick Malkoutzis.

Source: http://www.businessinsider.com/cyprus-bailout-anastasiades-speech-to-the-nation-2013-3

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