APTOPIX Cyprus Financial Crisis

Cyprus is going to get the European bailout it desperately needs to avoid bankruptcy, but it comes at a price that many are not happy with.

FOX News Radio's Simon Owen reports from London:

Cyprus Financial Crisis

Cyprus is being bailed out to the tune of $13 billion dollars by its European neighbors and the IMF.

But in return the country's going to have to re-structure its banking sector, and some people who have around $130,000 dollars or more in the bank are going find a large chunk of that money is taken away, possibly a third or more.

(Cyrus Resident) "Is this European solidarity? To punish half an island?"

She's among Cypriots with concerns the deal will bring job cuts and a deeper recession in Cyprus. But markets are trading up on the news.

In London, Simon Owen, FOX News Radio

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