Cyprus Salvaged After EU Accord Shuts Bank in Euro Bailout

Cyprus Salvaged After EU Accord Shuts Bank in Euro Bailout

Simon Dawson/Bloomberg

The revised accord spares bank accounts below the insured limit of 100,000 euros. It imposes losses that two EU officials said would be no more than 40 percent on uninsured depositors at Bank of Cyprus Plc, the largest bank, which will take over the viable assets of Cyprus Popular Bank Pcl, the second biggest.