Pensioners in Cyprus have to take losses on their savings (Photo: Berge Gazen)

Cyprus heading for bank run after bailout deal

The Cyprus bailout deal forcing losses on all bank customers - from pensioners to Russian oligarchs - is leading to bank run which sets a dangerous precedent for other troubled eurozone countries.

Cypriot pensioners, mothers, students and business people all flocked to ATM machines over the weekend trying to get the most out of their bank accounts. Cash payments were possible until the machines were emptied, but any online transactions were halted as banks are closed over the weekend an...

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