CLEAN : Cyprus bailout ailing banking sector

The Cyprus economy faces significant challenges due to its ailing banking sector, heavily impacted by the Greek crisis. Past bailouts often relied on taxpayers, but Cyprus's finance minister sought a different approach. A controversial decision to impose charges on deposits below €100,000 sparked market turmoil and delayed a bailout vote. Concerns arose about potential bank runs in other European countries. Additionally, a third of Cyprus's bank deposits are held by Russian nationals, who are also affected by the new charges.

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