Cyprus Crisis May Speed EU's Deposit Insurance Plan

Law360, New York (March 20, 2013, 7:36 PM EDT) -- The European Union may now be forced to quickly establish a eurozonewide deposit insurance scheme to restore faith in the continent's banking system, experts say, after policymakers caused a confidence crisis this week by proposing to fund a bailout of Cyprus with a tax on the country's bank deposits.

The proposed bailout of Cyprus pushed by the so-called Troika — the EU, the European Central Bank and the International Monetary Fund — has spooked depositors around the continent by calling for a levy on all deposits...
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