There has been angry reaction in Russia and Cyprus to the E.U.'s proposal to seize nearly 10 percent of large deposits in Cypriot banks, and roughly 7 percent of smaller deposits. That would force Russian oligarchs and ordinary citizens to bear much of the cost of the bank bailout in Cyprus.
John Riccitiello, whose rocky six-year tenure saw a 60 percent drop in Electronic Art's stock price, said in his resignation letter that he leaves feeling that EA "has never been in a better position as a company."
A Cypriot banking crisis has the potential to disrupt global financial systems, which are still trying to recover from the crisis of 2008-2009. The proposed tax on deposits in Cyprus could shake the trust in banks in Europe, and that could end up threatening the tenuous U.S. economic recovery.
Americans are abandoning their long-trusted news outlets in high numbers. According to a Pew Research Center report, 31 percent of Americans say they have deserted a particular news outlet because it no longer provides the information they want.
Citizens of Cyprus did not react well to the news that their government wants to allow the E.U. to take nearly 10 percent of their savings deposits in exchange for a $13 billion bailout. Banks are closed through Tuesday after worries over bank runs. Depositors stood in long lines to withdraw money over the weekend.
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