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.
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