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Russia Rules Out Rescue for Cyprus Savers
Russian official disavows responsibility as customers of Bank of Cyprus face losing up to 60% of their uninsured deposits.
Russia won’t bail out people or companies that stand to lose money held at Cyprus’s two largest banks, First Deputy Prime Minister Igor Shuvalov said.
“If someone gets stuck and loses money in those two biggest banks, that’s really too bad,” Shuvalov said in an interview broadcast late yesterday on Russian state television. “But the Russian government isn’t planning to do anything in this case.”
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