Merkel praises Cyprus bailout

German chancellor says deal puts nation on ‘new path’

Posted: March 26, 2013 at 3:37 a.m.

A man catches up on the news at a cafe in Nicosia, Cyprus, on Monday. Cypriot President Nicos Anastasiades agreed early Monday morning to shut Cyprus Popular Bank and tax deposits of more than $130,000 in Cypriot banks in a plan to secure emergency funds from the European Central Bank and the International Monetary Fund.

German Chancellor Angela Merkel on Monday lauded the bailout agreement for Cyprus as lawmakers in her coalition embraced the package.

This story is only available from our archives.

Business, Pages 23 on 03/26/2013