Cyprus Bailout

A Central Bank official and a senior Finance Ministry technocrat says that Bank of Cyprus savers with over 100,000 euros could take losses of up to 60 percent.

Cyprus has secured a 10 billion euro ($13 billion) package of rescue loans in tense, last-ditch negotiations.

NICOSIA, Cyprus — At Jenny Dobreva's a convenience store, a customer comes up to get a lighter. She apologetically turns him away. It's not because he doesn't have enough money — it's because she doesn't have enough change.

Cypriot government officials sought Tuesday to alleviate the pain on small savers from a plan to raid bank deposits that has caused outrage in the country and sent jitters through European financial markets.

Stocks fell in early trading on Wall Street on concern that the terms of a proposed bank bailout for the Mediterranean island nation of Cyprus could cause the euro crisis to flare up again.