Cyprus passports offered to big foreign losers in EU bailout

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President Nicos Anastasiades said Sunday that foreigners with bank deposits in Cyprus who lost at least €3 million ($3.9 million) under an EU bailout for the island would be given passports. He said the measures, primarily affecting Russians, would be approved at a two-day cabinet meeting starting on Monday. Most of the money being raised by Cyprus to qualify for the bailout is to come from a hit of as much as 60% on more on deposits above €100,000 at the Mediterranean country’s two largest banks. Russians have billions of euros in deposits parked in Cyprus, with estimates ranging from €5-31 billion.

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