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The Boston Globe

Business

Cyprus struggles to contain financial crisis

President urges EU to modify tax on savings

NICOSIA, Cyprus — Leaders in Cyprus and Brussels and elsewhere in Europe scrambled Monday to contain the fallout from the eurozone’s decision over the weekend to force ordinary bank depositors to share the pain of an international bailout.

Much of the day was given over to cross-border finger pointing and a public reluctance for anyone to take responsibility — some might say blame — for a decision that some analysts worry could cause a run on banks in Cyprus, and possibly in Italy and other troubled eurozone countries. Cyprus, whose banking system is on the verge of collapse, is now the fifth nation among the 17 members of the euro to seek financial assistance since the crisis broke out three years ago.

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