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The Boston Globe

Business

Cyprus crisis solution inspires little confidence

Account holders, experts see plan as a Band-Aid

NICOSIA, Cyprus — With her wedding three months away, Despina Charalambous is desperate to have access to her savings, frozen at the Bank of Cyprus for more than a week. She plans to take out all her money once the banks reopen, even though the new bailout plan for her country supposedly guarantees the safety of her deposits.

“I have lost my trust in Bank of Cyprus and banks in general,’’ Charalambous, 33, a biologist, said, still bitter that just last week the president was ready to skim money from small savers like her to help secure a $12.9 billion lifeline to the nation’s banking industry.

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