$13 billion bailout saves European bank - Tucson News Now

$13 billion bailout saves European bank

TUCSON, AZ (Tucson News Now) -

Europe's central bank has rescued Cyprus from a financial crisis.

The small island nation agreed to overhaul its banking sector in return for a $13 billion emergency loan.

As part of the bailout, the country's number two bank will be folded into the larger bank of Cyprus. Regulators will also freeze bank deposits above $130,000, which could potentially cost wealthy investors, many from overseas, hundreds of millions of dollars.

Banks in Cyprus have been closed for more than one week but are expected to reopen tomorrow.

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