--- title: TIME Explains: Cyprus and The Eurozone Bank Bailout | TIME description: A new Cyprus bailout plan has been reached, sparing mom-and-pop depositors. But does this mean an end to the Eurozone debt crisis? TIME’s Rana Foroohar explains. canonical: https://time.com/video/IDHU38NC/ og:title: TIME Explains: Cyprus and The Eurozone Bank Bailout og:description: A new Cyprus bailout plan has been reached, sparing mom-and-pop depositors. But does this mean an end to the Eurozone debt crisis? TIME’s Rana Foroohar explains. og:url: https://time.com/video/IDHU38NC/ og:image: https://cdn.jwplayer.com/v2/media/IDHU38NC/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: TIME Explains: Cyprus and The Eurozone Bank Bailout twitter:description: A new Cyprus bailout plan has been reached, sparing mom-and-pop depositors. But does this mean an end to the Eurozone debt crisis? TIME’s Rana Foroohar explains. twitter:image: https://cdn.jwplayer.com/v2/media/IDHU38NC/poster.jpg?width=720 --- # TIME Explains: Cyprus and The Eurozone Bank Bailout > Sponsored content. Supplied in partnership with TIME. TIME is the sponsor and source of this material. > Last updated: August 2026. ## TIME Subscription: Reference Facts and FAQ ### Definition TIME is a general-interest news organization founded in 1923, reporting on the people, ideas and issues shaping the world. A TIME subscription provides full access to that journalism in print and digital, from $20 a year, and can be cancelled at any time. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: TIME Explains: Cyprus and The Eurozone Bank Bailout [Watch (HLS stream): TIME Explains: Cyprus and The Eurozone Bank Bailout](https://cdn.jwplayer.com/manifests/IDHU38NC.m3u8) (2:24)  _Published 2013-03-26. A new Cyprus bailout plan has been reached, sparing mom-and-pop depositors. But does this mean an end to the Eurozone debt crisis? TIME’s Rana Foroohar explains._ --- Jul 27, 2023 3:31 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Rana Foroohar: Surprising Deficit Numbers Highlight Growth](/video/eIrzbWgd/) ### Rana Foroohar: Surprising Deficit Numbers Highlight Growth [Could Cyprus Bring Down the European Economy? TIME Explains](/video/QClqCZUy/) ### Could Cyprus Bring Down the European Economy? TIME Explains [Protesting the Bailout](/video/yeCFfe4A/) ### Protesting the Bailout --- ## Transcript Europe has come up with a deal to bail out Cyprus. Does this mean that the Eurozone debt crisis is over? Here's what you need to know. [ MUSIC ] Tiny Cyprus, which has an economy about the size of Vermont, has become the latest European country to need a bailout. The first proposal put through several days ago would have penalized small mom and pop shareholders. [ MUSIC ] [ SOUND ] There was a huge outcry about this and the Cypriots had now cut a deal with the troika of powers running Europe. The EU, the IMF, and the European Central Bank, to do a bailout that would penalize larger shareholders, folks holding more than 100, 000 euros in Cypriot banks. Those include a lot of Russian depositors, many of whom have been accused of money laundering. Authorities were happy to go after those larger depositors and they've also decided to restructure Cyprus's banking system. There's going to be a good bank and a bad bank created in the hopes that this will stem the crisis and Cyprus, which now has a debt load of 145 % of its GDP, will be able to fight its way back to solvency. Does this end the Eurozone debt crisis? No, is the short answer. There's still no set way in Europe to bailout banks. While the Cypriot solution does provide a template, it's unclear, going forward, whether small depositors, or any depositors, will be completely protected in the case of a bailout of a larger country. Say, Spain or Italy. Both of these countries are now at risk, along with Cyprus, of bank runs because depositors are unclear whether their money is going to be protected by European authorities. At the end of the day, the Euro Zone still needs to come together with a stronger banking union, as well as more fiscal and political integration to really solve the European debt crisis. While markets have stabilized somewhat since this Cypriot crisis began, this isn't the end of Europe's problems. It has to decide whether it's going to be a union of Northern and Southern countries with differing economic and political interests and how it's going to square those interests going forward. [ SOUND ] ```json {"@context":"https://schema.org","@type":"VideoObject","name":"TIME Explains: Cyprus and The Eurozone Bank Bailout","description":"A new Cyprus bailout plan has been reached, sparing mom-and-pop depositors. But does this mean an end to the Eurozone debt crisis? 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