Cyprus

The deal, which totals $30 billion, includes harsh austerity measures that are unpopular among many Cypriots.

The part of the bailout coming from Cyprus had been estimated at $23 billion, but officials say it will now cost $30 billion.

Bitcoin is a virtual currency that's traded online. It's been on a wild ride lately, soaring in value during the Cyprus banking crisis. And this week, the price plummeted after a Bitcoin trading exchange was hacked.

New restrictions on big depositors are controversial, and there's no consensus on the efficacy of the country's strategy. Besides affecting Cyprus' economy, the new measures could become a template for other eurozone countries. Selective restrictions might create a tiered system within the bloc.

Cypriots face tough restrictions on how much money they can withdraw. And the island nation's economy, which is based on financial services, faces the prospect of having to start over again.

Robert Siegel talks to Joseph Cotterill, writer for the Financial Times, about what may happen if the European Union's bailout plan for Cyprus succeeds and which country may be poised to take on the role as the next Cayman Islands of Eastern Europe.

You'd be free to leave the state, as long as you left your money behind. That's essentially what it's like now for people in Cyprus.

The special administrator is charged with overseeing the bank's restructuring and the absorption of a smaller Cypriot bank.

The $13 billion bailout has some tough conditions. It is aimed at shoring up the island nation's banking sector and making sure its problems don't spread to other nations. But many Cypriots think their creditors have other intentions.

The Mediterranean island nation was hoping for new terms on an existing loan and a new line of credit from Moscow to help it stave off default.