Eurozone finance ministers Saturday granted a $13 billion bailout package to Cyprus. The Mediterranean Island's banking system has become "fragile" because of "its very large size relative to the country's GDP" and must be downsized, the Euro group said in a statement announcing the 10 billion euro bailout. The Island will also have to agree to take steps to prevent money laundering, privatize the banking system and inject it with funds to recapitalize it, according to the statement. All holders of bank accounts in Cyprus -- both residents and nonresidents -- will be required to pay a new tax, according to a report of CNN.
