Cyprus OK's Bailout Plan, Dodges Bankruptcy

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Cyprus has approved a bailout plan that saves the country from a collapse of the banking system and prevents a potential crisis for Europe.

The government has frozen bank accounts over 100,000 euros. It will seize a large amount of money from them as part of the plan to rebuild the banks, but the details haven't been worked out.

"The near future will be very difficult for the country and its people," Olli Rehn, the EU Commission's top economic official, acknowledged. "But (the measures) will be necessary for the Cypriot people to rebuild their economy on a new basis."

Analysts estimate investors might lose up to 40 percent of their money.

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