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Anchored by Jake Tapper, The Lead airs at 4 p.m. ET on CNN.

Anchored by Jake Tapper, The Lead airs at 4 p.m. ET on CNN.

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March 18th, 2013
06:04 PM ET

Cyprus' meltdown, and why Americans should care

What on earth does a teeny, tiny island in the Mediterranean have to do with your retirement savings? Turns out, unfortunately, a lot.

Over the weekend, European policy makers agreed to bail out Cyprus from a financial free fall by imposing a tax on the savings accounts of people who live there. That sent Cypriots running to ATMs to withdraw their money, sparking a panic. Now there's concern the same thing will happen in other parts of Europe.

CNN's Tom Foreman breaks down the impact to all of us here in the U.S. in the video above.

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