Cyprus’s fate hangs in the balance as euro-area finance ministers meet today to decide whether the tiny Mediterranean island has done enough for a bailout that will avert its financial collapse.
As thousands of protestors marched through the capital Nicosia yesterday, Cypriot officials worked to broker a deal with the European Central Bank , European Commission and International Monetary Fund on how to raise the 5.8 billion euros ($7.5 billion) needed to qualify for aid. Those talks, which focused on a plan to impose levies on bank deposits over 100,000 euros, ended at a “very sensitive stage” last night and will continue in Brussels today, the government said. Eurogroup finance ministers are due to convene in the Belgian city at 6 p.m. “There are only hard choices left,” European Union Economic and Monetary Affairs Commissioner Olli Rehn said in a statement. “It is essential that an agreement is reached by the Eurogroup on Sunday evening in Brussels on a financial assistance program for Cyprus.” The third-smallest economy in the 17-nation euro area was plunged into chaos last week when its lawmakers rejected an EU proposal to confiscate a portion of all bank deposits in order to qualify for 10 […]
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Cyprus’s Fate Hangs in the Balance as ECB Deadline Looms
Cyprus’s Fate Hangs in the Balance as ECB Deadline Looms
Cyprus’s Fate Hangs in the Balance as ECB Deadline Looms
Cyprus’s Fate Hangs in the Balance as ECB Deadline Looms
Cyprus’s Fate Hangs in the Balance as ECB Deadline Looms
Cyprus’s Fate Hangs in the Balance as ECB Deadline Looms