Quantcast


Last updated: March 24. 2013 11:29PM - 980 Views

A man passes an empty closed branch of Bank of Cyprus in central capital Nicosia on Sunday.
A man passes an empty closed branch of Bank of Cyprus in central capital Nicosia on Sunday.
Story Tools:

Font Size:

Social Media:

BRUSSELS — After failing for a week to find a solution at home to a crisis that could force it into bankruptcy, Cypriot politicians were turning to the European Union on Sunday in a last-ditch effort to help the island nation forge a viable plan to secure an international bailout.


Politicians are under pressure to come up with a solution quickly, with the European Central Bank threatening to stop providing emergency funding to Cyprus’ banks after today if there is no agreement on a way to raise 5.8 billion euros ($7.5 billion) needed to get a 10 billion euro rescue loan package from the International Monetary Fund and the other European countries that use the single currency.


If Cyprus fails to secure a bailout, some of its ailing banks could collapse within days and rapidly drag down the government and possibly force it out of the euro, a huge threat to the stability of the currency used by more than 300 million people in 17 EU nations.


Despite the danger, Europe’s biggest economy maintained a hard line. German Finance Minister Wolfgang Schaeuble said “if possible we want to avoid seeing Cyprus sliding into insolvency.”


But, he said Sunday in a newspaper interview that Cyprus cannot expect compromise over the threat of bankruptcy and possibility it could leave the eurozone.


Comments
comments powered by Disqus



Featured Businesses


Poll



Info Minute



Gas Prices

Wilkes-Barre Gas Prices provided by GasBuddy.com