Cyprus told: take bank levy or leave euro
Ian Traynor in Brussels The Guardian, Sunday 24 March 2013 17.11 EDT
President, eurozone finance ministers and bailout troika hold emergency meeting as €100 limit imposed on ATM withdrawals - …………Little progress was reported from the earlier meetings on Sunday on resolving the stalemate over how to structure a €17bn bailout, with creditors unwilling to offer more than €10bn while expressing dissatisfaction over Cypriot proposals to supply the remainder.
Over the weekend, Nicosia moved on legislation to wind up Cyprus Popular Bank and to introduce capital controls to try to prevent a bank run and flight of money out of the country. If an agreement is found, the proposed deal would still need to pass the Cypriot parliament probably by Monday at the latest. It was clear that whether Cyprus accepted or rejected the bailout terms, its economy and banking sector faced maximum disruption and turmoil. "There are only hard choices left," said Rehn….To Read More….
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