News / Europe

Cyprus Bailout Talks Stretch Into Sunday Without Deal

Related Report by Mil Arcega

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Cyprus Parliament Passes Financial Measures, Future Uncertaini
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March 23, 2013
After last-minute talks Friday, Cyprus lawmakers passed measures required by the European Union to secure a bank bailout. Finance ministers from the 17-nation eurozone still have to meet on Sunday to discuss the details. The country's 56-member parliament had until Monday to find ways to raise $7.5 billion or risk losing billions of dollars in emergency funding from the European Central Bank. Mil Arcega reports for VOA that support from the European partners of Cyprus is needed to avoid a bleak financial future for the nation.

Related Report by Mil Arcega

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VOA News
Last minute negotiations in Cyprus aimed at averting a banking collapse stretched into the early hours of Sunday without agreement on a plan to raise funds needed to qualify for an international bailout.

Failure by Cyprus leaders to reach a deal by Monday with envoys from the European Central Bank, the European Commission and the International Monetary Fund could force the country into bankruptcy and lead to its ouster from the 17-member eurozone.

Cyprus has been told by the so-called troika that it must raise $7.5 billion in order to qualify for a $13 billion bailout loan from other eurozone countries.

With the deadline looming, the government said President Nicos Anastasiades would travel later Sunday to Brussels to continue negotiations on terms of a deal.

Thousands of bank employees march to the parliament during a protest in Nicosia Mar. 23, 2013.Thousands of bank employees march to the parliament during a protest in Nicosia Mar. 23, 2013.
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Thousands of bank employees march to the parliament during a protest in Nicosia Mar. 23, 2013.
Thousands of bank employees march to the parliament during a protest in Nicosia Mar. 23, 2013.
On Saturday, lawmakers were reported on the verge of approving a one-time levy on deposits of more than $130,000.

But hours later it remained unclear how much progress had been made in the talks, with conflicting information coming from the closed-door negotiations.

Earlier this week, the country's lawmakers soundly rejected an unpopular plan that would have levied a 10 percent tax on all bank accounts.

That rejection came as depositors lined up outside Cyprus banks to withdraw savings and analysts warned that panic by small depositors could spread to other European countries with faltering economies.

 

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by: nate from: florida
March 23, 2013 6:31 PM
I pray for a resolution for Cypress. We need stability in the region. Its only money. Fix it. Good wishes to you in Cypress.

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