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 Hard Deadline to Hit Cyprus Monday as region Faces Economic Collapse

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PostSubject: Hard Deadline to Hit Cyprus Monday as region Faces Economic Collapse   Sat Mar 23, 2013 3:55 pm



NICOSIA — Cypriots finance minister (Michalis Sarris) stated Saturday that they have made “significant progress toward reaching an agreement” as thing in the presidential sector heated up.

The region now teeters on the brink of economic turmoil as over 1000 bankers marched from the Cyprus Union Bank headquarters to the Presidential Sector in fear of loosing their jobs. The protestors were stopped by police at the presidential compound for sometime but were eventually let by.

The Raw Story reported today that;

The Cypriot authorities are scrambling to raise 5.8 billion euros ($7.5 billion) before a Monday deadline set by the European Central Bank or it will cut off emergency financial aid to the island.

Finance Minister Michalis Sarris said “significant progress” has been made in talks with the EU, ECB and IMF aimed at clinching a 10 billion-euro ($13 billion) bailout to save the eurozone member from looming bankruptcy.

more here: http://intellihub.com/2013/03/23/hard-deadline-to-hit-cyprus-monday-as-region-faces-economic-collapse/

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