By Michele Kambas and Lidia Kelly – Cyprus pleaded for a new loan from Russia on Wednesday (Mar 20) to avert a financial meltdown, after the island’s parliament rejected the terms of a bailout from the EU, raising the risk of default and a bank crash.
Cypriots balked at EU demands for a levy on bank deposits to raise 5.8 billion euros, an unprecedented measure that opponents said would have violated the principle behind an EU-wide guarantee on deposits of up to 100,000 euros. more> http://tinyurl.com/bpom63c
- Why the EU is right on Cyprus, Peter Gumbel, Reuters
- Cyprus bailout plan puts eurocrisis back on the front page, Robert Marquand, CSMonitor.com
- Anger in Cyprus: ‘They Can’t Just Penalize Us Because of the Banks!’ Nicolai Kwasniewski, SPIEGEL ONLINE
- Cyprus Bailout Plan Breaks Cardinal Rule of Financial Crises, Matt Egan, Fox Business