Current Event Cat of the Day

Current Event Cat - Bank of Cyprus

Current Event Cat of the Day:

The Bank of Cyprus is warning Cypriots that their economy is “on the brink” and desperately requires funds from its fellow eurozone countries and the International Monetary Fund.

The European Central Bank has given Cyprus until Monday to raise the funds it needs to secure a bailout. Cyprus has been told it must raise 5.8 billion euros if it is to receive 10 billion euros from Europe.

Cyprus has already vetoed a plan to tax citizens’ bank deposits and is now planning on debating potential “Plan B”s today. If it does not find a way by Monday, the European Central Bank said it will cut off emergency support to the banks, letting them collapse.

Via: Current Event Cats

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