|EU Prepares Shut Down of Cyprus Banks|
|by Tom McGregor||Wed, Mar 20, 2013, 01:27 AM|
The finance minister of Germany has warned that crisis-stricken banks in Cyprus may get shut down permanently if Cypriots reject bailout terms.
The BBC News reports that, "Wolfgang Schaeuble said major Cypriot banks were 'insolvent if there are no emergency funds.'"
He made the statement after the parliament of Cyprus rejected a global bailout deal, which would have imposed a one-off tax on bank deposits.
According to the BBC, "frantic talks are under way to try to agree on an alternative plan. Leaders of political parties in Cyprus are due to meet later after parliament rejected the controversial levy, proposed as part of a 10bn euro ($13bn) bailout package."
The nation is struggling with turmoil, while the eurozone's plan has collapsed.
To read the entire article from the BBC News, link here:
|< Prev||Next >|