Source: Washington Post:
Petros Giannakouris/AP – Women pass a Russian commercial bank in Nicosia, Cyprus, Thursday, March 21, 2013. The European Central Bank says it will keep emergency aid for Cyprus’ troubled banks in place until Monday but will cut it off after that unless a suitable rescue program has been agreed upon.
The announcement that the European Central Bank would withdraw emergency funding from Cyprus’s teetering banks if no bailout is in place by Monday gave urgency to the country’s scramble to find cash. It came as European leaders warned in the strongest terms yet Thursday that if Cyprus’s banks fail, problems could quickly spread to the other 16 nations that share the euro currency.
Categories: Crisis, Currecncy, Europe, European Union