Cyprus is on the brink of bankruptcy and of becoming the first-ever country to leave the euro after the European Central Bank (ECB) issued an ultimatum on Thursday (21 March).
In its statement, the ECB warned that it would turn off the tap of emergency funding to Cyprus' banks on Monday if a rescue package is not agreed.
Removing Cyprus' emergency support could see the country's two largest banks, Bank of Cyprus and Laiki, collapse within days.
Carston Brezki, senior economi...
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Already a member? Login hereBenjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.
Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.