Brussels Urgently Summons Cyprus Leaders over Bailout Plan

The President of Cyprus, Nicos Anastasiades is due in Brussels for emergency talks on how to secure EU financing. Photo by EPA/BGNES

The President of Cyprus, Nicos Anastasiades, and political party leaders have been summoned in Brussels for emergency last-minute talks on measures to prevent bankruptcy of the State.

Cyprus has a Monday deadline to raise EUR 5.8 B to qualify for a EUR 10 B bailout.

It is further reported the Cypriot Parliament has given up on plans to vote Saturday on the levy on bank deposits and has postponed it in awaiting the Sunday meeting of Eurozone Finance Ministers in Brussels.

The MPs voted on Friday to restructure the island's banks, set up a "national solidarity fund", and establish capital controls.

The European Central Bank has given Cyprus until Monday to raise the bailout money, or it says it will cut off funds to the banks, meaning they would collapse, possibly pushing the country out of the Eurozone.

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