Cyprus and European Officials Scramble to End Bank Crisis

European Union leaders convened�emergency meetings here Sunday night hoping to devise a bank bailout package that would enable Cyprus to stay in the euro zone and rebuild its devastated economy.The Cypriot president, Nicos Anastasiades, flew up from Nicosia earlier in the day with a proposal for raising the 5.8 billion euros, or $7.5 billion, that his country is supposed to contribute in order to receive 10 billion euros from the International Monetary Fund and euro zone countries. The Cypriot president, Nicos Anastasiades, flew up from Nicosia earlier in the day with a proposal for raising the 5.8 billion euros, or $7.5 billion, that his country is supposed to contribute in order to receive 10 billion euros from the International Monetary Fund and euro zone countries.

Source: http://ml-implode.com/staticnews/2013-03-24_CyprusandEuropeanOfficialsScrambletoEndBankCrisis.html

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