VIDEO: Jim Rickards on Bloomberg Talks US/EU Economy and Cyprus BailoutsSubmitted by kane1 on Fri, 03/22/2013 - 12:50
Cypriot lawmakers begin debate today on legislation to unlock bailout funds and prevent a financial collapse with a European Central Bank deadline to cut off funding for its lenders in three days.
Euro-area finance ministers expect a proposal from Cyprus “as rapidly as possible” to raise the 5.8 billion euros ($7.5 billion) needed to trigger the emergency loans, they said in a statement late yesterday after meeting in a teleconference. The euro fell after Cyprus Finance Minister Michael Sarris said the nation didn’t get the financial support it sought from Russia.
“Cyprus has it in its own hands to prevent the state’s bankruptcy but time is running out,” said Hans Michelbach, a German lawmaker and ally of Chancellor Angela Merkel.