Cyprus Gets German Warning Looks For Russian Help

Wednesday 20th March, 2013

Germany’s finance minister is warning that banks in Cyprus may never reopen as the Cypriot finance minister headed to Moscow seeking financial help. The Cypriot parliament rejected a 10 billion-euro ($13 billion) bailout deal from international creditors on March 19 following widespread anger inside and outside the country that it included a onetime tax on bank deposits. After the rejection, German Finance Minister Wolfgang Schaeuble pointed out that two of Cyprus’s biggest banks are propped up by emergency liquidity from the European Central Bank. “Someone needs to explai…

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