Last minute bid to save Cyprus from financial collapse

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Last minute bid to save Cyprus from financial collapse

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European finance ministers arrived in Brussels on Sunday for last-ditch talks, aimed at averting financial meltdown in Cyprus.

The European Central Bank is threatening to pull the plug on providing emergency funding for the country’s banks, if there is no agreement on how to raise 5.8 billion euros.

That is what is needed for Cyprus to qualify for a 10 billion euro rescue loan package.

Cyprus’ president and finance minister travelled to Brussels for negotiations.

If there is no bailout, the country could ultimately be forced out of the eurozone.

“Unfortunately, in this situation, if they don’t want us, they’d better tell us to go home and shut down this thing called Europe. That’s enough!” said a Cypriot demonstrator in Brussels.

Another protester added: “Nobody among us is going to accept a decision to destroy a country for micropolitical interests.”

euronews correspondent Efthymia Koutsokosta, in Brussels, said “the moment of truth” had arrived for both Cyprus and the Eurozone.