Cyprus is on the brink of bankruptcy and of becoming the first-ever country to leave the euro after the European Central Bank (ECB) issued an ultimatum on Thursday (21 March).
In its statement, the ECB warned that it would turn off the tap of emergency funding to Cyprus' banks on Monday if a rescue package is not agreed.
Removing Cyprus' emergency support could see the country's two largest banks, Bank of Cyprus and Laiki, collapse within days.
Carston Brezki, senior economi...
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