Cyprus faces last ditch chance to save economy
Cypriot President Nicos Anastasiades held fraught last-minute talks with international lenders on Sunday as doubts grew about whether a deal could be reached to save the Mediterranean island from financial meltdown.
Facing a Monday deadline to avert a collapse of Cyprus’s banking system, Anastasiades spent hours arguing with the heads of the European Union, the European Central Bank and the International Monetary Fund over terms for a 10 billion euro ($13 billion) bailout after a first attempt collapsed last week.
A senior source involved in the talks said Anastasiades had threatened to resign in a heated exchange over a proposal to shut down two Cypriot banks. There was no official confirmation.