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Cyprus bank insolvency crisis quickly escalating; may set off EU bankageddon


Cyprus bank insolvency crisis quickly escalating; may set off EU bankageddon

(NaturalNews) As you may have suspected, there’s far more to the Cyprus bank crisis story than meets the eye. It turns out the shutdown of Cypriot banks has caused a large-scale financial shutdown of the Russian government which uses Cyprus banks for most transactions.

On top of that, the EU central bank (ECB) has now issued an ultimatum that threatens to revoke all financial support and crash the Cypriot banks if they can’t come up with 5.8 billion Euros by Monday. Reuters reports:

The European Central Bank, which has kept Cyprus’s banks operating with a liquidity lifeline, said the government had until Monday to get a deal in place, or funds would be cut off – putting not just the Cypriot economy in jeopardy but billions of euros held on the island by foreigners, notably from Russia.

Learn more: http://www.naturalnews.com/039588_Cyprus_banking_crisis_collapse.html#ixzz2OHSULhLM

Cyprus bank insolvency crisis quickly escalating; may set off EU bankageddon

via Cyprus bank insolvency crisis quickly escalating; may set off EU bankageddon.

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Categories: International-news

Author:General Maddox

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