Cyprus seeks Russian rescue, EU threatens cutoff


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By Michele Kambas and Lidia Kelly – Cyprus pleaded for a new loan from Russia on Wednesday (Mar 20) to avert a financial meltdown, after the island’s parliament rejected the terms of a bailout from the EU, raising the risk of default and a bank crash.

Cypriots balked at EU demands for a levy on bank deposits to raise 5.8 billion euros, an unprecedented measure that opponents said would have violated the principle behind an EU-wide guarantee on deposits of up to 100,000 euros. more> http://tinyurl.com/bpom63c

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