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Cyprus rejects bank levy – now what?

20 March 2013

Leaders of the political parties are meeting today to discuss alternative plans to the raise funds for the bailout.

Meanwhile Germany’s Finance Minister Wolfgang Schaeuble pointed out that without emergency funding, the two largest Cypriot banks will fail. This funding comes from the European Central Bank and will not be renewed unless Cyprus complies with the reform programme imposed as part of the bail-out conditions.

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