Cyprus economy 'on the brink', Bank of Cyprus warns

The Cypriot economy is "on the brink" and desperately requires a liquidity lifeline from Europe, Cyprus' largest bank has warned.

Cyprus economy 'on the brink', Bank of Cyprus warns 66544445cyprusbank

"The next move may prove its salvation or destruction," said the Bank of Cyprus - itself said to require urgent funding to prevent collapse.

The European Central Bank has given the island nation until Monday to raise the funds it needs to secure a bailout.

MPs have delayed a vote on a new plan to raise those funds until Friday.

Earlier this week they flatly rejected a plan to tax bank deposits.

They need to find 5.8bn euros (£4.9bn; $7.5bn) to qualify for a 10bn-euro bailout loan from the EU and International Monetary Fund (IMF).

http://www.bbc.co.uk/news/world-europe-21885301

Not generally known: Biggest landowner in the whole of Cyprus is their church.

Cyprus economy 'on the brink', Bank of Cyprus warns

Cyprus economy 'on the brink', Bank of Cyprus warns

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