http://www.nbcbayarea.com/news/national-international/NATL-Cyprus-Economy-on-the-Brink-Says-Its-Biggest-Bank-199467331.html
Cypriot officials met Thursday to discuss a plan of action for its largest bank, which is currently plummeting. As these discussions commenced, the Cyprus public rushed to ATMs to retrieve their money, even as bank workers did their best to protest.
The EU and IMF announced that Cyprus needs to raise 5.8 billion Euros by this week in order to receive a 10 billion Euro bailout from its European allies. If Cyprus is unable to raise these funds, its banks will be allowed to collapse and the nation will fall into financial crisis.
Here, the EU presents an interesting scenario. On one hand, the economic ties between European nations serve to create a more stable economic network. On the other hand, though, the fact that the EU has proposed an ultimatum serves to show that even allies have a price.
Cyprus plans to adopt a policy where accounts with less than a 100,000 dollars will not have tax against them; this could probably rebuy the local confidence in banks
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