(Ahlul Bayt News Agency) - Cypriot President Nicos Anastasiades and party leaders will reportedly head to Brussels on Saturday to meet with officials from the European Union (EU) and the International Monetary Fund (IMF) over the requested rescue package.
The country has to raise 5.8 billion euros (7.5 billion US dollars) to qualify for a 10-billion-euro (12.9-billion-US dollar) bailout loan from the European Central Bank (ECB) and the International Monetary Fund.
Late on Friday, the Cypriot parliament approved at least three out of eight rescue measures hammered out by the government during an emergency session. The lawmakers adopted the law to restructure Cypriot banks, set up a “national solidarity fund”, and establish capital controls.
According to reports, the parliament is expected to reconvene to debate a possible bank levy after a meeting joined by eurozone finance ministers which is scheduled to be held on Sunday afternoon.
The European Central Bank (ECB) has set Monday as the deadline for Nicosia to secure a bailout deal with creditors. According to an EU source, the European bloc is prepared to eject Cyprus from the Eurozone in case they fail to reach an agreement.
The country’s banks will remain shut nationwide until March 26 to prevent cash withdrawals, prompting people to form long lines at cash machines, which only dispense a lowered daily amount of 260 euros for each individual account.
The long-drawn-out eurozone debt crisis is viewed as a threat not only to Europe, but also many other developed economies in the world.
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