Cypriot banks on brink in Icelandic flashback

A small island on the edge of Europe teetering under the weight of its bust banks. Sound familiar?

Like Iceland and Ireland before it, Cyprus is battling to prevent an outsized and overextended banking sector from dragging the country into the ground.

Cyprus’s parliament has overwhelmingly rejected a proposed levy on deposits as a condition of a European bailout, throwing the country’s future into disarray.

But the experiences of Iceland and Ireland show that however Cyprus decides to deal with its crisis, pain is in store.

via Business feed http://www.scmp.com/business/banking-finance/article/1195230/cypriot-banks-brink-icelandic-flashback