Cyprus bailout talks go down to the wire

EU economic chief Olli Rehn warned Cyprus it was essential to reach a deal in Brussels on Sunday to save its economy from imminent bankruptcy, saying “there are only hard choices left” for the country.

Rehn welcomed “progress” made toward meeting EU-IMF demands that Cyprus reform its financial sector and raise £5.8 billion (HK$58.5 billion) to unlock £10 billion (HK$100.8 billion) in desperately needed emergency loans by a Monday deadline.

Cypriot leaders face a make-or-break meeting of euro zone finance ministers on Sunday evening, their last chance to get a deal.

via Business feed http://www.scmp.com/news/world/article/1198656/cyprus-bailout-talks-go-down-wire