Cyprus And EU Bailouts | WAMU 88.5 - American University Radio

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Cyprus And EU Bailouts

Political leaders in Cyprus are in crisis talks. They face the collapse of their banks and are looking desperately for a way to avoid that prospect. The European Union could help with a bailout fund, but only if Cyprus puts in $13 billion. The financial sector accounts for 40 percent of the Cypriot economy, and without outside aid, it’s likely to fail. Cyprus’s financial ties to Russia would widen the impact. But critics of the proposed bailout say ordinary citizens would end up paying. Meanwhile, the banks in Cyprus remain closed. Please join us to discuss what the current crisis in Cyprus means for the rest of us.

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