The Mediterranean island nation's leaders are hoping to prevent a bank run. Customers could see limits on cash withdrawals that could last for months. The terms of the bailout deal are a shocking outcome for a country which built itself on its banking industry.
The bank would fund infrastructure projects in emerging and developing countries. But the leaders of the BRICS nations — Brazil, Russia, India, China and South Africa — were unable to agree on how much capital such a bank would need.
Robert Siegel talks to Joseph Cotterill, writer for the Financial Times, about what may happen if the European Union's bailout plan for Cyprus succeeds and which country may be poised to take on the role as the next Cayman Islands of Eastern Europe.
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