Cyprus banks face meltdown as ECB ready to pull plug | Bangkok Post: news

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Cyprus banks face meltdown as ECB ready to pull plug

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The European Central Bank warned Thursday it was ready to pull the plug on emergency funding for Cyprus banks as the island's politicians scrambled to raise billions of euros to head off financial meltdown. 

People wait in line to withdraw money from an ATM of a Laiki (Popular) Bank branch in the centre of the capital, Nicosia on March 21, 2013. The European Central Bank warned it was ready to pull the plug on emergency funding for Cyprus banks as the island's politicians scrambled to raise billions of euros to head off financial meltdown.

The ECB said Cyprus had until Monday to clinch a bailout deal or funds would be cut off, while an EU source warned that unless the island pushed a workable plan through parliament and overhauled its banking sector by Tuesday it risked being kicked out of the eurozone.

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