The chairman of the Bank of Cyprus abruptly stepped down after a special administrator was appointed to oversee its restructuring in the wake of a painful bailout of the island nation by international lenders.
From 'Morning Edition': Soraya Sarhaddi Nelson reports
The deal we posted about Sunday evening — a $13 billion bailout by international creditors for the beleaguered banking system on Cyprus — is being met with skepticism on that Mediterranean island nation.
As a deadline on Cyprus to come up with a financial bailout plan nears, a possible rescue from Russia looks to have fallen apart, leaving the island nation few options for staving off default.
Russian Finance Minister Anton Siluanov said as far as Moscow was concerned "the talks have ended," but Prime Minister Dmitry Medvedev left the door open, saying aid from Moscow would be contingent on Cyprus gaining European Union backing for its other money-raising ideas.
Banks on Cyprus remain closed today. The Cypriot Parliament has rejected the terms of a bailout from the European Union. The finance minister is in Moscow looking for financial help from the Russians.
Cyprus has about as many residents as the Bronx. When you add up all the country's banks, they don't even match the 30th largest bank in the U.S. But people all over the world have good reason to be freaked out over what's happened there this week.