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ECB gives Cyprus bailout ultimatum

Blog by Brad Herman | March 21st, 2013

The European Central Bank gave Cyprus until Monday to raise billions of euros to clinch an international bailout or face losing emergency funds for its banks and inevitable collapse.

The ultimatum came as the island's leaders struggled over a "Plan B" to try to raise 5.8 billion euros demanded by the EU under a 10 billion euro ($13 billion US) rescue, after angry lawmakers threw out a tax on deposits as "bank robbery".