Cyprus has a few days before it goes bankrupt

Will the European financial crises ever cease? The small Mediterranean island of Cyprus is on schedule to be bankrupt by the beginning of next week if it cannot raise the $7.5 billion it needs to qualify for another $12.9 billion in rescue loans from its euro zone partners and the International Monetary Fund. This has put Cypriot leaders in frantic talks with various parties to craft some kind of deal that will please both its own Parliament and the country's potential international creditors. Right now, things do not look so good for Cyprus, and that can only mean bad ripple effects for the euro zone. 

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