A Cypriot government spokesman has said that the "next few hours will determine the future of the country" as Europe promises to move into top gear to find an alternative solution to the island's troubles. You have to wonder what gear they were in beforehand. A spokesman has said that the EU has not discussed a bailout deal with Russia.
The Bank of Cyprus executive has stated that a return to the pound is not a viable option but says that a levy on deposits over €100,000 could come into play. Bank of Moscow chief executive Mikhail Kuzovlev has said that Bank of Moscow clients would exit Cyprus on deposit levy and that the bank would follow clients from Cyprus.