Russian has ended talked with Cyprus and is waiting on a decision from the Troika before deciding on a commitment. Cyprus' finance minister Michalis Sarris has said that Russia has not granted financial support at this point. A Russian finance minister has said that investors are not interested in proposals to invest in Cypriot gas reserves. Our banking reporter Tim Wallace on the situation in Cyprus:
Cyprus has four days to agree a bailout plan before it faces its banks and government going bust, a potential euro exit and economic collapse, the EU warned the troubled member state yesterday.
Eurozone leaders held emergency talks last night to decide the future of their €10bn (£8.5bn) bailout offer.
And the European Central Bank threatened to cut off liquidity support if a deal is not reached by the end of the Monday bank holiday.
“The Governing Council of the European Central Bank decided to maintain the current level of Emergency Liquidity Assistance (ELA) until Monday, 25 March 2013,” the central bank said in a statement.
“Thereafter, ELA could only be considered if an EU/IMF programme is in place that would ensure the solvency of the concerned banks.”