“The European Union gave Cyprus till Monday to raise the billions of euros it needs to secure an international bailout or face a collapse of its financial system that could push it out of the euro currency zone.  Trying to placate its lenders, the government proposed to parliament a ‘solidarity fund’ that would bundle state assets, including future gas revenues, as the basis for an emergency bond issue, likened by JP Morgan to ‘a national fire sale’.  It also sought the power to impose capital controls on banks, a type of measure unseen since before the country joined the single currency bloc five years ago.”

http://www.reuters.com/article/2013/03/21/us-cyprus-parliament-idUSBRE92G03I20130321

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