Cyprus has emergency liquidity funds until Monday. After that they will go bankrupt. Banks are closed and there is a run on basic supplies such as gas.
Panicos Demetriades, Governor of the Central Bank of Cyprus, said that restructuring is needed immediately. Their plan for now is to go after big depositors. [Special Report]
The really big depositors are Russians. Did Putin send the tanks in yet?
The EU is concerned that there is a systemic risk.