Unless the island signs off on a radical debt-cutting programme, the ECB will on Monday withdraw "emergency liquidity assistance" leading to the immediate collapse of the two largest Cypriot banks and a financial crash in Cyprus.
It has also emerged that talks over Cyprus leaving the EU's single currency took place on Wednesday night between senior finance officials who have drawn up plans for capital controls to prevent a meltdown of the eurozone's financial system.
Source: The Telegraph. Read full article. (link)