Cyprus And EU Bailouts

Cyprus And EU Bailouts

Cyprus seeks alternatives after rejecting European bailout terms. How the financial crisis in Cyprus tests Germany, the European Union and world markets.

Political leaders in Cyprus are in crisis talks. They face the collapse of their banks and are looking desperately for a way to avoid that prospect. The European Union could help with a bailout fund, but only if Cyprus puts in $13 billion. The financial sector accounts for 40 percent of the Cypriot economy, and without outside aid, it’s likely to fail. Cyprus’s financial ties to Russia would widen the impact. But critics of the proposed bailout say ordinary citizens would end up paying. Meanwhile, the banks in Cyprus remain closed. Please join us to discuss what the current crisis in Cyprus means for the rest of us.

Guests

Nicholas Schrifin

correspondent, ABC News

Sheila Bair

senior adviser at The Pew Charitable Trusts and former chair of Federal Deposit Insurance Corporation.

Jacob Kirkegaard

research fellow at the Peterson Institute and senior associate at Rhodium Group, a New York-based research firm.

Nicholas Karambelas

legal counsel for the American Hellenic Institute.

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