Cypriot president arrives in Brussels for crisis talks
Sunday, March 24, 2013 - 01:03
March 24 - A Cypriot delegation headed by President Nicos Anastasiades arrives in Brussels for last-minute talks to avert a banking meltdown on the Mediterranean island. Rough Cut (no reporter narration)
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Rough Cut (no reporter narration)
A Cypriot delegation headed by President Nicos Anastasiades arrived in Brussels on Sunday (March 24) for last-minute talks with European Union politicians to avert a banking system collapse.
The delegation arrived at the Melsbroek military base just outside Brussels in a private jet sent by the EU Commission.
The group headed to the EU Council building for talks with leaders of the European Union, the European Central Bank and International Monetary Fund (IMF) -- the "troika" of international lenders.
IMF chief Christine Lagarde was seen at the Sofitel Hotel, where the Cypriot delegation is expected to stay, and will join the talks.
A meeting of euro zone finance ministers is scheduled for 6 p.m. (1700 GMT).
Cyprus' overgrown banking sector has been crippled by exposure to crisis-hit Greece, and the EU says the Mediterranean island must raise 5.8 billion euros on its own before it can receive a 10-billion-euro bailout.
Without a deal by the end of Monday (March 25), the ECB says it will cut off emergency funds to Cypriot banks, spelling certain collapse and potentially pushing the country out of the euro zone.
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