Eurozone finance ministers to discuss situation in Cyprus

Finance ministers of the eurozone countries are to discuss the situation in Cyprus on Thursday evening, Jeroen Dijsselbloem, president of the Euro Group, said.

Earlier today, a highly placed EU source said in turn that Cyprus will be excluded from the eurozone if its government fails to take measures aimed at saving the country’s banking system.

The source added that to avoid being expelled from the eurozone, the Cyprus government should present a new “reliable and viable” bailout plan, establish long-term control over bank deposits and contribute to merging the two largest Cypriot banks that are currently on the verge of default.

The source said that these tasks should be implemented by next Tuesday, AFP reports.