'Only hard choices left' for Cyprus

President Nicos Anastasiades of Cyprus is in Brussels today and will meet with EU finance ministers in a matter of hours to decide the fate of the tiny Island country. "The events of recent days have led to a situation where there are no longer any optimal solutions available," Olli Rehn, the EU's top economic official, said Saturday. "There are only hard choices left." A meeting of European Union finance minister has been set for Sunday, at 1 pm ET in Brussels. The tiny island nation needs to find a way to raise nearly €6 billion to satisfy the conditions of a €10 billion EU rescue or face economic meltdown when banks reopen Tuesday after a 10-day hiatus. Late Friday, after a long debate, the Cyprus parliament passed bills to create a sovereign wealth fund, nationalize pension assets and impose strict limits on the movement of capital. Still unresolved is one of the most controversial parts of the bailout plan -- a tax on bank deposits. The original EU bailout...(Read Full Post)