The European Union gave Cyprus till Monday to raise the billions of euros it needs to secure an international bailout or face a collapse of its financial system that could push it out of the euro currency zone.
In a sign it was at least preparing for the worst, the Cypriot government sought powers on Thursday to imptuose capital controls to stem a flood of funds leaving the island if there is no deal before banks reopen following this week’s shutdown.
Parliament will reconvene later on Friday to debate a raft of government crisis measures after lawmakers adjourned a late-Thursday sitting saying they needed more time for consultation.
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