Officials grilled over Cyprus bailout fiasco

Members of the European Parliament (MEPs) discussed with European Council Council President Herman Van Rompuy and European Commission vice-president Maroš Šefčovič on the results of the European Council summit in Brussels, 14-15 March 2013. Economic policy and the EU's long term budget featured prominently, along with questions about Hungary and Syria. However, the Cypriot crisis took centre stage, with many MEPs highly critical of the Eurogroup's decisions and demanding clear information.

In Cyprus itself the president of Cyprus was due to present political leaders with a 'Plan B' for funding the controversial bailout on the 21 March 2013.

The Cypriot Finance Minister Michalis Sarris remained in Moscow on the 20-21 March 2013 to negotiate assistance from Russia, which held multi-billion dollar investments in Cyprus.

Russian Prime Minister Dmitry Medvedev, lambasted the original EU / IMF plan. The Union has behaved like a 'bull in a china shop', Prime Minister Medvedev said.

• Primary Source

RIA Novosti: Tag: Cyprus Bailout 2013 http://en.rian.ru/trend/Cyprus_bailout_2013/

BBC News, 20.03.13: Cyprus government 'to present bailout plan B on Thursday' http://www.bbc.co.uk/news/world-europe-21870801

ESO: Background Information: Statement by the Eurogroup President on Cyprus http://www.europeansources.info/record/statement-by-the-eurogroup-president-on-cyprus/

ESO: Background information: Eurogroup Statement on Cyprus http://www.europeansources.info/record/eurogroup-statement-on-cyprus/

European Parliament: Press Release, 20.01.13: Van Rompuy and Šefčovič debrief MEPs on European Council and Cyprus http://www.europarl.europa.eu/news/en/headlines/content/20130318STO06608/

BBC News, 20.03.13: Russian press suspicious of Cyprus rescue plan http://www.bbc.co.uk/news/world-europe-21857353

EUObserver, 21.03.13: Cyprus struggling on bailout Plan B http://euobserver.com/economic/119515

Deutsche Welle, 21.03.13: Russia between outrage and hysteria over Cyprus http://www.dw.de/russia-between-outrage-and-hysteria-over-cyprus/a-16687083

Deutsche Welle, 20.03.13: Chaos rolls over the eurozone - again http://www.dw.de/chaos-rolls-over-the-eurozone-again/a-16686787

Spiegel Online International, 20.03.13: Banks on the Brink: ECB May Cut Emergency Funding to Cyprus http://www.spiegel.de/international/europe/ecb-may-cut-emergency-funding-to-cypriot-banks-after-refusal-a-889967.html

Spiegel Online International, 20.03.13: Playing Chicken: Why the Euro Zone Must Play Hardball with Cyprus http://www.spiegel.de/international/europe/cyprus-no-to-bailout-deal-is-a-danger-to-the-euro-zone-a-889893.html

VoxEU.Org: Tag: Cyprus (Economists analyse the situation in Cyprus) http://www.voxeu.org/category/tags/cyprus

EUObserver, 20.03.13: Cyprus blamed for decision to tax small savers http://euobserver.com/economic/119503

EurActiv, 21.03.13: Kremlin seeks to protect Cyprus amid 'dirty money' claims http://www.euractiv.com/euro-finance/kremlin-moves-save-cyprus-dirty-news-518647

EUObserver, 21.03.13: Russian PM lectures Barroso on Cyprus http://euobserver.com/economic/119525

EUObserver, 21.03.13: Eurogroup boss: Cyprus levy is 'inevitable' http://euobserver.com/news/119524

BBC News, 21.03.13: Cyprus plans special fund in race to get EU-IMF bailout http://www.bbc.co.uk/news/world-europe-21875246

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