‘EU gives Cyprus an ultimatum to avoid it leaving the euro’

EU countries are "losing patience" with Cyprus, notes the daily. On March 21, the Eurogroup urged the Cypriot government to present a new bailout plan guaranteeing that bank deposits below the €100,000 threshold would not be taxed.

The European Central Bank also declared that it would begin cutting financial aid to Cypriot banks, starting on Monday, if no agreement had been reached.

The EU is even discussing a plan B in case of a sudden Cyprus exit from the Eurozone, in order to avoid contagion to other European countries – particularly Greece. This could include restrictions on the circulation of capital to avoid massive withdrawals from Cypriot banks.