Cyprus Making ‘Significant Progress’

    A man carrying soft drinks as people use the ATM machines in central capital Nicosia, Cyprus, Friday, March 22, 2013. Banks on this island nation have already been shut for a week. People have access to some cash through ATMs and can use debit and credit cards, but the needs of commerce are far more complicated. Businesses can't pay suppliers, fill stock orders or pay their employees' wages.  (AP Photo/Petros Karadjias)

    Petros Karadjias/AP

    All eyes are on Cyprus as it edges closer to a bailout to save its economy. The country's finance minister, Michalis Sarris, reported Saturday that "significant progress" had been made in negotiations with creditors. Still, Sarris admits there are still issues, including a proposed tax on banks savings at the Bank of Cyprus. The island nation must raise 5.8 billion euros from various creditors by Monday in order to access a 10 million-euro bailout from the European Union, the European Central Bank, and the International Monetary Fund. If the bailout doesn't happen, Cyprus will be cut off from ECB emergency funding and go bankrupt.

    Read it at AFP