The clock is now ticking down to Monday, March 25 -- an important deadline for Cyprus, the European Union, and the markets in general. The European Central Bank has threatened to cut 10 billion euros ($13 billion) in emergency funding come Monday if Cypriot legislators fail to collect 5.8 billion euros ($7.5 billion) to pay for a bailout. Without the money, the country faces a disorderly default, and its banks, burdened with bad Greek debt, face insolvency.
No clear solution had emerged by the time US markets closed on Friday, but Averof Neophytou, deputy leader of Nicos Anastasiades's Democratic Rally, had provided vague hope, telling reporters today, "There is cautious optimism that in the next few hours we may be able to reach an agreed platform."
The articles below will give you more perspective on the crisis and ways to prepare your portfolio for the coming events in the Mediterranean island country. Here are the best stories on Cyprus from Minyanville this week:
Cyprus: Has the Next Phase of the Global Crisis Arrived?
Source: Adrian Wyld/ The Canadian Press
Cyprus: What Matters Now Is the Story Investors Choose to Believe
Et Tu, Cyprus? Investors Still Fear Ripple Effects of the Mini-Crisis
Cyprus: Profit From Cypromania With European Bank Stocks
Cyprus Crisis Meets Capitulation in Gold Stocks: A Perfect Storm?
Buzz on the Street: Cyprus Barely Makes a Dent in the Little Bull Market That Could
Does the Crisis in Cyprus Put the Platinum Market at Risk?
No positions in stocks mentioned.