Financial Post | Business

Breaking News: Cyprus lawmaker says solution to Cyprus’s bailout crisis within the framework set down by the European Union may be possible within “the next few hours”

NICOSIA/MOSCOW — Russia rebuffed Cypriot entreaties for aid on Friday, leaving the island’s increasingly isolated leaders scrambling to strike a bailout deal with the European Union by next week or face the collapse of its financial system.

‘It must realize its current business model is dead’

[np_storybar title=”Europe is a complete disaster, and its luck may have just run out” link=”http://business.financialpost.com/2013/03/21/europe-is-a-complete-disaster-and-its-luck-may-have-just-run-out/”]Comment: The crisis in Cyprus is a good opportunity to take a step back and remind ourselves how incredibly broken the eurozone remains
[/np_storybar]

In Nicosia, lawmakers considered proposals to nationalize pension funds, pool state assets and split the country’s second-largest bank in a desperate effort to satisfy exasperated European allies.

Friday morning the deputy leader of the island’s ruling Democratic Rally party…

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