Crisis in the Euro-zone hits Cyprus

The next country to be affected in the Euro-zone is Cyprus. Just after Spain, Greece and Italy are getting stabilized, Cyprus is being hit seriously by a financial crisis and the country's banking system is currently being overhauled.

Cyprus, joined the EU in January 2008. the failure of the two biggest banks Bank of Cyprus and Laiki could  trigger and economic collapse and eventually force Cyprus out of the EU. For now all banks in Cyprus has been closed, to reopen next week Tuesday.  

International lenders have agreed a €10bn rescue of the debt-laden island contingent on the raising of €5.8bn from a Cypriot bank deposit levy