European leaders are edging closer to approving another government bailout — this time for recession-plagued Cyprus.

European Union leaders are meeting later this week in Brussels to discuss the terms of a $22 billion rescue package for Cyprus that would roughly equal the size of the Mediterranean island nation’s annual economic output.

Cyprus accounts for just a small fraction of the economic output of the 17-nation bloc that uses the euro. But the Cypriot economy has been faltering, … [Read More]

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Source: VOA News: Economy and Finance