This week will hold milestones for small Mediterranean country of Cyprus. Economic shifts there, with origins in the earliest days of the global financial crisis, have pushed the island nation to the brink of withdrawal from the European Union. Monday, March 25 stands as the deadline for the country to address problems in its “overgrown” banking system. (Yahoo) In order to receive an economic bailout to sustain their flagging banks, Cyprus has been asked to ante up 5.8 billion euros of their own. Whether such a contribution is feasible has not been made clear. Changes to be made in the country’s financial system following a bailout, which would be sponsored by the EU, the European Central Bank and the International Monetary Fund, are currently under discussion. (Global Post)

Thousands of protesters have flooded the area in front of the country’s parliament to voice their frustration with the current situation. On Saturday, March 23, an EU flag was burned by the crowd. (Business Insider)

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Their duress stems from the conditions to be imposed on Cyprus’ banking system if a bailout is received as planned. Employees of Laiki Bank, also called the Cyprus Popular Bank, faced police in riot control gear  (The Telegraph) while marching to protest the news that their organization would be shut down. Clients of the bank stand to suffer a 25 percent levy on invested funds. Many individuals and corporations that have invested in the country have already pulled out their holdings. (Business Insider)

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