Only hard choices left for Cyprus now, says European Union

The European Union has warned debt-stricken Cyprus on the eve of crucial negotiations on its future that it will have to make "hard choices" and asked the country to reach an agreement with its euro zone partners on a rescue package to avert a bankruptcy.

RBI expresses concerns over Cyprus banks facing meltdown

Reserve Bank Governor D Subbarao Friday expressed concerns over Cyprus banks facing meltdown, saying it has implications on the banking sector everywhere.