Cyprus appears to be on the verge of a multibillion-euro bailout deal with the European Union...

|By:, SA News Editor

Cyprus appears to be on the verge of a multibillion-euro bailout deal with the European Union and the IMF, in a move to avert a looming cash crunch facing the island's government and help restore its banking sector to health. However, the European Commission asserts that a deal had been struck yet, and that discussions are ongoing.