The financial future of Cyprus remains hanging by a thread tonight, after the country's Parliament last night emphatically rejected the proposed EU bailout which had been negotiated at the end of last week.
Today the Finance Minister flew to Moscow to ask the Russians to come to the rescue, but the meeting ended with no deal being reached and a planned press conference was cancelled. Rumours abound of Gazprom having offered to resolve the tiny country's financial difficulties in return for exclusive rights to exploit its oil and gas reserves, but it is an invidious position for the country to be in, trying to negotiate a commercial deal of such importance when known to be hovering on the edge of bankruptcy.
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