News update 20/03/2013 - noon update

 News update 20/03/2013 - noon update

An update with newsworthy articles from the foreign press from this morning

Russian business must help Cypriot economy – billionaire businessman

http://www.itar-tass.com/c32/681033.html

MOSCOW, March 20 (Itar-Tass) – Russian billionaire and politician Mikhail Prokhorov is confident that Russian business can help Cyprus to settle its financial problems.

“If we think that the financial crisis in Cyprus and in the European Union does not concern Russia, we are deeply mistaken. The EU is our biggest trade partner, and I want to remind you that Cyprus is among the three biggest investors in our economy,” Prokhorov said in an interview with the Vedomosti daily on Wednesday.

FTSE rebounds on hopes of fresh Cyprus deal

http://uk.reuters.com/article/2013/03/20/uk-markets-britain-stocks-idUKBRE8710BE20130320?rpc=401&feedType=RSS&feedName=businessNews&rpc=401

(Reuters) - The top share index gained in early deals on Wednesday, recovering from three days of losses as traders cited optimism that a fresh deal could be struck over a Cyprus bailout.

Germany to Cyprus: your banks might never re-open

http://euobserver.com/economic/119493

BERLIN - Germany has warned Cyprus that the European Central Bank (ECB) will pull the plug on its two largest banks in the absence of a bailout programme and said the terms of the rescue will not change.

WHAT’S WRONG WITH EUROPE? CYPRUS EDITION

http://www.newyorker.com/online/blogs/johncassidy/2013/03/whats-wrong-with-europe-cyprus-edition.html

DerSpiegel:

Bailout Clash: Why Europe Must Play Hardball with Cyprus

http://www.spiegel.de/international/europe/cyprus-no-to-bailout-deal-is-a-danger-to-the-euro-zone-a-889893.html

The Cypriot rejection on Tuesday night of the euro-zone bailout package for the country's ailing banks has triggered a power struggle between the island nation and the European Union. If Brussels gives in, future efforts to save the euro will be made more difficult. All hopes are now on Russia.