Dublin:  Finance ministers of European Union are are discussing today how to get out of financial meltdown and support crumbling economy as of Cyprus .  The financial moot will continue for two days. During the meeting in Dublin the finance ministers are also expected to discuss creating a central European supervisory entity to monitor European banks.
Initially Cyprus targeted Laiki Bank and confiscate 60 percent of the deposits of the biggest account holders mostly wealthy Russians and now trying to renegotiate terms of a loan with Russia. Cyprus is the fifth of the 17 nations in the eurozone to need a bailout. But it is the first time that other European countries, the European Central Bank and the International Monetary Fund forced large bank depositors to pay part of the cost.
European officials say the Cyprus plan was unique and will not be repeated. But the wealthier, northern countries in the eurozone have become weary about the string of bailouts they have had to finance for the bloc’s debt-ridden countries.
