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Cyprus economy 'on the brink', Bank of Cyprus warns

21 March 2013 Last updated at 22:36 GMT

The Cypriot economy is "on the brink" and desperately requires a liquidity lifeline from Europe, Cyprus' largest bank has warned.

"The next move may prove its salvation or destruction," said the Bank of Cyprus - itself said to require urgent funding to prevent collapse.

The European Central Bank has given Cyprus until Monday to raise the funds it needs to secure a bailout.

Gavin Hewitt reports from Nicosia.