Cyprus almost bankrupt

Officials in Cyprus believe it could be only a matter of weeks before the island runs out of money.

They say it is crucial that a controversial 10 billion euro bailout be approved with international lenders by April 24.

Without the bailout, the government’s administration could be unable to pay state salaries and pensions.

The government will have little time to increase taxes, and spending cuts so that aid money can begin to flow into Cyprus.

A parliamentary economic committee has launched an inquiry into the handling of the crisis and how Cyprus came to find itself on the brink of bankruptcy.

Flickr Photo by: CyprusPictures

STORY WRITTEN BY: JAMIE-LEE GORDON