JOHANNESBURG, March 22 (Xinhua) -- The Cypriot financial crisis might be in discussions at the coming 5th BRICS Summit, the South African media reported on Friday.
The lawmakers in the European island country of Cyprus Tuesday rejected the conditional 10-billion euro bailout plan by the European Union (EU), which demanded Cyprus for a levy on bank depositors to raise 5.8 billion euros in dealing with the financial crisis, the South African Broadcasting Company (SABC) said.
The EU planned "hair-cut" has "backfired" all over Europe and other parts of the world, including the BRICS member countries, said the SABC.
BRICS is an acronym for the grouping of the world's leading emerging economies, namely Brazil, Russia, India, China and South Africa, and the 5th BRICS Summit is scheduled to be held in South African port city of Durban on Tuesday.
"The entire banking system in the country is momentarily closed. When they reopen in a few days, it is expected that a mass rush of depositors will try to withdraw their money," the SABC warned.
The media quoted the researcher Tula Dlamini as saying, "The Cypriot financial crisis will very likely become a subject for discussion. After all, the entire BRICS grouping is party to a double taxation treaty with Cyprus, except Brazil."