Cyprus Coffers Empty In 1 Year, President Calls For Bailout Revision

Cyprus’ president is asking EU leaders to completely alter the country’s $13 billion bailout. Peter Spiegel of The Financial Times is reporting on a letter Cyprus President Anastasiades has sent to the Troika asking to restructure its bailout. The letter was actually in the news last week and the main point covers problems at the Bank of Cyprus which is finding it difficult to raise cash for day-to-day operations. Although the letter does not request it explicitly, Mr. Anastasiades is in effect asking for further Eurozone loans on top of the existing €10bn sovereign bailout, the FT says. Unless Cyprus implements…