Cyprus 'Blackmailed' by EU: Former Cypriot Official
March 20, 2013 at 08:39 AM EDT
By proposing a tax on bank savers in Cyprus as a condition for a financial bailout, the European Union has "blackmailed the government of Cyprus to shut down its financial system," Athanasios Orphanides, former governor of the Central Bank of Cyprus, told CNBC on Wednesday.