“Cyprus needs to lay its hands on one-third of its gdp by Monday”

From Kevin Drum, that is a very good blog post title.

It seems, by the way, that the basic Cypriot strategy is to pile together a load of illiquid and indeed even imaginary assets into a “fund,” claim they have met the target, and dare the ECB to cut them off on Monday.

I wonder what is the nominal rate of interest on Cypriot street loans?