Cyprus closes in on EU bailout, U-turn on levy

By way of Michele Kambas and Karolina Tagaris NICOSIA (Reuters) – Cyprus is anticipated to make a dramatic U-activate Saturday to avert the approaching chance of financial meltdown, having signaled it’s willing to tax large savers in its afflicted banks to clinch a bailout from the European Union. The island's partners in the 17-nation euro zone scheduled a meeting for Sunday in Brussels, in a powerful signal they consider an answer is near. …