'EU loses cash control over Cyprus if Russia gives money' (VIDEO)

The Cypriot finance minister is in Moscow as talks to save the offshore banking hub from bankruptcy, enter crunch time. The stakes are high, with speculation that Cyprus could offer natural gas exploration rights to secure Russian help.

Time is running out for the island nation as dwindling cash reserves push it towards default. Steven Wolf, economic spokesperson for the UK Independence Party gives more perspective on the problems facing Cyprus.