Skip to main content
Advertising

Originally published Friday, March 22, 2013 at 5:55 AM

  • Share:
             
  • Comments (11)
  • Print

Cyprus racing to complete alternative rescue plan

Politicians in Cyprus are racing to complete an alternative plan to raise the funds necessary for the country to qualify for an international bailout, with a potential bankruptcy just three days away.

The Associated Press

Most Popular Comments
Hide / Show comments
Old plan: 1. Increase government spending 2. Increase taxes New plan: 1. Increase... MORE
If they had the option of debasing the currency they would do so, just like the US and... MORE
Ah yes - European socialism - It's a beautiful thing. MORE

advertising

NICOSIA, Cyprus —

Politicians in Cyprus are racing to complete an alternative plan to raise the funds necessary for the country to qualify for an international bailout, with a potential bankruptcy just three days away.

Finance officials were meeting with representatives of its prospective creditors and working on several new laws Saturday, including a crucial bill that would impose some form of a tax on bank deposits.

The percentages and where the tax would apply are unclear, but a lawmaker said Friday it could be less than 1 percent on all deposits.

Late Friday, Parliament passed nine bills, including three key ones to restructure ailing banks, restrict financial transactions in emergencies and set up a "solidarity fund."

Cyprus needs to raise 5.8 billion euros ($7.5 billion) to secure its international bailout.

News where, when and how you want it

Email Icon

Career Center Blog

Career Center Blog

Looking for joy on the job


Advertising
The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►