Originally published Friday, March 22, 2013 at 5:55 AM
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
PETROS GIANNAKOURIS / AP
Protesting employees of Laiki bank chant slogans outside the Cypriot parliament, Friday. Cypriot authorities were putting the final touches to a plan they hope will convince international lenders to provide the money the country urgently needs to avoid bankruptcy within days.
PETROS KARADJIAS / AP
An employee of Laiki bank covers her face from rain and wind during a rally outside of the parliament in capital Nicosia, Cyprus, Friday, March 22, 2013.
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.
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