Cyprus racing to complete alternative rescue plan

7:53 AM, Mar 23, 2013   |    comments
  • Share
  • Print
  • - A A A +

NICOSIA, Cyprus (AP) - 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. 

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Most Watched Videos