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Agence France-Presse

President Nicos Anastasiades has demanded that a decision on a bailout deal for the near-bankrupt euro zone member must be made on Thursday, the official CNA news agency reported.
“A decision on a Cyprus rescue must be made on Thursday at the latest,” CNA quoted Anastasiades as saying as he left the presidential palace in Nicosia on Wednesday night.

Anastasiades chaired a crisis meeting of his cabinet on Wednesday, and state television reported he was to present party leaders Thursday with a Plan B at the presidential palace, aimed at securing an EU-IMF bailout for the Mediterranean island.
The CNA news agency said Thursday “is expected to be a difficult day” and went on to quote government sources as saying that Anastasiades would submit the rescue plan to party leaders at a meeting due to start at 3.30pm Hong Kong time.
The proposals were expected “to be put to the vote before the Cyprus parliament in the afternoon,” it reported.
Unnamed government sources quoted by the CNA said the rescue plan included the creation of a “structural investment fund, which will be reinforced by various provident funds, real estate, etc...”
“The fund will also be linked with a bond issue and natural gas prospects,” the agency said.
State television said the plan might include a levy on bank deposits over 100,000 euros which had been discussed during the cabinet meeting after parliamentarians rejected the terms of an EU-IMF bailout as “blackmail”.
The Cypriot authorities have spent the day in frantic talks, after parliament’s “No” vote of a measure that would have slapped a one-time levy of up to 9.9 per cent on bank deposits as a condition for an EU-led 10-billion-euro (US$13-billion) loan.
The 5.8 billion euros the proposal would have raised was crucial to Nicosia getting the full rescue.


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Cyprus

Cyprus to present redrafted bailout 'Plan B' 

People withdraw money from an ATM machine outside a closed branch of the Bank of Cyprus in Nicosia. Photo: AP

Cyprus President Nicoos Anastasiades (right) holds a meeting in the capital of Nicosia. Photo: Xinhua

Cyprus' Finance Minister Michalis Sarris (centre) leaves after his meeting with Russian Finance Minister Anton Siluanov at the building of Russian Finance Ministry in Moscow, on Wednesday. Photo: AP

IMF mission chief Delia Velculescu (left) and European Commission representative Maarten Verwey arrive for a meeting with Cypriot President Nicos Anastasiades at the presidential palace in Nicosia on Wednesday. Photo: Reuters

Thank the Cypriot parliament for averting euro-catastrophe

The Cypriot parliament voted unanimously against plans to slap a tax on the islanders' bank deposits. Photo: AP

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A customer of the Bank of Cyprus carries out a transaction at an ATM machine outside a branch in Athens. Greek branches of Cypriot banks will remain shut today, in line with Nicosia's plan for a two-day bank holiday. Photo: Reuters

Soldiers guard the Cyprus parliament in Nicosia during a rally against the bank levy. Photo: EPA

A women protester (above) spells out a message to the government and EU. Photo: Reuters

A sign on a shop front in central Nicosia.Photo: Bloomberg

News

World

President Nicos Anastasiades demands bailout decision by Thursday


Cyprus’ government has drawn up a new plan to raise funds needed for the country to secure a crucial international bailout, three top government officials said on Thursday.


Cyprus to present redrafted bailout 'Plan B'

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}President Nicos Anastasiades demands bailout decision by Thursday

President Nicos Anastasiades demands bailout decision by Thursday