Cyprus chiefs revise bailout plan

Cyprus chiefs revise bailout plan

Financial officials in Cyprus are working on a revised plan to secure an international bailout which will ease the pain on small bank account holders of a plan to seize deposits.

An earlier plan to confiscate up to 10% of all savings in bank accounts to help pay for the €15.8bn rescue package was met with outrage.

Parliament is to vote on the new measures, but it was unclear whether that would be held later today or delayed again while details are hammered out. Banks have been shut until Thursday to prevent a bank run.

Finance Minister Michalis Sarris is to fly to Moscow this afternoon to meet his Russian counterpart. About a third of all deposits in Cypriot banks are believed to be held by Russians.

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