Cypriot government come up with 'Plan B'

Cypriot government come up with 'Plan B'

The Cypriot government has come up with a new plan to raise funds needed for the country to secure a crucial international bailout.

Officials say the new "Plan B" includes some Russian assistance and a smaller bank deposit tax.

It iss understood the plan might include a levy on bank deposits over €100,000.

Cyprus turned to its long-time ally Russia for help today - after MPs last night rejected plans to impose a tax on savings in bank accounts.

Sources indicate that the new bill could be voted on as early as tomorrow evening.

Meanwhile the Agriculture Minister has moved to reassure people here that their savings are safe.

Simon Coveney told the Dáil earlier that he is crystal clear there will never be any similar banking tax here.

He said there is no sign of any flight of cash from banks here as a result of events in Cyprus.

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