Cyprus to present plan B; ECB may step in

Cyprus to present plan B; ECB may step in

Cypriot leaders are to decide today on a newly drawn-up plan aimed at securing a bailout for the near-bankrupt eurozone member, after parliament rejected a controversial tax on savings.

President Nicos Anastasiades is to present a Plan B package to party leaders at the presidential palace.

The proposals, which could still include the controversial bank levy in some form, were put forward at a cabinet meeting aimed at ending a crisis that has forced the Mediterranean island's banks to close for 10 straight days.

The measures were hastily drawn up after the country's Finance Minister failed to make progress in talks to secure aid from Russia.

Cyrpiot banks will remain closed again on Thursday and Friday.

Ian Hunter, senior equity analyst Cantor Fitzgerald Ireland, has said the Cypriot crisis has not had a huge effect on the financial markets and it is looking likely that the ECB will step in.

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