Big Cypriot depositors face 10% levy

Cyprus is being pressed to restructure or shut down two of its three banks and to take a 10% slice off the deposits of more than €100,000 from the up to €60bn in its banks, as well as from bondholders.

The Cypriot parliament met in yet another emergency session last night in an effort to agree just how to find the additional €5.8bn demanded by the troika before the EU can release the €10bn bailout promised to save the country from bankruptcy.

Cyprus is expected to present a revised plan to a eurogroup meeting tomorrow afternoon.