Cyprus has four days to agree on a new plan to raise funds to avoid bankruptcy after the European Central Bank warned that it would pull the plug on the country’s banks at the start of next week if no bailout deal is agreed.

A bailout plan to stop Cyprus’ financial system collapsing threatens a raid on small depositors’ savings, a precedent that may worry other countries, writes Hugo Dixon

The Cyprus bank account levy plan sent has sent shockwaves across Europe with savers in other countries now fearing their money may not be safe.

Cyprus’ president is trying to amend a key condition of a draconian eurozone bailout plan that would tax deposits in the country’s banks to reduce its effect on small savers.

At the heart of modern finance is the concept of the risk-free rate.

Cyprus’ finance minister urged politicians to approve a first batch of spending cuts and tax hikes agreed with international creditors by December 13, when the other 16 EU countries that use the euro are expected to discuss a bailout deal.

Cyprus authorities have detained a man on suspicion of being involved in planning a terrorist attack on the east Mediterranean island, a police spokesman said.

Cyprus faces the choice of asking for a bailout from its European partners in the euro or from Russia, and will decide where to turn after this weekend’s crucial elections in Greece, officials said today.

Cyprus could seek a European Union bailout to help recapitalise its banking sector before crucial elections in Greece this Sunday, its finance minister warned today.

THERE are no talks under way to draft an aid plan for Cyprus, the European Commission has said.

PORTUGAL booked themselves a place in the European play-offs for next year’s World Cup after an easy 4-0 Group One victory over Malta.

Rep of Ireland 2 Italy 2

LITTLE-KNOWN Greek assistant manager Leonidas Demetrakopoulos will take charge of Cyprus against the Republic of Ireland in Nicosia tomorrow night.

OH dear. Yes, it was only a friendly. And yes, the first round of the Premier League is only days away but there is something about a 3-0 defeat that just sets those alarm bells ringing.

Cyprus 2 Montenegro 2

ROBBIE KEANE handed boss Giovanni Trapattoni a precious victory in his first competitive game on home soil as the Republic of Ireland gained revenge over Cyprus at Croke Park last night.

Republic of Ireland 1 Cyprus 0

Leaders of Cyprus’ rival communities will hold reunification talks today, seen as the best chance in years of ending the island’s division.

Britain is “very hopeful” that full-fledged talks to reunify ethnically divided Cyprus will be launched in September, a senior Foreign Office official said today.

Cyprus’ new president pledged to open new crossing points on the divided island and to work towards demilitarising it under a possible reunification deal.

Revenge is very much on Robbie Keane’s mind as he prepares for tomorrow night’s Euro 2008 qualifier against Cyprus at Croke Park in Dublin.

Turkey’s prime minister accused the European Union of not treating the issue of Cyprus fairly but said his country still wants to join the 25-nation bloc and will continue to work to meet the criteria for membership.

Cyprus’ insistence that the EU pressure on Turkey towards establishing relations with the divided island’s government today threatened to derail Ankara’s first detailed negotiations to join the EU before they could begin.

DEPRIVED of the injured Thierry Henry and David Trezeguet, France have rarely missed their two leading strikers more than before their final World Cup qualifier against Cyprus.

Republic of Ireland manager Brian Kerr believes his side will have to show a significant improvement if they are to keep their World Cup qualification hopes alive.

European Parliament President Josep Borell today urged the Greek and Turkish Cypriot leaders to renew efforts toward ending the island’s 31-year division.

German Chancellor Gerhard Schroeder today urged Turkey to press forward with steps aimed at membership talks with the European Union, but expressed confidence the talks will proceed as scheduled on October 3.

The rejection of the plan for the reunification of Cyprus, which had to be approved by both the Greek and Turkish Cypriot communities, means that only Greek Cypriots will enjoy the benefits of Cyprus’ joining the European Union on May 1.

Talks aimed at reunifying Cyprus began today with the Turkish Cypriot and Greek Cypriot leaders sitting down with the UN mediator in Nicosia.

Just hours before Cyprus' reunification talks were scheduled to begin today, a small bomb exploded in front of the home of the prime minister of the self-declared Turkish Cypriot state.

Greece today urged traditional rival Turkey to endorse a UN plan seeking to end Cyprus’ 28 year division over the next five months.

Greek Cypriot and Turkish Cypriot leaders began an intensive round of negotiations today in a bid to overcome the division of their island, a problem that may bedevil the enlargement of the European Union.