Cypriot MPs are due to vote today on a raft of new measures they hope will qualify the country for a bailout package and avoid financial ruin next week. But officials in Brussels and Berlin gave no indication it would be enough.

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.

Eurozone finance ministers agreed last night to allow Cyprus reduce the amount of money they take from small savers, but many believe the damage has already been done to the euro.

Russian President Vladimir Putin has announced a new Cabinet, warning that it will have to fulfil its duties in a difficult global economic climate.