The International Monetary Fund will contribute about €1bn as part of a rescue programme for Cyprus that aims to stabilise the nation’s banks and reduce public spending, said Christine Lagarde, the IMF managing director.

Cyprus’s finance minister resigned yesterday after concluding a €10bn bailout deal with international lenders in which the country slashed its dominant banking sector and hit depositors with losses.

Cyprus' finance minister Michalis Sarris has resigned after an investigation was announced into how the country ended up nearly bankrupt.

Three former supreme court judges have been asked by the president of Cyprus to investigate how the country ended up nearly bankrupt.

The president of Cyprus said yesterday the risk of bankruptcy had been contained and the country had no intention of leaving the euro, in a speech laden with criticism of Europe’s currency union for “experimenting” with the island’s fate.

The Cypriot President has said his country will not leave the Euro.

Banks in Cyprus have resumed normal trading hours after a two-week lockdown and a partial opening yesterday averted fears of a run on the banks.

Cyprus averted panic withdrawals as banks opened yesterday for the first time in almost two weeks, with government controls on access to cash leading to orderly lines rather than runs on deposits.

Restrictions on financial transactions in Cyprus could be fully lifted in a month, Foreign Minister Ioannis Kasoulides says.

Thousands of students and bank workers protested in Nicosia yesterday as banks stayed shut to stop a run on deposits after the island agreed a painful bailout to avert bankruptcy.

All banks in Cyprus will remain shut until Thursday, the country’s finance minister has ordered.

Cyprus’s president says the central bank will impose some limits on bank transactions tomorrow when most of the country’s financial institutions reopen for the first time in more than a week.

The Cypriot crisis brought two stark facts into relief as the EU, ECB, and IMF last night battled to conclude a deal that met all its demands for a €10bn bailout that looks increasingly doomed.

Cypriot politicians turned to the European Union today in a last-ditch effort to help their island nation forge a viable plan to secure an international bailout after failing for a week to find a solution to a crisis that could force their country into bankruptcy.

The European Union said today a top official will chair a high-level meeting on Cyprus in a last-ditch effort to seal a deal before finance ministers decide whether the island nation gets a €10bn bailout loan to save it from bankruptcy.

Politicians in Cyprus are racing to complete an alternative plan to raise the funds necessary for the country to qualify for an international bailout, with a potential bankruptcy just three days away.

Cypriots are struggling through a sorry saga while their leaders figure out a solution, even though potential EU and Russian saviours are keeping their cards hidden. It’s a situation Europe is all too familiar with, says Kyran Fitzgerald

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.

Cypriot politicians have agreed to set up an investment fund as part of a 'Plan B' to secure a bailout deal and they have ruled out a tax on bank deposits that sank an earlier deal.

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.

Cyprus’s president is meeting party leaders to secure their support for a revised plan to raise €5.8bn that international creditors have demanded in exchange for a larger rescue package that would prevent the country’s bankruptcy.

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.

Cyprus is trying to come up with an alternative plan to stave off bankruptcy after parliament rejected a scheme to seize up to 10% of people’s bank savings.

The head of Cyprus’s influential Orthodox Church says he will put the church’s assets at the country’s disposal to help pull it out of a financial crisis, after politicians rejected a plan to seize up to 10% of people’s bank deposits to secure an international bailout.

Cypriot President Nicos Anastasiades has called an emergency meeting of political party leaders for tomorrow morning.

Amazingly nobody seems to want to claim credit for the great Cypriot bank raid, and it’s hard to find anyone with a good word to say about the “deal” which has put all of Europe into a Boylean “state o‘ chassis”.

If bank deposits can be seized in Cyprus to fund its bailout, then they can be seized in other EU countries as well, argues Felix Salmon

The parliamentary vote on Cyprus's controversial bank-deposit levy is to be postponed, state media say.

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.

Investors will be watching to see if the decision to tax depositors in Cypriot banks could create a bank-run in other troubled economies today as the Cypriot parliament weighs up whether to accept an EU bailout deal.

The president of Cyprus has said he is trying to amend a bailout plan that would tax bank deposits across the country to reduce its effect on small savers.

Nervous depositors in Cyprus rushed to ATM machines today to drain their accounts following a bailout agreement with international creditors that includes a levy on all the country's bank accounts.

Conservative candidate Nicos Anastasiades has won Cyprus’s presidential run-off election by one of the widest margins in 30 years.