ECB gives Cyprus four days to come up with plan to avoid bankruptcy

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.

Facing the ultimatum, the Cypriot government was trying today to drum up support for a new proposal that will please MPs as well as the country’s potential international creditors.