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Thursday 31 July 2014

Officials in Cyprus work on alternative terms to secure bailout

Published 19/03/2013|10:25

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FINANCIAL officials in Cyprus are working on a revised plan to secure an international bailout which will ease the pain on small bank account holders.

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An earlier plan to confiscate up to 10pc of all savings in bank accounts to help pay for the €15.8bn rescue package was met with outrage.

Parliament is to vote on the new measures, but it was unclear whether that would be held later or delayed again while details are hammered out.

Banks have been shut until Thursday to prevent a bank run.

Finance Minister Michalis Sarris is due to fly to Moscow to meet his Russian counterpart. About a third of all deposits in Cypriot banks are believed to be held by Russians.

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