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| Cyprus scraps bank levy in new bailout plan | Cyprus scraps bank levy in new bailout plan |
| (35 minutes later) | |
| Political leaders in Cyprus have dropped an unpopular levy on bank deposits in a new bailout plan. | Political leaders in Cyprus have dropped an unpopular levy on bank deposits in a new bailout plan. |
| There was outrage over an earlier plan to tax all bank deposits. | There was outrage over an earlier plan to tax all bank deposits. |
| Cyprus' banks, which have been shut all week to prevent mass withdrawals, are to stay closed until next Tuesday. | Cyprus' banks, which have been shut all week to prevent mass withdrawals, are to stay closed until next Tuesday. |
| Cyprus is required to find 7bn euros (£6bn; $9bn) in order to get a 10bn-euro EU-IMF loan, but there are no exact details yet on what new proposals Cyprus has for finding that money. | |
| The European Central Bank has warned it may halt emergency funding on Monday if Cyprus fails to come up with a viable rescue plan by then. | |
| "We didn't discuss a [deposit] haircut and we are not reverting to it," Cypriot parliament speaker Yiannakis Omirou told reporters, in remarks quoted by Reuters. | |
| It is not yet clear if the new plan will be ready to be put to a parliamentary vote on Thursday. | |
| The deputy leader of the ruling Democratic Rally party, Averof Neophytou, said party leaders had unanimously agreed to create a "solidarity fund" with state assets, which would be used for an emergency bond issue, Reuters reported. |