Bailout plan to be presented Thursday

Analette Abesamis

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After banks were shut down all week to prevent mass withdrawals, the President of Cyprus is expected to present a “Plan B” to political leaders this Thursday. This is after parliament rejected on Tuesday a bank levy imposed as a condition by the European Union and the International Monetary Fund for a 10-B euro bailout. The plan might include a tax on bank deposits over 100,000 euros, and may include some Russian help. Russians are said to hold between a third and a half of all Cypriot deposits, attracted by the low tax rates of Cyprus. Banks in Cyprus were exposed after the debt crisis in Greece, and there are fears Cyprus could go bankrupt of these banks fail.


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