Cypriot Officials: Plan B Drawn Up to Get Bailout

The officials said the new "Plan B" includes some Russian assistance and a smaller bank deposit tax. Parliament is expected to vote on the new bill Thursday.

Associated Press
Associated Press
Mar 20, 2013 at 4:36PM
Markets

NICOSIA, Cyprus (AP) -- Three top government officials in Cyprus say an alternate plan has been drawn up to raise funds needed for the country to qualify for an international bailout, and that it will be presented to political party leaders Thursday.

Parliament rejected the previous plan, which involved seizing up to 10 percent of people's bank deposits.

The officials said the new "Plan B" includes some Russian assistance and a smaller bank deposit tax. Parliament is expected to vote on the new bill Thursday.

The officials all spoke on condition of anonymity because the plan was not yet officially being made public.