NICOSIA, Cyprus (AP) - Politicians in Cyprus are racing to complete an alternative plan to raise the funds necessary for the country to qualify for an international bailout, with a potential bankruptcy just three days away.
Finance officials were meeting with representatives of its prospective creditors and working on several new laws Saturday, including a crucial bill that would impose some form of a tax on bank deposits.
The percentages and where the tax would apply are unclear, but a lawmaker said Friday it could be less than 1 percent on all deposits.
Late Friday, Parliament passed nine bills, including three key ones to restructure ailing banks, restrict financial transactions in emergencies and set up a "solidarity fund."
Cyprus needs to raise 5.8 billion euros ($7.5 billion) to secure its international bailout.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.