Cyprus President to Present ‘Plan B’

    People queue at an ATM outside a closed Laiki Bank branch in capital Nicosia, Cyprus, Thursday, March 21, 2013. The European Central Bank says it will keep emergency aid for Cyprus' troubled banks in place at least until Monday but will have to cut it off after that unless an international rescue program is drawn up. (AP Photo/Petros Giannakouris)

    Cypriots in line to use an ATM in the capitol Nicosia on Thursday. (Petros Giannakouris/AP)

    The whole world is watching you, Cyprus—time to get your act together. On Thursday the country’s president will present a “plan B” bailout package amid threats by the European Union to cut off funds if a strategy to raise billions of euros is not in place by Monday. The proposals may still include a controversial tax on bank deposits, despite a day of emergency talks by Parliament on Wednesday—following discussions with Russia about an alternative rescue plan. To prevent bank runs, Cyprus’s banks will be closed the rest of the week, as well as on Monday, a scheduled banking holiday. The country is teetering on the edge of default after investing heavily in Greek debt and has been negotiating with the EU for a €10 billion rescue package.

    Read it at Agence France-Presse