Cyprus President to Present ‘Plan B’

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.