Cyprus MPs Due to Vote on Plan B

World | March 22, 2013, Friday // 07:40
Bulgaria: Cyprus MPs Due to Vote on Plan B Protestors hold up posters, one reading `Fuck Europe - we have gas`, during the rally against a tax levy on deposits, in front of the Cyprus parliament in Nicosia, Cyprus, 19 March 2013. Photo by EPA/BGNES

MPs in Cyprus are about to start voting on a series of bills that aim to raise the funds the country needs to secure an international bailout.

The country has to find the money until Monday, the deadline set by the European Central Bank.

If it does not, liquidity to the country's banks could be cut off and they could collapse.

Many Cypriots express fears they are set to lose their savings, and there have been long queues at cash machines.

Parliamentarians flatly rejected a plan to tax bank deposits earlier this week.

They need to find EUR 5.8 B to qualify for a EUR 10 B bailout loan from the EU and International Monetary Fund (IMF).

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Tags: banks, state investment fund, fund, bailout, Cyprus, European Central Bank, EU, International Monetary Fund, IMF

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