Cypriot officials revising bailout plan
Cypriot financial officials working on bailout details after plan to seize savings sparks fury
NICOSIA, Cyprus (AP) -- Cypriot financial officials are working on a revised plan to secure an international bailout that will ease the pain on small bank account holders of a plan to seize deposits.
An earlier plan to seize up to 10 percent of all savings in bank accounts to help pay for the €15.8 billion rescue package was met with outrage.
Parliament is to vote on the new measures, but it was unclear whether that would be held later Tuesday or delayed again while details are hammered out. Banks have been shut until Thursday to prevent a bank run.
Finance Minister Michalis Sarris is to fly to Moscow Tuesday afternoon to meet with his Russian counterpart. About a third of all deposits in Cypriot banks are believed to be held by Russians.
