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Cyprus lawmakers work on economy-saving plan

Cyprus lawmakers work on economy-saving plan

Cypriot authorities are trying to cobble together a plan they hope will convince international lenders to provide the money the country needs to avoid bankruptcy within days.
Lawmakers on Friday are meeting to decide the fate of the country's second largest lender Laiki which was hardest hit from its exposure to bad Greek debt.
The bank's restructuring is part of an alternative plan aimed at raising up to 5.8 billion euros ($7.5 billion) to secure a larger rescue package from creditors after Cyprus' parliament rejected a plan earlier this week to grab up to 10 percent of bank deposits.
Meanwhile, Cypriot efforts to clinch a contribution from Russia appear to have failed after Russia's finance minister was quoted as saying talks had broken down.


Updated : 2021-04-21 08:03 GMT+08:00