The Independent
by Charlotte McDonald-Gibson
March 23, 2013

The Cypriot government will present eurozone finance ministers with proposals tomorrow night to raise billions of euros and save the nation from bankruptcy, with talks set to go right down to the deadline set by the European Central Bank to come up with a plan or go bust.

The "troika" of the European Union, International Monetary Fund and ECB needs to be convinced that the measures are enough to raise €5.8bn and transform the economy. Otherwise the island will not get a €10bn bailout and the ECB will pull funding tomorrow for the nation's crippled banks.

The crucial measure being hammered out today was a levy on deposits over €100,000.

(excerpted)
http://www.independent.co.uk/news/world/...nk-8547104.html