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| Version 1 | Version 2 |
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| Cyprus woes deepen after ECB bailout ultimatum | Cyprus woes deepen after ECB bailout ultimatum |
| (about 21 hours later) | |
| Economic woes in Cyprus have escalated further after the European Central Bank threatened to withdraw support for the country's banking sector if a bailout is not agreed by Monday. | Economic woes in Cyprus have escalated further after the European Central Bank threatened to withdraw support for the country's banking sector if a bailout is not agreed by Monday. |
| The ECB ratcheted up the pressure on Nicosia as party leaders raced to agree a new package that would satisfy its eurozone partners and the International Monetary Fund. | The ECB ratcheted up the pressure on Nicosia as party leaders raced to agree a new package that would satisfy its eurozone partners and the International Monetary Fund. |
| The plan to tax most of the country's deposit holders appears to have been dropped in favour of a "solidarity fund" backed by state assets. | The plan to tax most of the country's deposit holders appears to have been dropped in favour of a "solidarity fund" backed by state assets. |
| The ECB confirmed it would not provide emergency liquidity assistance to the island's banking sector beyond 25 March. Without its support, Cyprus's two largest banks, Bank of Cyprus and Laiki, could collapse. | The ECB confirmed it would not provide emergency liquidity assistance to the island's banking sector beyond 25 March. Without its support, Cyprus's two largest banks, Bank of Cyprus and Laiki, could collapse. |
| There were ever-lengthening queues at some Laiki cash machines on Thursday as banks and the domestic stock market remained closed. | There were ever-lengthening queues at some Laiki cash machines on Thursday as banks and the domestic stock market remained closed. |
| Cypriot political leaders were involved in emergency talks on Thursday morning to find a way to raise the €6bn (£5.1bn) demanded by the IMF and EU in return for a €10bn bailout. | Cypriot political leaders were involved in emergency talks on Thursday morning to find a way to raise the €6bn (£5.1bn) demanded by the IMF and EU in return for a €10bn bailout. |
| Averof Neophytou, the deputy leader of the ruling Disy party, confirmed the leaders had agreed to create the solidarity fund. Details of the scheme were not released, but it is believed the fund could use Cyprus's energy resources as collateral, or include state assets, pension funds or the property of the Church of Cyprus. A vote on the package could come as early as Thursday night. | Averof Neophytou, the deputy leader of the ruling Disy party, confirmed the leaders had agreed to create the solidarity fund. Details of the scheme were not released, but it is believed the fund could use Cyprus's energy resources as collateral, or include state assets, pension funds or the property of the Church of Cyprus. A vote on the package could come as early as Thursday night. |
| Parliamentary speaker Yiannakis Omirou, who leads the small Edek socialist party, said the issue of taxing bank deposits had not been discussed during the meeting, suggesting a savings levy could be off the agenda. | Parliamentary speaker Yiannakis Omirou, who leads the small Edek socialist party, said the issue of taxing bank deposits had not been discussed during the meeting, suggesting a savings levy could be off the agenda. |
| Two days ago, the parliament rejected the plan for a 6.75% tax on savers with more than €20,000 in the bank, rising to 9.9% for those with more than €100,000. | Two days ago, the parliament rejected the plan for a 6.75% tax on savers with more than €20,000 in the bank, rising to 9.9% for those with more than €100,000. |
| The European Central Bank said a continuation of its emergency liquidity assistance "could only be considered if an EU/IMF programme is in place that would ensure the solvency of the concerned banks". | The European Central Bank said a continuation of its emergency liquidity assistance "could only be considered if an EU/IMF programme is in place that would ensure the solvency of the concerned banks". |
| Speaking after the ECB issued its ultimatum, Cyprus's central bank governor said he was confident the country would reach a deal in time. "We will have a programme of support for Cyprus by Monday," said Panicos Demetriades. | Speaking after the ECB issued its ultimatum, Cyprus's central bank governor said he was confident the country would reach a deal in time. "We will have a programme of support for Cyprus by Monday," said Panicos Demetriades. |
| The Mediterranean island must find €5.8bn in order to unlock a €10bn bailout from its EU partners and the International Monetary Fund. | The Mediterranean island must find €5.8bn in order to unlock a €10bn bailout from its EU partners and the International Monetary Fund. |
| The Cypriot finance minister, Michael Sarris, has been in Moscow since Tuesday in an attempt to secure a rescue deal. He is due to have more discussions with his Russian counterpart, Anton Siluanov, in a few hours. "We are discussing the subjects of gas, bank co-operation and other subjects," Russia's Itar-Tass news agency quoted him as saying. | The Cypriot finance minister, Michael Sarris, has been in Moscow since Tuesday in an attempt to secure a rescue deal. He is due to have more discussions with his Russian counterpart, Anton Siluanov, in a few hours. "We are discussing the subjects of gas, bank co-operation and other subjects," Russia's Itar-Tass news agency quoted him as saying. |
| Cyprus has recently discovered significant offshore gas deposits, and major energy companies have shown an interest in tapping those resources. | Cyprus has recently discovered significant offshore gas deposits, and major energy companies have shown an interest in tapping those resources. |
| Meanwhile, the Russian prime minister, Dmitry Medvedev, has said he is counting on Cyprus's problems being resolved without a compulsory levy on depositors. "Sooner or later it will be necessary to sort out all the problems there, and I hope that the solution will not be with confiscations, but will be rational and modern," he said at a government meeting in Moscow, the Interfax news agency reported. | Meanwhile, the Russian prime minister, Dmitry Medvedev, has said he is counting on Cyprus's problems being resolved without a compulsory levy on depositors. "Sooner or later it will be necessary to sort out all the problems there, and I hope that the solution will not be with confiscations, but will be rational and modern," he said at a government meeting in Moscow, the Interfax news agency reported. |