Cyprus government 'to present bailout plan B on Thursday'

“The president of Cyprus will later today present political leaders with a "Plan B" for funding the controversial bailout, state TV has reported.

Cyprus's banks, which have been shut all week to prevent mass withdrawals, are to stay closed until next Tuesday.

Politicians have been scrambling to find a way forward after a bank levy was rejected by parliament on Tuesday.

The levy was a condition of a 10bn-euro (£8.5bn; $13bn) EU-IMF bailout for Cyprus."

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