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Cyprus has 4 days to find bailout solution
By The Associated Press
This article was published March 21, 2013 at 8:06 a.m.
NICOSIA, Cyprus — Cyprus has four days to agree on a new plan to raise funds to avoid bankruptcy, with the European Central Bank warning Thursday that it will pull the plug on the country's banks at the start of next week if no solution is found.
Facing the ultimatum, the Cypriot government was racing to cement a new package that will please both Parliament and the country's potential international creditors.
Party leaders met with the president to consider a range of measures that could raise the $7.5 billion needed to qualify for $12.9 billion in rescue loans from the eurozone partners and the International Monetary Fund.
One measure agreed on Thursday was the creation of an "Investment Solidarity Fund" that would appeal for donations from ordinary Cypriots, businessmen and foreign investors, said Demetris Syllouris, head of a small right-wing party who was in the meeting with the president.
The legal and technical details were still being worked out, and the bill would be reviewed by the Cabinet on Thursday evening, government spokesman Christos Stylianides said.
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