House of Representatives convenes on Friday to discuss and vote on a total of nine bills prepared by the Government to armor the banking system and prevent a mass outflow of deposits.
The House delayed its extraordinary Plenary session for today at 10.00 local time (08.00 GMT), asking for more time to study the lengthy bills.
The bills were designed as a Plan B’ by Nicosia, following the rejection by the House last Tuesday of the Eurogroup decision to impose a levy on bank deposits.
Yesterday the Eurogroup ministers discussed via a teleconference the developments in Cyprus and reaffirmed their readiness to discuss with the Cypriot authorities a draft new proposal to be presented “as rapidly as possible”.
Excluded from the international markets, Cyprus applied last June for financial assistance from the EU bailout mechanism, after its banks sought state support following massive write downs of the Greek bond holdings amounting to €4.5 billion or 25% of the island`s GDP, as result of the Greek sovereign debt haircut.
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