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Cypriot President Nicos Anastasiades is to present a plan B for the bailout of his country’s banking system on March 21, in the wake of parliament’s rejection of a first plan on March 19. Two options appear likely: Nicosia's contribution to the bailout will be funded by a volontary contribution from pension and social insurance funds as well as tax revenues; or alternatively by the provisional application of a bank levy with three rates, similar to the one already rejected by parliament.
On the morning of March 21, the European Central Bank warned that if there is no vote in parliament by next Monday, it will no longer provide emergency funding for the island’s banks.
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