Creditors Set to Reject Cyprus's Plan B

Article Excerpt

BY MATINA STEVIS AND MICHALIS PERSIANIS
NICOSIA, Cyprus—International creditors were set to reject an alternative bailout plan Cyprus cobbled together a day after the government’s divisive tax on bank deposits died a quick death, two officials with knowledge of the situation said on Wednesday, leaving the island nation with narrowing options to rescue its outsize financial-services sector from collapse.
Experts from the troika—the European Commission, the European Central Bank and the International Monetary Fund—were briefed Wednesday on Nicosia’s Plan B to secure a €10 billion ($12.93 billion) bailout after Parliament resoundingly rejected the deposit-levy plan attached to the original agreement.
Cypriot authorities proposed turning pension-fund assets …
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Excerpt from: Creditors Set to Reject Cyprus’s Plan B