Investment Solidarity Fund - Key in Cyprus New Plan
World | March 22, 2013, Friday // 09:29| views
The Central European Bank said in a statement Thursday it would continue to provide emergency financing to Cypriot banks until Monday. Photo by EPA/BGNES
The establishment of a state "investment solidarity fund" is expected to be a key component in the bills MPs in Cyprus will vote on Friday in a bid to raise the funds for an international bailout.
The fund would issue bonds on state assets to raise the EUR 5.8 B required by the country to secure an international bailout.
Other elements could include restructuring other Cypriot banks, use of pension fund, and accepting an offer of help from Cyprus' wealthy Orthodox Church.
A revised levy on deposits also remains a possibility.
Big Russian investors are believed to hold about a third of all Cypriot deposits - and reacted with fury when the initial plan to tax deposits by up to 9.9%.
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