Cyprus to reveal Plan B rescue plan

<p>A second bailout plan is to be revealed for Cyprus.</p>

Cyprus will reveal a second bailout plan today (March 21st), its president has announced.

Speaking on state television, Nicos Anastasiades stated a decision will have to be made today. The nation's parliament turned down proposals for a eurozone bailout earlier this week after voting to reject an emergency tax on savings accounts.

It is believed that Mr Anastasiades put a proposal to a meeting of political party leaders meeting at 09:30 (07:30 GMT) and this will then go before parliament in the afternoon.

Unless an agreement can be reached on a rescue package for Cyprus, the country is at risk of defaulting on its loans, which could have a widespread impact across the world.

In the early minutes of trading today, the FTSE 100 was down by a few points and was recorded at 08:30 as standing at 6,425.93, which is a drop of 0.11 per cent on the start of the day.

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