Further bailout talks held in Cyprus

<p>Cyprus is holding further bailout talks today.</p>

Talks are ongoing regarding a solution to the financial difficulties in Cyprus after the country's parliament turned down the chance to get a bailout.

Political leaders in Cyprus are holding emergency talks today (March 20th) after a vote to accept the bailout package was rejected.

Cypriot president Nicos Anastasiades could not get the support he needed to push through an emergency tax on savings to pass the bailout.

Mr Anastasiades said he "fully respected" the vote and has spoken to Russian president Vladimir Putin about a potential source of alternative funding, reports BBC News.

Finance minister Michalis Sarris is in Moscow to hold talks about a way out for Cyprus, which could soon default on its loans.

The FTSE 100 dropped yesterday due to the ongoing concerns over the instability in Cyprus, but is slightly up in the early stages of today's trading.

UK chancellor George Osborne will deliver his Budget speech later in the day.

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