| Lenders reject latest Cyprus bailout plan | European officials on Friday started a fresh round of talks with the Cyprus government after rejecting its plans for an alternative package to save its banking sector and remain in the euro. "There was some discussion of going back to the original plan of a bank levy, but there are objections from the central bank," said one person with knowledge of the talks. The dismissal of the plan comes as time is running out for the island nation to agree on a plan to raise €5.8bn and avert financial collapse before the European Central Bank suspends funding on Monday.
There were already long lines at cash machines in Nicosia on Friday and one Cypriot official summed up the sense of desperation saying: "We are waiting for a messiah to come and save us, and of course, there is none". More to follow . . .
http://link.ft.com/r/4RNQTT/K919DQ/JI67RT/EXAWUA/FDTUES/82/h?a1=2013&a2=3&a3=22
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