Cyprus' parliament was to discuss and vote on a series of bills Friday as part of a new financial rescue plan to avert bankruptcy, including recapitalizing its banking sector and creating a national solidarity fund, dpa reported on Friday. The government is racing to put together a new bailout package to appease both parliament and the country's potential creditors by Monday, the deadline set by the European Central Bank to stop emergency funding to Cypriot banks and allow them to collapse. Nicosia needs to raise 5.8 billion euros (7.5 billion dollars) to qualify for a 10-billion-euro rescue loan from the European Union, central bank and International Monetary Fund. It already rejected the option of raiding up to 10 per cent of people's bank accounts in a parliamentary vote last week. The bills to be voted on Friday included restructuring the banking sector, setting up an investment solidarity fund and restricting bank transactions when the banks finally reopen to prevent a run. The solidarity fund would include revenue from the country's new-found off-shore gas reserves, pension funds, and bonds and securities. Nicosia is also still hoping to secure some sort of help from Russia as almost a third of the estimated 70 billion euros in deposits in Cyprus are held by Russian citizens.
