FOXNews.com: Cyprus works on 'Plan B' after bank tax plan rejected- VIDEO: Impact of Cyprus rejecting tax plan

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Cyprus works on 'Plan B' after bank tax plan rejected- VIDEO: Impact of Cyprus rejecting tax plan Mar 20th 2013, 12:02 Published March 20, 2013 Associated Press The Cyprus government and central bank are working on an alternative proposal to come up with billions of euros in funds to stave off bankruptcy, a day after after Parliament rejected an initial plan to raise money by seizing up to 10 percent of people's bank savings. Government spokesman Christos Stylianides says a meeting was underway at the central bank to discuss a `Plan B' for raising funds, but also for reducing the 5.8 billion euros ($7.5 billion) that must be found domestically. Central Bank deputy governor Spyros Stavrinakis says no decision had been taken on when banks, which have been shut since the weekend, would reopen. The new plan being worked on Wednesday has not yet been presented to the EU and International Monetary Fund, he said.

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