The Cypriot government is scrambling to find a new way to raise 5.8 billion euros to secure a10 billion euro bailout from the European Union and the International Monetary Fund (IMF).
The initial plan, a levy on bank deposits, sparked huge public outcry and was rejected by parliament on March 19.
A state investment fund and special bond issue are now under discussion – as a potential way to raise the cash.
Deputy Democratic Party Leader Averof Neophytou said: “We’re working very hard. There is only one target, to save our economy and our country. I believe that the political parties will show the necessary responsibility for the survival of the Cypriot economy.”
Demetris Silouris, Leader of the European Party was optimistic, saying: “I think that soon – not by tomorrow, but soon – we’ll find the 5.8 billion we’re looking for.”
In June, Cyprus asked the Eurogroup for a total of 17 billion euros to help it avoid bankruptcy.