Cyprus racing to complete alternative rescue plan

Cyprus lawmakers vote on key bills aimed at securing a broader bailout package from international creditors in parliament in capital Nicosia, Cyprus, late Friday, March 22, 2013. Cyprus lawmakers have approved three key bills aiming to raise enough money to qualify the country for a broader bailout package and help it avoid financial ruin. (AP Photo/Petros Karadjias)

Politicians in Cyprus are racing to complete an alternative plan to raise the funds necessary for the country to qualify for an international bailout, with a potential bankruptcy just three days away.

Finance officials were meeting with representatives of its prospective creditors and working on several new laws Saturday, including a crucial bill that would impose some form of a tax on bank deposits.

The percentages and where the tax would apply are unclear, but a lawmaker said Friday it could be less than 1 percent on all deposits.

Late Friday, Parliament passed nine bills, including three key ones to restructure ailing banks, restrict financial transactions in emergencies and set up a “solidarity fund.”

Cyprus needs to raise 5.8 billion euros ($7.5 billion) to secure its international bailout.