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Cyprus racing to complete alternative plan to raise funds for bailout

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.