Cyprus in race against time to find new aid plan
NICOSIA, Cyprus (AP) — As Cypriot politicians raced to find a new financial rescue plan ahead of a Monday deadline, tensions built in the streets of the capital. Residents withdrew what money they could from ATMs amid concern the banks could collapse.
The European Central Bank warned Thursday it will pull the plug on the country's troubled banks at the start of next week if a bailout package for Cyprus is not approved by then. The plan must please both Parliament and the potential rescue creditors — the other 16 countries that use the euro and the International Monetary Fund.
Amid indications that the new plan will include restructuring Cyprus' troubled second-largest lender, Laiki, long lines of people formed at the bank's ATMs in the capital.
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