The Cypriot Government has proposed a bill to Parliament - giving the finance minister or the central bank governor the right to impose capital controls on banks there.

It's understood this "solidarity fund" would raise money by offering bonds to investors.

It's also thought that the country's second largest bank - Laiki faces closure as part of a number of measures to rescue the economy.

Politicians will meet again tomorrow - saying they need more time to look at the details of a second proposed bailout deal.

But they'll have to act fast - as the European Central Bank has given the island until Monday to raise the funds it needs to secure a bailout.

Hundreds of protesters are on the streets of the Cypriot capital Nicosia tonight - as fears spread that the economy there is on the brink of collapse.