Cypriot leaders are to decide today on a newly drawn up plan aimed at securing a bailout for the near-bankrupt eurozone member after parliament rejected a controversial tax on savings.

President Nicos Anastasiades is to present a Plan B package to party leaders at the presidential palace.

The proposals could still include the controversial bank levy in some form. They were put forward at a Cabinet meeting aimed at ending a crisis that has forced the Mediterranean island banks to close for 10 straight days.

The measures were hastily drawn up after the Finance Minister there failed to make progress in talks to secure aid from Russia.

Cyrpiot banks will remain closed again on Thursday and Friday.