Cyprus deadline ECB Funding Gives New Plan sought

Cyprus Police clashed with protesters, including employees of the Cyprus Popular Bank Pcl (CPB), outside Parliament President Nicos Anastasiades maneuver at home and forget about the Russian financial collapse. Looking to unlock an international bailout, Cyprus's central bank proposed a bill to overhaul the banking system will allow Famous Cyprus, the country's second-largest lender, to avoid a "catastrophic" submerged and protect insured deposits in the amount of € 100,000 ($ 129,000). Finance ministers from the euro zone, said they hoped the new proposal of Cyprus "as soon as possible" about how the government plans to raise € 5800000000 necessary to trigger the emergency loans. The ministers discussed the Cyprus at night this teleconference. Cyprus in June to euro-area countries to ask Salvage fifth after a restructuring of Greek debt, the largest in history, medical waste including finance lender Bank of Cyprus PLC (bocy) and Cyprus Popular. The euro traded at $ 1.2985 at 16:18 in New York, down 0.3 percent. The STOXX Europe 600 Index fell 0.7 percent to 294.47. Popular dissent On March 16, euro finance chiefs agreed to an unprecedented tax on bank deposits in Cyprus as officials unveiled 10 billion euros Salvage plan for the country. The government amended the proposal to exempt initial deposit up to € 20,000, but failed to win support in the mountains of the famous dissent parliament. When Cyprus presents a new proposal called troika overseeing the euro-area bailouts analyzed, the ministers euro "is ready to resume negotiations on the configuration of the program, while taking into account the parameters specified earlier," according to a statement today. "After the conclusion of the negotiations, the authorities in Cyprus to start the legislative elements of the deal," said Eurogroup, reiterate the importance of fully guarantee bank deposits of less than € 100,000. As the stalemate continues, the Standard & Poor's cut its rating on Cyprus by one notch to CCC from CCC +, citing a "chronic problem" in the banking industry of the island nation. Investors tend to ignore rankings, proved rally in U.S. Treasuries after the loss of class on the S & P in 2011. Pressure ECB "we may be downgraded if the Cypriot government failed to get financing program immediately," said S & P. "If the secure program, we can also downgraded the end of this year if we believe do not comply with the government program." Appears pressure the European Central Bank and the euro area now Anastasiades Treasury chief to deliver Salvage package, let's say the bank could cut funding for emergency Cyprus after March 25 unless a plan in place "to ensure the solvency of the bank. "Central Bank Governor Panicos Demetriades launches Bank Restructuring bill, saying it went" bank collapse risks, "helping to meet the conditions for an aid to European authorities and the International Monetary Fund and the Fund allows banks Cyprus reopen on March 26. His statement did not disclose the details of the plan. 'Big Boss' Despo Pambaka, 28, an employee of Cyprus famous for nearly five years, said he feared for his job. "This is not the Europe we want to go," he said during a protest outside parliament. "The big bosses running the bank take their bonuses and leave people to their own. We expect help from the EU and this is what we get. "The government has submitted a bill to create a" solidarity fund investment, "state television reported CYBC. These funds are intended to help improve the 5800000000 € is required to trigger the emergency loan, Athens News Agency reported. Finance Minister Michael Sarris said in Moscow that while Russia does not lend money to Cyprus, it saw investment in the energy industry. Russian conversation over possible role in funding, RIA Novosti news agency reported. President Vladimir Putin in Moscow today held discussions with Jose Barroso, European Commission president, Putin's spokesman Dmitry Peskov told reporters. Earlier, Prime Minister Dmitry Medvedev said the Cypriot financial turmoil could force Russia to examine the parts of the euro on international currency reserves, the fourth largest church in the world. German Hans Michelbach MP, a member of Chancellor Angela Merkel's Christian Democratic union, said the new plan seems to fall short Cyprus from € 5.8 billion euro 1000000000 targets and increase the country's debt. "There is no help for Cyprus without the full implementation of all the major points," said Michelbach. "Cyprus has it's own hands to prevent the bankruptcy of the state, but the deadline runs." To contact the reporter on this story: Tom Stoukas in Nicosia on astoukas@bloomberg.net, Tony Czuczka in Berlin aczuczka @ Bloomberg. net To contact the editor responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net