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Cyprus 'to present bailout plan B on Thursday'

20 March 2013 Last updated at 22:48 GMT

The president of Cyprus will present political leaders with a "Plan B" for funding the country's controversial bailout on Thursday, according to state TV.

Earlier it was announced that banks, which have been shut all week to prevent mass withdrawals, would stay closed until next Tuesday.

Politicians have been scrambling to find a way forward after a bank levy was rejected by parliament on Tuesday. The tax on savings was a condition of a 10bn euro EU-IMF bailout for Cyprus.

Gavin Hewitt reports.