NICOSIA: The chief of ailing Cyprus Popular Bank, the island's second
largest, Friday slammed the government's "Plan B" to win an EU
bailout, saying an earlier plan to tax deposits would have been preferable.
"Although we knew the gravity of the situation, and the initial
proposal of the Eurogroup was painful, it ensured the future of the banking
sector," Takis Phidias told state radio.
The original terms of a rescue plan for Cyprus proposed by the troika
of international lenders would have slapped a levy of up to 9.9 percent on bank
deposits. It was overwhelmingly rejected by parliament, leaving the government
scrambling to put together a Plan B.
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