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The president of Cyprus is on his way to Brussels this morning in a bid to persuade Eurozone finance chiefs to accept a last-minute deal to avoid financial meltdown in the island.
Nicos Anastasiades was due in the Belgian capital on Saturday after a sitting of Cypriot parliament last night approved a series of bills aimed at securing the country a European Union bail-out.
The measures include a bill to restructure ailing Cypriot banks, and restrictions on financial transactions to stop a cash-flight from the country in the wake of last week's panic. There will also be a revenue-raising tax of less than 1 percent on all bank deposits - a move seen as fairer than the levy of 6.75 per cent originally proposed on deposits between 20-100,000 euros, which was rejected by the Cypriot parliament last Tuesday.
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