“According to eurozone leaders, […] Cyprus could be bailed out at a cost of between €10bn and €13bn, instead of €15bn to €17bn as was previously suggested,” reports the daily.

Nicosia should be “able to raise additional funds by imposing a temporary tax on bank deposits and other elements” like higher corporation taxes, which could be raised from the current level of 10 per cent to 12.5 per cent. The measures would enable foreign investors with bank deposits in Cyprus to limit their losses — a strategy recommended by the IMF.

“The international creditors (notably the ECB and the EU) are also in favour of a tax on financial transactions,” which Politis adds, “is still opposed by the government.”