Article updated: 3/20/2013 9:22 PM

Cypriot officials: Plan B drawn up to get bailout

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People use the ATMs outside of a closed branch of Laiki Bank in Cyprus Wednesday. Tuesday's decisive rejection of the plan to take a slice of all deposits above $25,888 has left the country's bailout in question. Without the bailout, the Cypriot banking sector would collapse, devastating the country's economy and potentially causing it to leave the euro.

Associated Press

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Searching for a way out of a crippling financial crisis, officials in Cyprus on Wednesday pursued a new bailout strategy that could include a loan from Russia in exchange for natural gas leases and selling off assets from its most troubled banks. Cyprus needs to come up with 5.8 billion euros ($7.5 billion) on its own in order to secure 10 billion euros in rescue loans from international creditors.