URGENT ¥¥¥ Teetering Bank of Cyprus urges 'haircut' on deposits

The Bank of Cyprus, the island's largest, on Friday urged lawmakers to accept the option of a tax on bank deposits which they had earlier rejected to save the island's banking sector from collapse.

"It should be understood by everyone... especially from the 56 members of parliament... there should not be any further delay in the adoption of the Eurogroup proposal to impose a levy on deposits more than 100,000 to save our banking system," the bank's chairman Andreas Artemis said in a statement.