BEIJING, March 18 (Xinhuanet) -- Tension is high in Cyprus, ahead of Mondays’ delayed vote in parliament over new banking taxes. The charges are required under a recently agreed EU-IMF bailout.

Government ministers held a cabinet meeting in Nicosia on Sunday, and are hoping to persuade lawmakers to approve the deal. Eurozone finance ministers want everyone on the island to pay up to 10 percent of their bank savings and deposits, in return for a 10 billion euro loan. The decision, announced on Saturday morning, stunned Cypriots and caused a run on cash machines, most of which were emptied within hours.

The 56-member House of Representatives appears to be split down the middle on whether to back the bailout. The President of Cyprus, Nicos Anastasiades, is calling on lawmakers to pass the legislation. He says failure to do so will lead to an uncontrolled collapse of the island’s banking system.

(Source: CNTV.cn)