BEIJING, March 24 (Xinhuanet) -- Cyprus says it has made significant progress in talks with the EU and IMF aimed at securing a bailout. It has reached agreement with international lenders on a levy on bank deposits.

According to a senior Cypriot official, a 20-percent tax on deposits over 100,000 euros would be levied at Bank of Cyprus. For deposits of the same amount at other banks, the levy would be 4-percent.

Cyprus has to raise 7.5 billion US dollars before Monday to secure a 10 billion euro loan. Parliament has approved restructuring the island’s banks, among other moves. But it rejected a levy earlier this week, before EU pressure brought the proposal back to the table.

(Source: CNTV.cn)