The only organizations excluded from the measures will be the Cypriot state and the country's central bank, the decree said.

WSJ: Cyprus Braces for Bank Openings

Mr Sarris had proposed instead setting up a Cypriot state company offering bonds to Russian commercial investors, the Russian finance minister said.

BBC: Cyprus MPs due to vote on new plan to secure bailout

Well, it was felt that - unlike the case of Spain - the Cypriot state could not afford all the extra debt.

BBC: Cyprus and the eurozone's survival

While Mr Karamanlis is keen to help Turkey along the road to EU membership, he must contend with elderly Greek-Cypriot leaders who doubt whether they can rub along with their Turkish-Cypriot counterparts in a federal state.

ECONOMIST: A new democracy | The

Until that moment he may remain alone in his "Cypriot" forest - land of the former state residence "Mezhygorye" that as it turned out now, too, belongs to the Cypriot off-shore company.

CNN: STORY HIGHLIGHTS

Under the new agreement, average savers' deposits with all Cypriot banks of up to 100, 000 euros will be guaranteed by the state in accordance with the EU's deposit insurance guarantee, the diplomat said.

NPR: Cyprus Secures Bailout, Avoids Bankruptcy

The Turkish-Cypriot leader, Rauf Denktash, dug in his heels, demanding international recognition of his breakaway state before talks could begin.

ECONOMIST: Cyprus

He is demanding recognition for the Turkish Cypriot part of the island, and says this will be the only way to reunify Cyprus in a two state confederation.

BBC: News Online