Cypriot leaders meet to form Plan ‘B’ to avoid bankruptcy

The Cypriot President will meet with party leaders this morning in order to hammer out a Plan B in bid to save the country from bankruptcy.

It follows last night's rejection of the terms of the 10 billion euro EU-IMF bailout deal which would have seen a tax levied on people's savings.

One of the options being explored by the government to make up the 5.8 billion-euro shortfall is to seek further Russian investments.

It is thought President Nicos Anastasiades may try to hash out a deal with Russian gas company Gazprom: