NICOSIA, Cyprus -- Cypriot lawmakers are due to vote Friday on a raft of new measures they hope will qualify the country for a bailout package and avoid financial ruin next week. But officials in Brussels and Berlin gave no indication it would be enough.
Cyprus needs to find a way to raise the 5.8 billion euros to qualify for 10 billion euros in rescue loans from other eurozone countries and the International Monetary Fund.
The plan needs approval from eurozone and IMF and that remained elusive. Eurozone officials said they had not seen all the details and would have to discuss whatever final plan Cyprus presents.
"The next few hours will determine the future of this country," said government spokesman Christos Stylianides.
Cyprus has had to come up with the new plan after lawmakers rejected a scheme that would have seized up to 10 percent of people's bank deposits.
The country needs to have the plan in place by Monday, when the European Central Bank has said it will cut off emergency support to the banks. That could trigger their collapse and devastate the economy, potentially pushing the country to leave the 17-country euro currency union.
Any new plan will be still be painful, Stylianides said. "But the country must be saved."
As part of the package being discussed Friday, lawmakers were considering restructuring the country's second largest lender, Laiki, which suffered big losses on Greek debt investments.
Seizing a percentage of deposits in Laiki above the 100,000 euro insurance limit is one option. A banking official said the percentages that were being discussed were a 25-30 percent seizures on deposits greater than 100,000.
Banking officials estimate the restructuring will take 3.6 billion euros off the 5.8 billion euros ($7.5 billion) the country needs to raise.
Laiki bank's acting CEO, Takis Phidias, condemned the plan. "I'm certain that there will be chaos after these bills are approved."
Phidias said the initial plan to seize deposits across all Cypriot accounts "would have more evenly shared the burden and certainly, it would have safeguarded both large banks. I'd like to believe that there's still time to carry out this negotiation.
A government official, speaking only on condition of anonymity as negotiations were on-going, indicated that a tax on deposits in other banks was also still on the table.