A decision on a Cyprus rescue must be made on Thursday at the latest, Cyprus President Nicos Anastasiades was quoted as saying, on Wednesday evening, leaving the Presidential Palace.

A series of long meetings, first of the Cabinet and later with his close associates, including coalition junior party DIKO leader Marios Garoyian, had  taken place just before.

Everyone must rise to the occasion, he added.

Thursday is expected to be a difficult day as according to government sources President Anastasiades will put a proposal on the table at a political parties leaders meeting at 09.30 hrs (07.30 GMT), which is expected to be put to the vote before the Cyprus parliament in the afternoon.

The same sources say that the proposal includes the establishment of a structural investment fund, which will be reinforced by various provident funds, real estate etc with a view to ensure an amount high enough, which will then also be enhanced by an additional fund on the part of Cyprus’ European lenders.

The fund will also be linked with a bond issue and natural gas prospects.

The proposal seems to have already been scrutinized form a legal and technocratic point of view, although it is expected to undergo further evaluation until the early hours of Thursday morning.

This fund will not further burden public funds, sources said.

Government sources also spoke of ongoing contacts in Moscow on the part of Minister of Finance Michalis Sarris and Minister of Commerce Yiorgos Lakkotrypis.

The two ministers are also meeting with Gazprom looking into the creation of the right conditions for further cooperation, it was said.

The Eurogroup reached last week an agreement in Brussels which provided for a levy on savings that stung small account holders to the tune of 6.75% in exchange for a €10 billion sovereign bailout deal, whereas deposits over 100.000 euro would be charged with a 9.9% levy. The agreement also included an increase in corporate tax from 10% to 12.5%.

A bill, with some amendments, was rejected by the Cyprus House of Representatives on Tuesday evening.

Excluded from the international markets, Cyprus applied last June for financial assistance from the EU bailout mechanism, after its banks sought state support following massive write downs of the Greek bond holdings amounting to €2.5 billion or 25% of the island’s GDP, as result of the Greek sovereign debt haircut.

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