The European Central Bank said it may cut Cypriot banks off fromemergency funds after March 25 as the island nation's president,Nicos Anastasiades, scrambled to forge agreement on a plan to staveoff financial collapse.

The ECB's Governing Council said today that so-called emergencyliquidity assistance, or ELA, “could only be considered” afterMonday if an aid program from the euro area and InternationalMonetary Fund “that would ensure the solvency of the concernedbanks” is in place, the central bank said today in a statement.

The Cypriot government may propose a revamped bank-deposit levyto raise 5.8 billion euros ($7.5 billion), after lawmakers rejecteda previous measure, a Cypriot official said. In Moscow, FinanceMinister Michael Sarris pressed Russia for aid, offering“opportunities” including banking and natural-gas assets inreturn.

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