Cyprus officials and international representatives were caught up in tortuous negotiations late into the night Saturday as they sought to forge a plan to raise the money the island nation needs to qualify for a bailout package.Cyprus has been told it must raise 5.8 billion euros ($7.5 billion) in order to secure 10 billion euros in rescue loans from other European countries that use the single currency, as well as from the IMF.

An option of smaller tax on all bank deposits above 100,000 euros which is considered by banking officials for raising money may come true.

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