Cyprus Weighs Big Bank Levy; Bailout Down to Wire

The island’s finance minister, Michael Sarris, reported “significant progress” in talks with international lenders, with the clock running down to an end-Monday deadline.

Cyprus conceded yesterday to a one-time levy on deposits of more than 100,000 euros in a dramatic U-turn as it raced to satisfy European partners and seal an 11th-hour bailout deal to avert financial collapse.