EU urges Cyprus to present alternative scenario after Parliament's veto

The European Commission on Wednesday urged Cypriot authorities to present an alternative scenario of "bail-in" after its parliament vetoed government plan of deposit tax."It is now for the Cypriot authorities to present an alternative scenario respecting the debt sustainability criteria and corresponding financing parameters," the Commission said in a statement.The Commission acknowledged that the agreement reached in the eurogroup meeting last Saturday did not in all its elements correspond to the Commission's proposals and preferences, but stated at the same time that the alternatives put forward were both more risky and less supportive to Cyprus's economy. So the Commission pledged to support eurogroup's decision and stand ready to facilitate solutions.The Commission also stipulated that it favored no levy on deposits below 100,000 euros.The Eurogroup also released a statement Tuesday night insisting on its position as before, that Cyprus should have some kinds of "bail-in".