Eurogroup to discuss Cyprus bailout at 02:30 p.m. EDT

Euro zone finance ministers will hold a teleconference at 02:30 p.m. EDT on Monday to discuss the bailout for Cyprus, euro zone officials said.

The ministers, together with representatives of the International Monetary Fund and the European Central Bank agreed in the small hours of Saturday on a 10 billion euro bailout plan for Cyprus, that involved a 5.8 billion euro contribution from depositors of Cypriot banks via a one-off levy.

This met with opposition from the Cypriot parliament, which has to pass a special law for the levy to be raised. The initial agreement was for a 9.9 percent levy on deposits above 100,000 euros and 6.75 percent on deposits below that level.

Cypriot authorities were discussing the issue with parliamentarians on Monday to find thresholds more acceptable to Cypriot lawmakers.

(Reporting by Jan Strupczewski)