The Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank have all been included in that rating.

 

　　The German Finance Minister Wofgang Schaeuble says the unprecedented levy is necessary to keep Cyprus from defaulting and to shield European taxpayers from the Cyprus bailout.

 

　　But he also says the decision is in the hands of Cyprus themselves.

 

　　European Commission President Jose Manuel Barroso however has noted the situation is going down in Cyprus despite some progress in the European Union.

 

　　"Progress is been made in a number of countries to which are improving their current account balances, public deficits. But the crisis persists as we can see from the dire growth prospects and record levels in youth unemployment and also the most recent development concerning Cyprus."

 

　　The island country's government has postponed a planned parliament vote concerning the deal and the Austrian Finance Minister Maria Fekterremains positive of a deal.

 

　　"I am convinced that adjustments can be made and with regards to small savers the possibility of an adjustment is still there."

 

　　Banks and cash machines in Cyprus have remained closed in fear of mass withdrawals, while the country's Stock Exchange has announced the suspension of trading till Thursday.

 

　　The Cypriot government is now trying to modify the terms of the original plan and to get a better deal for small savers with less than 100-thousand euros.

 

　　For more on the situation in Cyprus, CRI's Paul James spoke with Mark Hughes, executive business editor of China Daily.