Spain's Guindos says EU expects Cyprus proposal in next few hours

Spanish minister of the economy Luis de Guindos has said that Cyprus has agreed to a plan to guaranteed deposits. The minister says that the EU is now expecting a proposal from Cyprus within a few hours and there will be a Eurogroup meeting in the next few days. He stated that Cyprus needs debt writeoffs that are sustainable and that no Eurozone country wants to see Cyprus leave the single currency.