Cyprus has until Monday to come up with a new bailout package after the parliament rejected the initial plan that called for a controversial tax on the country’s bank deposits.

Later today, the government of Cyprus will vote on a controversial bailout plan which would tax bank deposits up to 10 percent. The BBC's Nigel Cassidy in Cyprus discusses public reaction to the plan and whether the government will actually pass the measure.

Julia Coronado, chief economist with the investment bank BNP Paribas, explains how the situation in Cyprus is rippling out to other economies around the world.

As Cyprus debates a controversial bailout plan to tax savings accounts, here are the five things you need to know about Cyprus, its economy, and why it is important to the global economic recovery.