The European Central Bank has given the Cyprus just a few days to come up with a new bailout deal after the Cypriot parliament rejected a controversial tax on bank deposits as part of its original bailout plan.

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.