Reports suggest alternatives discussed included raising the rate of the haircut for bank accounts over 100,000 so as to reduce the tax on smaller accounts from 6.75 percent to just 3 percent.
Changes to the measures imposed are meant to appease deputies' concerns about the viability of the plan for the bill to get enough votes to clear Parliament.
There are increasing signs one or two deputies outside the pro-government DISY and DIKO parties may sway in favor of the package after all, securing a favorable vote for the bill.
Since 11 a.m. parliamentarians are being informed behind closed doors by President Nicos Anastasiades.
Citizens have set a date for 2.30 p.m. outside the House of Representatives in Nicosia to protest against the measures in time for the key debate and vote by deputies. The rally is expected to be one of the biggest the country has seen to date.