President vows wide reforms for Cyprus CYPRUS President Nicos Anastasiades says he plans sweeping reforms in a bid to modernise the economically battered island, including lifting immunity from prosecution for the president and other politicians. The move by the president, which comes on the back-end of a crippling 10 billion euro ($A12.5 billion) EU-IMF bailout, aims to "assure the citizens of my determination and that of my government to meet the expectations of the society for a new bold start." The new and unprecedented reforms are expected to be thrashed out by MPs on Tuesday when parliament meets to begin debating the EU-IMF bailout deal. But it is not known whether a vote will be held on the same day, or prolonged due to debate. With bank deposits having been targeted and one of the island's main banks, Laiki, having been forced to shut down, the Cypriot government has come under increasing pressure both from the public and from Brussels to do away with what many perceive as political corruption. Leading politicians and business figures have been accused of taking advantage of their position to protect their assets from a hit on bank deposits imposed by EU-led creditors. President Anastasiades' family members also faced allegations in some newspaper circles of being part of a string of high-ranking officials to have used privileged government knowledge to transfer millions of euros out of Laiki before the stringent measures were forced on the Cypriot economy.