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Cyprus works on last-minute deal to soften bank levy
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| Contributor | RBH |
| Last Edited | RBH Mar 17, 2013 05:40pm |
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| Category | News |
| Media | News Service - Reuters |
| News Date | Sunday, March 17, 2013 11:00:00 PM UTC0:0 |
| Description | Cyprus was working on a last-minute proposal to soften the impact on smaller savers of a bank deposit levy after a parliamentary vote on the measure central to a bailout was postponed until Monday, a government source said.
In a radical departure from previous aid packages, euro zone finance ministers want Cyprus savers to forfeit a portion of their deposits in return for a 10 billion euro ($13 billion) bailout for the island, which has been financially crippled by its exposure to neighboring Greece.
The decision, announced on Saturday morning, stunned Cypriots and caused a run on cash points, most of which were depleted within hours. Electronic transfers were stopped.
The originally proposed levies on deposits are 9.9 percent for those exceeding 100,000 euros and 6.7 percent on anything below that. |
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