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 Cyprus leader 'fights EU on bailout'

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Cyprus leader 'fights EU on bailout' Vide
PostSubject: Cyprus leader 'fights EU on bailout'   Cyprus leader 'fights EU on bailout' Icon_minitimeSun Mar 17, 2013 8:45 pm
Cyprus President Nicos Anastasiades says he is battling against eurozone demands that all bank customers pay a one-off levy in return for a bailout.

Mr Anastasiades said he shared people's unhappiness with the terms, whereby all bank customers would pay a levy of 6.75% or 10% on their bank deposits.

The EU and IMF have demanded the levy in return for a 10bn-euro ($13bn; £8.6bn) bank bailout.

An emergency session of parliament has been postponed until Monday.

Mr Anastasiades said it was the worst crisis since Turkey invaded in 1974.

"I fully share the unhappiness caused by a difficult and painful decision," he said.

"That's why I continue to fight with the eurogroup to amend their decisions in the coming hours to limit the impact on small depositors."

Unprecedented levy

Depositors with under 100,000 euros deposited must pay 6.75%
Those with more than 100,000 in their accounts must pay 9.9%
Depositors will be compensated with the equivalent amount in shares in their banks
The levy is a one-off measure


http://www.bbc.co.uk/news/world-europe-21824495
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