” Cyprus said on Saturday it was looking at seizing a quarter of the value of big deposits at its largest bank as it races to raise the funds for a bailout from the European Union and avert financial collapse.
Finance Minister Michael Sarris said “significant progress” had been made in talks in Nicosia with officials from the European Union, European Central Bank and International Monetary Fund.
He confirmed discussions were centered on a possible levy of around 25 percent on holdings of over 100,000 euros at Bank of Cyprus, and expressed hope that a package could be ready by the end of the day for approval by parliament.”
- Cyprus discussing 25% levy on big bank savers (itv.com)
- DISY apologises to Cyprus but says ‘we all share the blame’ (cyprus-mail.com)
- Cyprus considers 25 percent bank account levy (worldnews.nbcnews.com)
- Cyprus, Troika agree to 20% tax on deposits over 100,000 euros at Bank of Cyprus (rt.com)
- Cyprus closes in on EU bailout, U-turn on levy (ekathimerini.com)