Showing posts with label Deposit's tax. Show all posts
Showing posts with label Deposit's tax. Show all posts

Monday, March 18, 2013

Cyprus reworks divisive bank tax, delays vote


By Michele Kambas and Karolina Tagaris
NICOSIA | Mon Mar 18, 2013 3:56pm EDT
(Reuters) - Cypriot ministers scrambled to revise a plan to seize money from bank deposits before a parliamentary vote on Tuesday that will either secure the island's financial rescue or threaten its default.

The weekend announcement that Cyprus would impose a tax on bank accounts as part of a 10 billion euro ($13 billion) bailout by the European Union broke with previous practice that depositors' savings were sacrosanct. The euro and stock markets fell on concern the euro zone crisis was reigniting.