Michele's Feed
Mar 19, 2013

Cyprus aims to let small savers off bank tax; veto still likely

NICOSIA, March 19 (Reuters) – Cyprus’s government proposed
to spare small savers from a divisive levy on bank deposits but
said it expected parliament to reject the measure, needed to
secure an international rescue and avoid a default that would
shake the euro zone.

Parliament began debating the hit on deposits and unless it
votes for it EU countries say they will withhold a bailout,
plunging one of the smallest European states closer to financial
oblivion.

Mar 19, 2013

Cyprus aims to let small savers out of deposit tax; veto still likely

NICOSIA, March 19 (Reuters) – Cyprus’s government proposed
on Tuesday to spare small savers from a divisive tax on bank
deposits in a last-minute attempt to win parliamentary backing
for an international bailout and avoid default and a banking
collapse.

Lawmakers still seem likely to reject the unprecedented
levy, a government spokesman said, plunging one of the smallest
European states closer to financial oblivion with potentially
severe consequences for the rest of the troubled euro zone.

Mar 19, 2013

Cyprus parliament set to reject divisive tax on bank deposits

NICOSIA (Reuters) – Cyprus’s parliament was set to reject a divisive tax on bank deposits in a vote on Tuesday, pushing the island closer to a debt default and banking collapse.

A weekend announcement that Cyprus would break with previous practice and impose a levy on bank accounts as part of a 10 billion euro EU bailout prompted turmoil on European financial markets on Monday.

Mar 19, 2013

Cyprus parliament to veto deposit tax

NICOSIA, March 19 (Reuters) – Cyprus’s parliament was set to
reject a divisive tax on bank deposits in a vote on Tuesday,
pushing the island closer to a debt default and banking
collapse.

A weekend announcement that Cyprus would break with previous
practice and impose a levy on bank accounts as part of a 10
billion euro ($13 billion) EU bailout prompted turmoil on
European financial markets on Monday.

Mar 19, 2013

Euro zone urges Cyprus to spare smaller savers from bank levy

NICOSIA (Reuters) – The government of Cyprus is hoping to push a divisive tax on bank deposits through parliament on Tuesday in a bid to stave off a default that could reignite the euro zone crisis.

Breaking with previous practice that depositors’ savings were inviolable, euro zone finance ministers announced over the weekend a one-off tax on Cypriot bank accounts would be imposed as part of a 10 billion euro ($13 billion) bailout by the European Union.

Mar 19, 2013

Cyprus heads for cliffhanger parliamentary vote on deposits tax

NICOSIA, March 19 (Reuters) – The government of Cyprus is
hoping to push a divisive tax on bank deposits through
parliament on Tuesday in a bid to stave off a default that could
reignite the euro zone crisis.

Breaking with previous practice that depositors’ savings
were inviolable, euro zone finance ministers announced over the
weekend a one-off tax on Cypriot bank accounts would be imposed
as part of a 10 billion euro ($13 billion) bailout by the
European Union.

Mar 18, 2013

Cyprus reworks divisive bank tax, delays vote

NICOSIA, March 18 (Reuters) – Cypriot ministers were trying
to revise a plan to seize money from bank deposits before a
parliamentary vote on Tuesday that will secure the island’s
financial rescue or could lead to its default, with
reverberations across the euro zone.

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 returning.

Mar 18, 2013

Cyprus parliament to consider deposit tax; European stocks fall

NICOSIA, March 18 (Reuters) – Cyprus’s parliament votes on
Monday on a plan to seize money from bank deposits as part of an
EU bailout, a move that has sent a shiver across the bloc,
caused the euro to tumble and stock markets to dive.

The announcement at the weekend that tiny Cyprus would
impose a tax on bank accounts as part of a 10 billion euro ($13
billion) bailout broke with previous European practice that
depositors’ savings were sacrosanct.

Mar 18, 2013

Cyprus parliament to consider hit to depositors; euro drops

NICOSIA, March 18 (Reuters) – Cyprus’s parliament votes on
Monday on a plan to seize money from bank deposits as part of an
EU bailout, a move that has sent a shiver across the bloc,
caused the euro to tumble and stock markets to dive.

The announcement at the weekend that tiny Cyprus would
impose a tax on bank accounts as part of a 10 billion euro ($13
billion) bailout broke with previous practice that depositors’
savings were sacrosanct.

Mar 18, 2013

Cyprus works on tax levy deal to get bailout approved

NICOSIA (Reuters) – Cyprus’s government was working on a proposal to soften the blow of a bank deposit levy on smaller savers ahead of a parliament vote on Monday on the measure central to a euro zone bailout designed to avert bankruptcy.

Breaking with previous EU practice that depositors’ savings are sacrosanct, Cyprus and international lenders agreed at the weekend that savers in the island’s outsized banking system would take a hit in return for the offer of 10 billion euros ($13 billion) in aid.