Michele's Feed
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.

Mar 17, 2013

Cyprus parliament postpones vote on savings levy to Monday

NICOSIA (Reuters) – Cyprus’s parliament postponed an emergency session called to approve a levy on bank deposits on Sunday after signs lawmakers could block the surprise move agreed in Brussels to help fund a bailout and avert national bankruptcy.

In a radical departure from previous aid packages, euro zone finance ministers want Cyprus savers to forfeit up to 9.9 percent of their deposits in return for a 10 billion euro bailout to the island, financially crippled by its exposure to neighboring Greece.

Mar 17, 2013

Cyprus parliament to vote on savings levy

NICOSIA (Reuters) – Cyprus’s parliament will decide on Sunday whether savers must pay a levy on bank deposits under terms for an international bailout to avert bankruptcy – with approval far from certain.

The euro zone demand on Saturday that savers pay up to 10 percent of deposits as a condition for the 10 billion euro ($13 billion) bailout drew fury in the eastern Mediterranean island and caused some jitters elsewhere in the region.

Mar 16, 2013

Cyprus’ savers bear brunt of unprecedented bailout

BRUSSELS/NICOSIA (Reuters) – The euro zone agreed on Saturday to hand Cyprus a bailout worth 10 billion euros (8.6 billion pounds), but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risk of a wider run on savings.

The eastern Mediterranean island becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help during the region’s debt crisis.

Mar 16, 2013

Savers bear brunt of unprecedented Cyprus bailout

BRUSSELS, March 16 (Reuters) – The euro zone struck a deal
on Saturday to hand Cyprus a bailout worth 10 billion euros ($13
billion), but demanded depositors in its banks forfeit some
money to stave off bankruptcy despite the risks of a wider run
on savings.

The eastern Mediterranean island becomes the fifth country
after Greece, Ireland, Portugal and Spain to turn to the euro
zone for financial help during the region’s debt crisis.