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.

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.

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.

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.

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.

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.

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.

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.

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.

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.