17 Mar '13, 10am

Cyprus to impose one-time levy of 9.9% on all deposit over €100,000 -

Cyprus Postpones Debate On Bailout Terms, Official Says by THE ASSOCIATED PRESS March 17, 2013 5:17 AM Petros Karadjias/AP An official says Cyprus' parliament had postponed the debate and vote on the controversial levy on all bank deposits that the country's creditors demanded in exchange for $13 billion in rescue money. Parliamentary official Antonis Koutalianos said the vote that was scheduled for Sunday afternoon has been pushed back to Monday, but the exact hour of the vote has yet to be fixed. The decision to impose the one-time levy of 6.75 percent on all deposits under €100,000 and 9.9 percent over that amount, has triggered scorn from Cypriot politicians who condemned it as unfair, bringing in doubt its approval in parliament. It marks the first time that the 17 eurozone countries and the IMF have dipped into people's savings to finance a bailout.

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