NICOSIA, March 18 (Xinhua) -- Cyprus' parliament on Monday postponed a session to debate legislation imposing a one-off levy on bank deposits announced over the weekend until Tuesday evening.
Parliament speaker Yiannakis Omirou said after a briefing of deputies in a closed door session by President Nicos Anastasiades that more time was needed to review and amend bill containing several proposal submitted by parties.
Eurozone finance ministers had imposed a 6.75 percent tax on bank deposits under 100,000 euros and a tax of 9.9 percent on deposits exceeding that amount as one of the conditions for the bailout agreement amounting to 10 billion euros (about 12.96 billion U.S. dollars).
The government was reported to be considering alleviating the burden on deposits below 25,000 euros by setting a zero levy.
Cyprus parliament to meet in crucial emergency session on deposits levy
NICOSIA, March 18 (Xinhua) -- Cyprus parliament is expected to hold a crucial emergency meeting on Monday afternoon to vote on a bill imposing a levy on bank deposits following a Eurogroup bailout decision for the eastern Mediterranean island.
Analysts predict that the outcome of the vote may lead to a total collapse of Cyprus' economy which is geared on providing services and banking facilities to several thousand offshore companies and investors. Full story
Cyprus president appeals to lawmakers to pass legislation on deposits levy
NICOSIA, March 17 (Xinhua) -- Cyprus President Nicos Anastasiades made a dramatic appeal to lawmakers on Sunday to pass the legislation imposing a one-off levy on deposits in Cypriot banks in return for international aid.
The appeal came in the form of a televised address to the nation at the end of a day marked by non-stop consultations on finding ways to convince reluctant lawmakers to vote for the levy on bank deposits. Full story
Cyprus postpones vote on deposits haircut legislation
NICOSIA, March 17 (Xinhua) -- Cyprus on Sunday postponed for 24 hours an emergency session of parliament to debate legislation imposing a one-off levy on bank deposits, rejecting a request by the European Central Bank (ECB) to proceed with the vote on the legislation without any delay.
Informed sources said that the postponement came after a request by President Nicos Anastasiades who is continuing non-stop consultations with close associates and Central Bank officials on how the levy will be imposed. Full story