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Cyprus bailout: Parliament postpones debate | Cyprus bailout: Parliament postpones debate |
(35 minutes later) | |
Cyprus's parliament has postponed an emergency session on a controversial bailout deal for the country's banks. | Cyprus's parliament has postponed an emergency session on a controversial bailout deal for the country's banks. |
The debate was to happen on Sunday but will now be held on Monday, state media said. | The debate was to happen on Sunday but will now be held on Monday, state media said. |
The deal reached with the EU and IMF on Friday has provoked public anger because it would impose a levy on bank deposits of up to 10%. | The deal reached with the EU and IMF on Friday has provoked public anger because it would impose a levy on bank deposits of up to 10%. |
The president has said that refusing the bailout would lead to the collapse of the country's banks. | The president has said that refusing the bailout would lead to the collapse of the country's banks. |
Worried investors have been queuing outside banks to withdraw their savings from cash machines. | Worried investors have been queuing outside banks to withdraw their savings from cash machines. |
The 10bn-euro ($13bn; £9bn) deal agreed by the EU and IMF marks a radical departure from previous international aid packages. | |
Under its terms, people in Cyprus with less than 100,000 euros in their accounts will have to pay a one-time tax of 6.75%. | |
Those with sums over that threshold will pay 9.9% in tax. | |
Depositors will be compensated with the equivalent amount in shares in their banks. | |
On Saturday President Nicos Anastasiades admitted the deal was "painful" but said it was necessary to avoid a "disorderly bankruptcy". | |
But opposition leaders and savers - including many non-Cypriots - have expressed shock and anger at the proposal. | |
The deal requires the approval of parliament. | |
President Anastasiades's Democratic Rally party - which has 20 seats in the 56-member assembly - needs support from other factions to ratify the bailout. |