This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/world-europe-21842966
The article has changed 15 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Cyprus considers zero tax on smaller bank deposits | Cyprus considers zero tax on smaller bank deposits |
| (35 minutes later) | |
| The Cyprus finance ministry suggests savers holding less than 20,000 euros (£17,000) would be exempt from a bank levy which has caused much alarm. | |
| Amounts between 20,000 and 100,000 euros would face a 6.75% tax. The levy on savings above 100,000 would remain at 9.9%. The levy has enraged Cypriots. | Amounts between 20,000 and 100,000 euros would face a 6.75% tax. The levy on savings above 100,000 would remain at 9.9%. The levy has enraged Cypriots. |
| The earlier plan was to tax all savings under 100,000 euros at 6.75%. | The earlier plan was to tax all savings under 100,000 euros at 6.75%. |
| The controversial tax is a condition for Cyprus to get a 10bn-euro loan from the EU and IMF, to rescue its banks. | The controversial tax is a condition for Cyprus to get a 10bn-euro loan from the EU and IMF, to rescue its banks. |
| A crucial vote is looming in the Cypriot parliament on the bailout deal - expected to start at 18:00 (16:00 GMT). But there is still much uncertainty, and it is expected to be very close. | |
| President Nicos Anastasiades has urged all parties to back the bailout, saying Cyprus will be bankrupt if the deal does not go ahead. | |
| The Cyprus central bank chief, Panicos Demetriades, has warned that scrapping the tax on small savers would scupper the plan to raise 5.8bn euros in total from bank deposits. He also predicted account holders could suddenly withdraw 10% or more of the total in Cypriot banks if the levy was imposed. | |
| At the same time, Mr Demetriades said he favoured imposing the levy only on accounts above 100,000. | |
| Late on Monday eurozone finance ministers urged Cyprus to rethink the levy on bank deposits, which had been agreed on Saturday in Brussels. | |
| Fearing a run on accounts, Cyprus has shut its banks until at least Thursday. The local stock exchange also remains closed. | |
| Cyprus' banks were badly exposed to Greece, which has itself been the recipient of two huge bailouts. | |
| On Monday there were jitters on global markets over Cyprus, amid shock that for the first time in the eurozone crisis ordinary savers would suffer a "haircut" on their bank accounts - a slice of their savings. |