Cyprus rejects savings seizure
- Published: 20 Mar 2013 at 05.01
- Online news:
NICOSIA - Angry MPs on Tuesday unanimously rejected a divisive levy on bank accounts as part of a bailout aimed at saving Cyprus from bankruptcy, decrying as "blackmail" the EU-IMF deal that now lies in tatters.
Speaker Yiannakis Omirou said 36 MPs voted against the bill, 19 abstained and none were in favour, prompting an explosion of joy outside the parliament among thousands of protesters who were demanding the house spurn the onerous measures.President Nicos Anastasiades' office said he "fully respects" the decision and that he had a "constructive" phone conversation with his Russian counterpart Vladimir Putin, amid reports Cyprus was seeking alternative financing.Under the bailout deal reached at the weekend, the troika of the European Union, European Central Bank and International Monetary Fund were to provide Cyprus with 10 billion euros ($13 billion) on condition the island raises another 5.8 billion euros.It called for a levy of up to 9.9 percent to be slapped on all Cyprus bank deposits, an unprecedented move that triggered outrage among savers and raised fears other financially crippled EU states like Italy and...
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.