EU tells Cyprus to only seize some private bank accounts | Bangkok Post: Most recent

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EU: Just tax some bank accounts

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BRUSSELS - The eurozone told Cyprus on Monday to ditch the part of a hugely controversial 5.8-billion-euro grab on savings that stung even the smallest of account holders in exchange for a 10-billion-euro sovereign bailout deal, according to a statement issued after a conference call. 

A decision by Cyprus to seize private bank account savings sent stocks down worldwide, as Cypriots staged a run on ATM machines to try to salvage their savings. (AP Photo)

The statement came after Cyprus baulked at putting the EU bailout to a vote in parliament as the crippling terms sparked a public outcry and mounting talk of a rethink by eurozone creditors, even as the uncertainty forced a prolonged closure of the island's banks.

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