Eurozone ministers urge Cyprus to shield small savers

[Eugene]

Source: BBC

18 March 2013 Last updated at 22:36 GMT

Eurozone ministers urge Cyprus to shield small savers

Finance ministers from the eurozone have asked Cyprus to reduce the burden on small investors from a proposed levy on savings, linked to a bailout.

Plans for a one-off tax of 6.75% on savings up to 100,000 euros (£86,000; $130,000) have outraged Cypriots.

Banks in Cyprus are to remain closed until Thursday, as efforts to revise an international bailout package continue.

A parliamentary vote on the package has been repeatedly postponed, but is now expected on Tuesday.

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Read more: http://www.bbc.co.uk/news/world-europe-21839324

[Ruby the Liberal]

1. Trial balloon fail.

They originally wanted 30% per EU reports. NOW they care about the little guy because their trial balloon failed. They are lucky the Spaniards and Italians didn't initiate a bank run today. Nice try, but massive fail, guys.

Edit to add: Some fault lies with the Cypriot PM who declined any 'levy' over 9.9%. Not much political gain in a German election year for bailing out Russian mobsters, but Cyprus politicos want to protect their money laundering ops - so there is that. They fucked up by prioritizing the mob over mom & pop with the EMF/IMF's approval.