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Monday 21.08.2017 | Name days: Linda, Janīna

Cyprus bailot: parliament to hold emergency session

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Cyprus’ President Nicos Anastasiades

Cyprus’ parliament is set to hold an emergency session to discuss the severe bailout terms, which have angered the public.

Experts stress that it is by no means certain that the deal, reluctantly endorsed by the president, will get enough support to pass in parliament. The 10bn-euro ($13bn; £8.6bn) bailout agreed by the EU and IMF demands that all bank customers pay a one-off levy. This led to mass cash withdrawals, and President Nicos Anastasiades later said he wanted to ease the bailout terms, reports BBC.

People in Cyprus with less than 100,000 euros in their accounts would have to pay a one-time tax of 6.75%, while those with amounts over that threshold would pay 9.9% in tax. If the deal is approved, banks could be closed on Tuesday in order to avoid mass cash withdrawals.

President has pointed out he will be trying to amend the levy demand.

“I fully share the unhappiness caused by a difficult and painful decision. That’s why I continue to fight with the eurogroup to amend their decisions in the coming hours to limit the impact on small depositors,” he said.

However, Anastasiades warns that Cyprus has to choose between stabilising its finances or the eventual collapse of its financial system and exit from the eurozone.

It should be added that the deal provides that depositors will be compensated with the equivalent amount in shares in their banks. President has pledged that those affected for the next two years would be given bonds linked to revenues from natural gas.

Ref: 105.105.105.2900


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