Cyprus Says Deposit Levy to Involve Bank-Share Compensation
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Cypriot Finance Minister Michael Sarris said a planned levy on bank accounts in the country to help shore up its finances will involve compensation for depositors in the form of shares in the financial institutions.
The Cypriot government decided earlier today to impose a 6.75 percent tax on bank deposits as high as 100,000 euros ($130,580) and a 9.9 percent levy on deposits in excess of that amount in order to win a European aid package.