Cyprus Aims to Meet Bailout Terms Today, Deposit Tax Debated
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Cyprus aims to complete a plan today to meet the terms of a European bailout that may include tapping bank deposits, its finance minister said, as the Mediterranean island races to avert financial collapse.
After parliament approved capital controls and legislation to wind down banks yesterday, Cypriot officials are working on additional measures that could include a levy on bank deposits above 100,000 euros ($130,000). Finance Minister Michael Sarris, who is meeting with representatives of the so-called troika of the European Central Bank, European Commission and International Monetary Fund in Nicosia today, said during a break in the talks that a deposit levy is being discussed.