Cyprus Parliament Rejects Plan To Tax Savers' Bank Deposits - Tuesday March 19,2013

 

Cyprus's parliament voted down plans to impose a levy on savers' bank deposits that were imposed by the EU as part of its bailout conditions.

None of the country's MPs voted for the tax on Tuesday March 19,2013 while 36 voted against and 19 abstained.

The Cypriot government planned to impose the levy tax on -

 
those with than €20,000 (£17,000) were exempt from the levy while those with more than €100,000 would be charged at 9.9%

The Cypriot government planned to impose the levy to secure an international rescue.EU ministers and officials have insisted that €5.8 billion (£4.9 billion) of the €15.8b (£13.5bn) rescue package must be raised by Cyprus