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Cyprus considers zero tax on smaller bank deposits

BBC News [1]
March 19, 2013

The Cyprus finance ministry suggests savers holding less than 20,000 euros (£17,000) would be exempt from a bank levy which has caused much alarm.

The plan was changed following outrage that ordinary savers would be forced to pay a levy of 6.75%.

A governing party MP told the BBC that party colleagues would abstain in a vote on the plan on Tuesday afternoon.

The controversial tax is a condition for Cyprus to get a 10bn-euro loan from the EU and IMF, to rescue its banks.

Full article here [1]