Cyprus Bailout Package Rejected by Parliament

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CyprusBy Shepard Ambellas
dev-test.intellihub.com

March 19, 2013

NICOSIA — Despite revisions made to the proposed package that would omit smaller bank accounts from being looted, the bailout package was rejected by parliament Tuesday.

The European Central Bank is now likely to halt funds to Cypriot banks as the deal was a no go, which could in turn create bank runs in Cyprus.

Bank holidays ensue and have even been extended through Wednesday as things are heating up.

The Washington Post reports, “Early Tuesday, Anastasiades and top finance officials tried to come up with an alternative that would have shielded those with less than $26,000 in savings from a onetime tax meant to raise $7.5 billion toward the roughly $20 billion bailout. Those with savings of up to $130,000 would have been charged a 6.75 percent tax. Those with more would have been charged 9.9 percent. But the plan still would have forced Cyprus to abandon its guarantees on deposits of up to $130,000, a stunning new precedent in Europe’s three-year-long economic crisis.”

Others such as Russia’s president Putin disagree with the measures proposed claiming that the new imposed tax is “unfair” and can lead to an economic breakdown.

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Sources:

^http://www.nytimes.com/2013/03/20/business/global/cyprus-set-to-reject-tax-on-bank-deposits.html?_r=0

^http://www.washingtonpost.com/world/cyprus-lawmakers-reject-bailout-plan-that-would-make-savers-pay/2013/03/19/272f5e26-90b5-11e2-9173-7f87cda73b49_story.html

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