An elderly man passes by a cooperative bank in Limassol, Cyprus, Saturday, March 16, 2013. Many rushed to the cooperative banks which are open Saturdays in Cyprus, after learning that the terms of a bailout deal that the cash-strapped country hammered out with international lenders, includes a one-time levy on bank deposits. The move, decided in an extraordinary meeting of the finance ministers of the 17-nation euro zone in the early hours Saturday, is a major departure from established policies.

Pavlos Vrionides, Associated Press - Ap

Cyprus parliament delays vote on bank deposits tax

  • Associated Press
  • March 17, 2013 - 3:54 AM

NICOSIA, Cyprus - An official says Cyprus' parliament had postponed the debate and vote on the controversial levy on all bank deposits that the country's creditors demanded in exchange for (EURO)10 billion ($13 billion) in rescue money.

Parliamentary official Antonis Koutalianos said the vote that was scheduled for Sunday afternoon has been pushed back to Monday, but the exact hour of the vote has yet to be fixed.

The decision to impose the one-time levy of 6.75 percent on all deposits under (EURO)100,000 and 9.9 percent over that amount, has triggered scorn from Cypriot politicians who condemned it as unfair, bringing in doubt its approval in parliament.

It marks the first time that the 17 eurozone countries and the IMF have dipped into people's savings to finance a bailout.

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