In this image made from video, Cyprus' president Nikos Anastasiades addresses the nation in a televised broadcast, Nicosia, Sunday, March 17, 2013. Anastasiades said Sunday he is trying to amend a detested bailout plan that would tax bank deposits across the country to reduce its effect on small savers, but he also urged lawmakers to approve the bailout plan Monday, saying it is essential to save the country from bankruptcy.

, Associated Press - Ap

Cypriot lawmakers gear up for deposit levy vote

  • Associated Press
  • March 18, 2013 - 5:29 AM

NICOSIA, Cyprus - Cyprus' president is briefing lawmakers ahead of a crucial parliamentary vote on a controversial levy on bank deposits that the cash-strapped country's creditors have demanded in exchange for a (EURO)10 billion ($13 billion) rescue package.

Police cordoned off the road in front of the parliament on Monday amid heightened security to prevent any protesters from approaching the building and interrupting discussions inside.

Many lawmakers have said they would vote down the 6.75 percent levy on all bank deposits under (EURO)100,000 and 9.9 percent on everything above. President Nicos Anastasiades has warned that rejection would mean Cyprus' bankruptcy and a possible exit from the euro.

But Cypriot officials are trying to reduce the levy for small savers as much as possible with a corresponding rise for deposits of over (EURO)100,000.

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