Wednesday 18 October 2017

Cyprus considering 25pc levy on deposits over €100k at biggest bank

Cyprus is considering a levy of about 25 percent on bank deposits over €100,000 in the island's largest local lender, Bank of Cyprus , Finance Minister Michael Sarris said.

Sarris told reporters that "significant progress" had been made in talks with officials from the European Union, European Central Bank and International Monetary Fund - the so-called 'troika' - and that the discussions may conclude on this evening.

The Cypriot parliament will not debate a possible levy on bank deposits until after finance ministers of the 17-nation euro zone meet on Sunday, a senior lawmaker said on Saturday.

"We will meet after the Eurogroup meeting. I don't know when," the lawmaker, who declined to be named, told Reuters.

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