Members of the Cypriot parliament are working to revise a controversial levy on bank deposits, after Eurozone Finance ministers called on them to ease the burden on smaller savers.
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The levy, which is part of a 10-billion euro bailout deal, sparked a public outcry and stoked fears of a run on the country’s banks, which are to remain closed until at least Thursday.
Under its terms savers with up to 100-thousand euro would be taxed at 6.75 percent, and those with larger accounts would be forced to pay up to 9.9 percent.
