Cash Machines(ATM) Emptied Across Cyprus -Saturday March 16,2013

 

Cash Machines(ATM) Emptied Across Cyprus as 60,000 British savers face losing MILLIONS after £8.7billion EU bailout imposes tax on all of Nation's Bank Accounts 

 

Lines formed at ATMs as people scrambled to pull their money out as Word spread that rescue package included a one-off levy on deposits 

Restrictions stopping people emptying accounts or moving money abroadUp to 3,000 British service personnel are based on the bankrupt island 

President Nicos Anastasiades agreed to raid with European finance chiefs Said country in 'state of emergency' and not acting would be 'catastrophic' But expats accused the island of 'plain theft' as violent protests sparkedBritons have around £1.7b of deposits on island and could lose up to £170m

Cypriot president Nicos Anastasiades, who agreed to the raid following ten-hour talks with European finance chiefs, said it was necessary because  Cyprus was in a ‘state of emergency’ and failure to enact the Brussels plan would be ‘catastrophic’

Under the deal, all bank deposits over €100,000 will be hit with a levy of 9.9 per cent. Those with smaller savings will pay 6.75 per cent. 

The raid will raise €5.8 billion, which will be added to a €10 billion bailout from Brussels.

Cyprus's parliament will decide on Sunday March 17,2013 whether savers must pay a levy on bank deposits under terms for an international bailout to avert bankruptcy - with approval far from certain.

 The euro zone demand on Saturday that savers pay up to 10 percent of deposits as a condition for the 10 billion euro (8.6 billion pounds) bailout drew fury in the eastern Mediterranean island and caused some jitters elsewhere in the region 

Parliament Rejects Plan To Tax Savers' Bank Deposits

 

Cyprus's parliament voted down plans to impose a levy on savers' bank deposits that were imposed by the EU as part of its bailout conditions.

None of the country's MPs voted for the tax on Tuesday March 19,2013 while 36 voted against and 19 abstained.

The Cypriot government planned to impose the levy tax on -

 
those with than €20,000 (£17,000) were exempt from the levy while those with more than €100,000 would be charged at 9.9%

The Cypriot government planned to impose the levy to secure an international rescue.EU ministers and officials have insisted that €5.8 billion (£4.9 billion) of the €15.8b (£13.5bn) rescue package must be raised by Cyprus

 

 

People queue up outside a Laiki bank branch in the Cypriot capital, Nicosia, on March 28, 2013, as they wait for the bank to open after an unprecedented 12-day lockdown

Bank trading began again after the government negotiated a EUR 10bn (GBP 8.4bn) bailout package.