Political leaders in Cyprus have dropped an unpopular levy on bank deposits in a new bailout plan. There was outrage over an earlier plan to tax all bank deposits. Cyprus' banks, which have been shut all week to prevent mass withdrawals, are to stay closed until next Tuesday. Cyprus is required to find 7 billion euro in order to get a 10 billion-euro IMF-EU loan, but it is not yet clear what new proposals Cyprus has for finding that money. The European Central Bank has warned it may halt emergency funding on Monday.
News On AIR | March 21, 2013 6:58 PM
Cyprus drop unpopular levy on bank deposits in new bailout plan