It comes just one day after Cyprus and the Troika agreed to a 20per cent tax on deposits over 100,000 euros at the Bank of Cyprusand 4 per cent on deposits held at other banks."Unfortunately, the events of recent days have led to asituation where there are no longer any optimal solutionsavailable. Today, there are only hard choices left," EuropeanUnion Economic and Monetary Affairs Commissioner Olli Rehn said ina Saturday statement.Cyprus is scrambling to come up with €5.8 billion by Monday, orface being kicked out of the Eurozone. The cash is a prerequisitefor a further €10 billion in bailout funds.Lawmakers' rejection of a previous proposal to tax all bankdeposits prompted the European Central Bank to threaten to cut offemergency funding to Cypriot banks unless a deal was reached byMarch 25. Banks have been shut all week, and are due to reopen onMarch 26.On Saturday, at least 1,000 bank workers in Cyprus hit thestreets of the country’s capital of Nicosia. The demonstratorsmarched against the latest bailout measures taken by the country’scentral bank.Protesters carried banners that read, “Hands off providentfunds” and “No to the bankruptcy of Cyprus.” … Read More
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