Cyprus to apply staggered levy on deposits, tax deposit interest - source

BRUSSELS, March 16 Fri Mar 15, 2013 10:13pm EDT

BRUSSELS, March 16 (Reuters) - International lenders and Cyprus have agreed a one-off levy of 9.9 percent to apply to deposits in Cypriot banks above 100,000 euros and of 6.7 percent for deposits below 100,000 euros, a senior euro zone source said early on Saturday.

They had also agreed to tax the interest on deposits in Cypriot banks, the source involved in the negotiations added.

The tax measures are to boost Cypriot revenues to diminish the size of the necessary emergency borrowing from the euro zone and keep public debt at a level that will be possible to service.


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.