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Cypriots anxious about savings tax proposal

Sunday, Mar 17, 2013 - 00:59

March 17 - Cash point machines dry up in Nicosia ahead of an emergency parliament vote on a levy on bank deposits, part of the EU bailout plan. Jessica Gray reports.

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Cashpoint machines in Nicosia are empty after Cypriots took out money from their Banks on news of a proposed 10 per cent tax on savings. The embattled government on Sunday postponed until Monday an emergency session to vote on the proposed bank levy. That could see savings over 100,000 euros hit with a 10 percent tax. Deposits less than 100, 000 euros would be subject to a tax of almost 7 percent. The proposed tax hikes are part of efforts to generate 6 billion euros to help bail out the country's two biggest banks, hit hard by the euro zone debt crisis. (SOUNDBITE) (Greek) UNIDENTIFIED CYPRIOT RESIDENT, SAYING: "I feel like everyone else. Annoyed and angry at the situation we are facing. We have no idea what we will face tomorrow, the situation is really difficult." (SOUNDBITE) (English) UNIDENTIFIED CYPRIOT RESIDENT, SAYING: "Not good because when you get the money you already have the taxes." The radical levy would break a previous euro zone taboo on penalizing struggling banks' depositors.

Cypriots anxious about savings tax proposal

Sunday, Mar 17, 2013 - 00:59

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