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British expats outraged over Cyprus bank levy

Monday, March 18, 2013 - 01:05

March 18 - Britons living in Cyprus are outraged by bailout plans to impose a levy on bank deposits, as some threaten to withdraw their savings as soon as possible. Sarah Charlton reports.

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Bailout plans in Cyprus to make savers forfeit a portion of their deposits have been met with anger by many expats living here. Around 80,000 British citizens reside on the island which has been financially crippled in the euro zone crisis. Many say they'll be moving their cash to avoid the levy. SOUNDBITE: (English) BRITON FROM MARGATE, SUSAN KEARNS, SAYING: "On Tuesday I plan to go to the bank and withdraw all the money I have in there and have nothing left in there. You know, I can't trust them anymore. It's theft. They are stealing from me. That's how I see it." SOUNDBITE: (English) BRITON FROM MARKSE BY-THE- SEA, STEWART COWELL, SAYING: "I think it is particularly unfair for people that have saved and tried hard to keep some money in the bank, and it's just a blanket tax across everybody. I understand people with higher savings getting taxed more, but 6.75 percent seems an awful lot of money to me." As government discussions continue, officials warn that banks could collapse if parliament does not ratify the move. The levy is scheduled to come into force on Tuesday (March 19).

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British expats outraged over Cyprus bank levy

Monday, March 18, 2013 - 01:05

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