Reuters - Video

Edition: US | UK | IN | CN | JP

Eurozone

Cypriots furious over proposed bank deposit tax

Monday, March 18, 2013 - 01:08

March 18 - In the island nation of Cyprus, protesters are urging their parliament to say ''no'' to a tax on bank accounts that would satisfy terms of a euro zone bailout. Deborah Gembara reports.

▲ Hide Transcript

View Transcript

In Cyprus, hundreds gathered outside of parliament - to voice their anger over plans to levy a tax on bank deposits. It's all part of a 13 billion dollar bailout by the European Union. Chanting and waving signs criticizing the plan -- a proposed one-time tax of anywhere from three to twelve percent on Cyprus bank accounts. SOUNDBITE: Moses Moesis saying (Greek): "If the government had asked us to donate what we could, we would have offered our monthly wages for one month, even two months, but with what they are doing now chaos is being created." Ministers are reportedly working to soften the blow, directing more of the tax at deposits of more than 100,000 euros, or around 130,000 US dollars. The Cypriot parliament votes on the measure on Tuesday. Many will be paying close attention because failure to pass the tax could plunge the euro zone back into crisis.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Cypriots furious over proposed bank deposit tax

Monday, March 18, 2013 - 01:08