Cyprus President Tries to Amend Bailout
By Menelaos Hadjicostis, Associated Press
NICOSIA, Cyprus -- Cyprus' president says he is trying to amend a detested bailout plan that would tax bank deposits across the country to reduce its effect on small savers.
But in a nationally televised speech, President Nicos Anastasiades also urged lawmakers to approve the bailout plan Monday, saying it is essential to save the country from bankruptcy.
"I completely share the unpleasant sentiment that this difficult and onerous decision has caused," he said Sunday night. "That's why I continue to give battle so that the decisions of the eurozone are amended in the next hours to limit the effect on small depositors."In exchange for 10 billion euros ($13 billion) in rescue money, creditors would impose a one-time tax of 6.75% on all bank deposits less than 100,000 euros ($131,000) and 9.9% on amounts greater than that.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV