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TheStreet Open House

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.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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