Cyprus once again delays bailout vote

March 18th, 2013

FAKE NEWS for the Zionist agenda

The government once again delayed its vote on Monday to give the needed time to revise the bailout deal agreed upon last week, including imposing a 6.7 percent tax for bank customer savings of up to 100,000 euros and nearly 10 percent for any exceeding amount.

The move comes as banks announced that they will be closed until Thursday to prevent a nationwide run up to release funds, with the European Union (EU) and the International Monetary Fund (IMF) demanding that all bank customers pay the one-off tax on their savings.

The one-time tax is expected to generate 5.8 billion euros to the state, which will be handed over to the creditors.

The government aims to partly fund the 10 billion euro (USD 13 billion) rescue package that is to be issued by the EU and the IMF in order to make up the difference in the 17 billion euros (USD 22 billion) that the country needs.

Cyprus has already taken a large hit from Greece’s debt due to its close financial ties with Athens, as the island’s two largest banks lost combined 4.5 billion euros, equivalent to a quarter of the island’s gross domestic product.

A total of five eurozone members, including Greece, Ireland, Portugal and Spain have agreed on receiving bailouts in an attempt to restore their economies.

The worsening debt crisis has forced the governments of EU states to adopt harsh austerity measures and tough economic reforms, a move which has triggered massive demos in many European countries.

GMA/JR

Source Article from http://www.presstv.ir/detail/2013/03/18/294230/cyprus-once-again-delays-bailout-vote/