Arab Today, arab today europeans insist bank levy was cyprus\s decision
Last Updated : GMT 13:22:37
Arab Today, arab today
Arab Today, arab today

Europeans insist bank levy was Cyprus\'s decision

Arab Today, arab today

Arab Today, arab today Europeans insist bank levy was Cyprus\'s decision

Berlin - AFP

Europe's two top economies on Monday insisted that it was Cyprus's proposal to slap a levy on all Cypriot bank savings under an EU bailout deal and appeared to suggest it review the contested plan. France and Germany, as well as the European Central Bank (ECB) based in the German city of Frankfurt, emphasised that they were not behind the move which has caused stock markets to slump and again stoked debt crisis fears. In the bailout accord agreed early Saturday with the EU, the International Monetary Fund and the ECB, Cyprus accepted a levy of 6.75 per cent on accounts up to 100,000 euros and 9.9 per cent thereafter. But the move was again under discussion Monday. An EU source in Brussels said Nicosia and international creditors were busy discussing changes to the levy, as Cyprus's parliament postponed until Tuesday a session to vote on the deal which has triggered outrage in Cyprus. Germany said that it was up to the Cyprus government to decide how to finance the EU lifeline of about 10 billion euros, the first eurozone rescue that foresees private depositors having to help foot the bill. "How the country makes its contribution, how it makes the payments, is up to the Cyprus government," government spokesman Steffen Seibert told a regular news briefing. "Germany could have imagined a different plan but it is not our decision," he added. The ECB opened the door to possible amendments to the EU bailout deal, arguing that as long as the financing was secure, it was up to the Cyprus government to decide how to raise it. "It's the Cyprus government's adjustment programme, not the troika's or any other government's," ECB executive board Joerg Asmussen told a conference, referring to the term used for international creditors, the EU, the ECB and the International Monetary Fund. "If Cyprus's president wants to change something in the structure of the levy on bank deposits, that's in his hands. He must simply make sure that the financing is intact," Asmussen said. France backs shielding small-time deposit holders in Cyprus from the levy, Finance Minister Pierre Moscovici told AFP. "If Cyprus chose a different distribution to better protect small deposits, while respecting the total amount of its contribution to the programme, we have to listen to it and, for me, to hear it," he said. "It's the position that I defended Friday (at the meeting of eurozone finance ministers) faced with much harder positions," he added. Meanwhile, Luxembourg Prime Minister Jean-Claude Juncker warned the EU bailout deal for Cyprus could lead to a "loss of confidence". "I have grave concerns that this will lead to a loss of confidence, not just from the banks but also from the people," the former head of the 17-nation eurozone finance ministers group told journalists on a visit to Vienna. Russia reacted angrily to the plan which analysts said was meant to ensure that Brussels did not spend billions propping up ill-gotten gains of Russia's super-rich that are sometimes kept in Cypriot accounts. President Vladimir Putin slammed the proposed tax on bank deposits in Cyprus as "unfair, unprofessional and dangerous."

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today europeans insist bank levy was cyprus\s decision Arab Today, arab today europeans insist bank levy was cyprus\s decision

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Russia, Iran ink economic deals

GMT 08:03 2017 Wednesday ,29 March

Russia, Iran ink economic deals
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 11:55 2017 Wednesday ,29 March

Need ‘gymspiration?’ The top fun fitness bloggers

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 05:17 2017 Wednesday ,29 March

Samsung to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday