europeans insist bank levy was cyprus\s decision
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
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."

arabstoday
arabstoday

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*

europeans insist bank levy was cyprus\s decision europeans insist bank levy was cyprus\s decision

 



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*

europeans insist bank levy was cyprus\s decision europeans insist bank levy was cyprus\s decision

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday