cyprus delays eu bailout debate as mps baulk at terms
Last Updated : GMT 10:53:55
Arab Today, arab today
Arab Today, arab today

Cyprus delays EU bailout debate as MPs baulk at terms

Arab Today, arab today

Arab Today, arab today Cyprus delays EU bailout debate as MPs baulk at terms

Nicosia - AFP

Cyprus postponed an emergency debate in parliament on a controversial EU bailout on Sunday, threatening a prolonged closure of the island\'s banks as MPs baulk at an unprecedented tax on savings. Fellow eurozone countries and international creditors imposed the deeply unpopular levy of up to 9.9 percent on all deposits in the island\'s banks as a condition for a desperately needed 10-billion-euro ($13 billion) bailout. Conservative President Nicos Anastasiades needs to get the legislation ratifying the deal through parliament before banks reopen or face a run on accounts. But Cyprus media reported that the scale of revolt against the agreement among MPs has thrown into disarray his efforts to do so over a three-day holiday weekend, and he may have to declare an additional bank holiday on Tuesday. Negotiations are under way with the central bank to keep branches closed for an extra day, despite the potential economic cost, the privately run Sigma TV reported. Anastasiades is struggling to secure even a simple majority for the terms of the bailout in the 56-member parliament in which his conservative DISY parliament holds just 20 seats, the channel said. State television said the government had decided to postpone the debate to \"ensure MPs were fully aware of the situation and were better informed.\"  The president also postponed until Monday a planned address to the nation to defend the \"painful\" sacrifices which he insisted were the only way to save the island\'s banking sector from total collapse.MPs will now convene at 4:00 pm (1400 GMT) on Monday to debate ratification, the state broadcaster said. The debt rescue package, agreed in Brussels early on Saturday after some 10 hours of talks, is significantly less than the 17 billion euros Cyprus had initially sought. Most of the balance is to be made up through the bank deposit levy -- the first eurozone bailout in which private depositors are having to help foot the bill. Savers in Cyprus banks reacted with shock and anger after Anastasiades agreed to the tax in an 11th-hour U-turn on months of promises that it was a red line he would never cross. \"I feel betrayed,\" public sector employee Elpida told AFP. \"This decision might bring good results in terms of arithmetics but it will break our trust in the economy.\" Opposition politician George Lillikas called on his supporters to protest on Tuesday, charging that the president, who was elected only last month, had \"betrayed the people\'s vote.\" The tax will hit everyone with savings in Cyprus banks from pensioners to Russian oligarchs, and even the president of the European parliament Martin Schulz expressed concern about the hit being imposed on small depositors.\"The solution must be socially acceptable,\" Schulz warned. Britain, meanwhile, announced that it will compensate its diplomatic and military personnel for any losses from the levy -- but not the tens of thousands of other British expatriates on the island. Cypriot ministers will meet at 8:30 am on Monday to thrash out the draft legislation to put before parliament, state media said. Europhile former president George Vassiliou pleaded with MPs to accept an agreement that he said was the only one acceptable to the parliaments of EU creditor nations like Germany. \"The Germans told us they couldn\'t pass a Cyprus bailout through the Bundestag without a haircut on bank deposits,\" Vassiliou told state television from Berlin. \"If this bill isn\'t approved, there will be a run on the banks and they will collapse.\" But the socialist EDEK party said its five MPs would vote against the \"catastrophic\" deal and would not be strongarmed into agreeing to it because of the deadline of the banks reopening. \"We refuse to succumb to this dilemma by blackmail,\" the party said. The communist AKEL party, which has 19 seats, refused to sign an agreement on similar terms while it was in power before Anastasiades\'s election last month. And even the president\'s coalition partners -- centrist DIKO with eight seats -- voiced strong reservations. However German political analyst Hubert Faustmann said that ultimately MPs had little choice. \"Parliament will have to vote it through because the alternative is bankruptcy. They cannot amend it, as far as I know, it is a \'yes\' or \'no\' vote -- and a \'no\' means bankruptcy.\"

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*

cyprus delays eu bailout debate as mps baulk at terms cyprus delays eu bailout debate as mps baulk at terms

 



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*

cyprus delays eu bailout debate as mps baulk at terms cyprus delays eu bailout debate as mps baulk at terms

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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