French presidents discuss financial crisis

French President Francois Hollande held a telephone conversation Wednesday with his counterpart from Cyprus, Nicos Anasatasiades, to discuss the Cypriot financial crisis and the need to take measures to prevent financial collapse on the island. Cyprus has been given an undertaking for European Union aid but is also being called upon to raise bailout funds by taxing domestic saving deposits, a move that has caused a storm among the public and foreign account holders. Hollande "insisted on the importance of a lasting solution and a suitable contribution from Cyprus for the bailout plan," the French leader's office said in a statement. Both leaders "share the conviction" that a "rapid agreement must be found" on the basis of the EU "Troika" and its proposals, and that this agreement must be "in the interest of all the parties." Banks in Cyprus have been closed to prevent a run on deposits and massive withdrawals by frightened savers. The initial tax plan was for a levy of between 5.0 percent and 10 percent on savings, with the higher tax level on deposits held of over 100,000 Euros (USD 130,000).