Cyprus becomes fifth euro zone bailout
Euro zone finance ministers and the International Monetary Fund struck a deal at the weekend to bail out Cyprus with aid of up to €10 billion, AFP reported citing diplomats. The official said that the IMF would participate to the tune of one billion euros ($1.3 billion) in loans under the agreement. Under the deal, deposits in Cypriot banks would be hit with a one-off “levy” of up to 9.9%, depending on the amounts held. At the same time, a “withholding tax” will be imposed on interest on bank deposits, in a further hit for private investors in the Cypriot banking system. Monday is a bank holiday in Cyprus so it will be Tuesday before depositors will be able to react.
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