Cyprus: Parliament nixes Eurogroup forced bank levy

So no EU bailout for cashless banks, German governent

19 March, 21:54

Cyprus parliament votes on bank levy Cyprus parliament votes on bank levy

(ANSAmed) - NICOSIA - The Cypriot parliament on Tuesday vetoed a Eurogroup-proposed levy on bank deposits to fund part of the country's bailout. The proposed 5.8 billion euro levy was vetoed by 36 MPs, while 19 members of the ruling party abstained, in spite of President Nicos Anastasiades' approval of the plan.

Eight coalition party members also voted against the plan after Socialist parliament speaker, Yannakis Omirou, called on lawmakers to vote "against blackmail" from the Eurogroup. The German government made any bailout of Cyprus conditional on approval of the forced levy on bank accounts. Cypriot banks are in danger of seeing their cash reserves dry up completely, and won't be able to reopen without the promised EU bailout, government sources told DPA news agency. (ANSAmed).

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