Tuesday, March 19, 2013

Cyprus parliament ready to veto deposit tax

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Cyprus parliament ready to veto deposit tax

The Cyprus fiasco sets a high bar for the euro zone's new banking union. The new superregulator might not have been able to stop the blowup, or to avoid losses for insured depositors. The apparent lesson from the mess is the call for for a procedure to wind

NICOSIA (Reuters) – Cyprus's parliament was set to reject a divisive tax on bank deposits in a vote scheduled for Tuesday, pushing the island closer to a debt default and banking collapse. A weekend announcement that Cyprus would break with previous

NICOSIA/ATHENS (Reuters) – Euro zone ministers urged Cyprus to let smaller savers escape a levy on bank deposits, before a parliamentary vote on Tuesday that will either reliable the island's financial rescue or threaten default. A weekend announcement

In response to backlash over a €10 billion transact business that would bailout its banks and impose a financial transaction tax on all depositors, the Cypriot government on Monday postponed a vote to finalize the package in anticipation of Tuesday,

Andrew Ross Sorkin defends the Cyprus transact business today, on the grounds that (a) Cyprus is “tiny”, and “largely irrelevant to the comprehensive economy”; (b) Cyprus is a genuinely unique case; (c) it would be grossly unfair not to bail in Russian depositors, who are

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