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URGENT ¥¥¥ Eurozone tells Cyprus to cut tax grab smaller accounts

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(Globalpost/GlobalPost)

The eurozone told Cyprus on Monday to lower the rate of a hugely controversial grab on savings that stung even small account holders to the tune of 6.75 percent in exchange for a 10-billion-euro sovereign bailout deal, according to a statement issued after a conference call.

Finance ministers "continue to be of the view that small depositors should be treated differently from large depositors and reaffirms the importance of fully guaranteeing deposits below 100,000" euros, Eurogroup President Jeroen Dijsselbloem of The Netherlands said in the release.

rt/gk

http://www.globalpost.com/dispatch/news/afp/130318/urgent-eurozone-tells-cyprus-cut-tax-grab-smaller-accounts