Cyprus delays vote on deposit levy

Yiannakis Omirou, the speaker of parliament, said Monday the delay is needed to give the government time to amend an international bailout deal agreed on last week.

Cypriot President Nicos Anastasiades, left, and President of the Parliament Yiannakis Omirou walk toward the parliament following a meeting in capital Nicosia, Cyprus, Monday, March 18, 2013. Cyprus' president is briefing lawmakers ahead of a crucial parliamentary vote on a controversial levy on bank deposits that the cash-strapped country's creditors have demanded in exchange for a euro10 billion (US$13 billion) rescue package.(AP Photo/Petros Karadjias)

NICOSIA, Cyprus (AP) — Cyprus' parliamentary vote on a levy on bank deposits has been postponed by a day until Tuesday evening.

Yiannakis Omirou, the speaker of parliament, said Monday the delay is needed to give the government time to amend an international bailout deal agreed on last week.

That deal includes a levy on bank deposits as a condition of rescue loans. The Cypriot government is now trying to modify the deal to lower the burden on small savers with less than €100,000 in the bank.

The modification must be approved by the other eurozone finance ministers before the Cypriot parliament can vote on it.
Associated Press
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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