Cyprus President In Desperate Bid To Prevent Run On Banks
President Nicos Anastasiades will on Monday attempt to persuade Cypriot lawmakers to back an EU bailout deal that slaps a levy on bank savings, amid fears of a run on accounts if he fails.
Anastasiades, in an address to the shell-shocked nation on Sunday night, said that rejecting the EU demands would have seen Cyprus exit the eurozone and face bankruptcy.
"I chose the least painful option, and I bear the political cost for this, in order to limit as much as possible the consequences for the economy and for our fellow Cypriots," Anastasiades said.
He also vowed to continue to try to persuade the eurogroup of nations which imposed the harsh conditions to "limit the impact on small depositors".
--CLIP
Deposits of more than 100,000 euros will be hit with a 9.9 percent charge, while under that threshold the levy drops to 6.75 percent.
MORE...
http://www.globalpost.com/dispatch/news/afp/130317/cyprus-president-desperate-bid-prevent-run-banks
