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Holding an emergency teleconference on March 18, the Eurogroup decided to adjust the bailout for Cyprus and drop the controversial levy on Cypriot saving deposits of less than €100,000.
On March 16, the EU’s 17 finance ministers decided that in exchange for a €10bn bailout, there would a 9.9 per cent tax on all bank deposits exceeding €100,000 and 6.7 per cent on deposits below that figure.
According to the Belgian daily the Eurogroup “forgot” that the measure to tax smaller savings would have such a dangerous impact on the Eurozone. Until now Europe has always guaranteed savings up to €100,000.
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