Select a language
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.
Was this article useful? If so we are delighted!
It is freely available because we believe that the right to free and independent information is essential for democracy. But this right is not guaranteed forever, and independence comes at a cost. We need your support in order to continue publishing independent, multilingual news for all Europeans.
Discover our subscription offers and their exclusive benefits and become a member of our community now!
