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In the wake of the outcry prompted by Eurogroup’s decision to tax Cypriot bank deposits in exchange for a €10bn bailout for the island, the government in Nicosia is actively seeking a solution that is less punishing for savers.
Its European partners have said they are willing to consider other options — notably those that do not affect deposits of less than €100,000 — as long as Cyprus takes charge of its €5.8bn contribution to the adjustment programme.
On Tuesday, the Cypriot parliament is scheduled to hold a vote on the measures decided on March 16 in Brussels, while the closure of the island’s banks has been prolonged until Thursday morning to avoid bank runs.
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