Cyprus delays vote on deposit levy

[March 18, 2013]  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 euro100,000 in the bank.

The modification must be approved by the other eurozone finance ministers before the Cypriot parliament can vote on it.

[Associated Press]

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