Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/19/2013 (2 years ago)

Catholic Online (www.catholic.org)

Changes to bailout plan to protect personal savings tabled

Cypriot government officials proposed changes to a volatile EU bailout plan in order to limit the impact on small savers. The fallout from the initial announcement this past weekend spurred angry protests outside the parliament building in Nicosia. Consumers on the tiny island nation of Cyprus rushed to banks and ATMs in an attempt to withdraw savings before the parliament ratified the measure.

Cyprus has shut its banks until at least Thursday and delayed a parliamentary vote on the package until Tuesday.

Cyprus has shut its banks until at least Thursday and delayed a parliamentary vote on the package until Tuesday.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

3/19/2013 (2 years ago)

Published in Europe

Keywords: Cyprus, compromise, eurozone, banks, decision


LOS ANGELES, CA (Catholic Online) - The amended bill would drop the tax on bank savings of fewer than 20,000 euros but retain the levy at 6.75 percent on deposits of 20,000-100,000 euros, and 9.9 percent for deposits of 100,000 euros or more. Tabled before the House finance committee, the compromise was to be voted on by parliament later in the day.

The draft bill on the deposits levy does not compensate for the lost revenue by raising it for those who have deposits of more than 100,000 euros, and as a result, Panicos Demetriades, the central bank governor of Cyprus, told a parliamentary committee that the country would fail to raise the required $7.52 billion to secure a bailout from the EU if it scrapped the tax for smaller savers. "We will take less than 5.8 billion euros," Demetriades said.

After a meeting between Cypriot and EU officials, the eurozone told Cyprus to change its original plan, according to a statement issued.

The one-time tax was announced as part of an agreement that would see Cyprus granted a $12.95 billion sovereign bailout to avoid defaulting on its debts.

The euro and European shares fell for a second day, with investors unsettled by the risk of failure for the bailout deal aimed at saving Cyprus from default and its banks from collapse.

U.S. markets are expected to get off to a weak start due to the turmoil in the eurozone.

Eurogroup President Jeroen Dijsselbloem of the Netherlands said in a written statement that finance ministers "continue to be of the view that small depositors should be treated differently from large depositors and reaffirms the importance of fully guaranteeing deposits below [$130,000]."

The Cyprus government maintains that the raid on savings was required alongside international loans to supplement the bailout, the fifth such bailout in the eurozone over the past three years.

Cyprus has shut its banks until at least Thursday and delayed a parliamentary vote on the package until Tuesday.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2015
Universal:
That political responsibility may be lived at all levels as a high form of charity.
Evangelization: That, amid social inequalities, Latin American Christians may bear witness to love for the poor and contribute to a more fraternal society.



Comments


More Europe

ISIS fighters caught crossing border disguised as refugees Watch

Image of Europe is experiencing a massive amount of migrant intake.

By Nikky Andres (NEWS CONSORTIUM)

Five ISIS fighters were seized as they attempted to cross the Bulgarian-Macedonian border with gruesome videos and ISIS propaganda on their phones. The terrorist suspects assumed the identities of refugees. MUNTINLUPA, PHILIPPINES (Catholic Online) - It was reported ... continue reading


Shocking water misters at entrance of Auschwitz museum remind guests of gas chamber Watch

Image of Misters at the Auschwitz Museum in Polond too closely resemble gas chambers.

By Hannah Marfil (NEWS CONSORTIUM)

Water mists were placed at the entrance of the Auschwitz Museum in Poland in an effort to beat the heat but Israeli visitors were far from "cool." MUNTINLUPA, PHILIPPINES (Catholic Online) - The mist raining down on guests reminded them of gas chambers, bringing back ... continue reading


Not London, New York or Paris: Luanda, Angola the most expensive city on Earth for... Watch

Image of According to Mercer's annual Cost of Living survey, places Luanda as by far the priciest city for foreign workers to live.

By Catholic Online (NEWS CONSORTIUM)

It's nowhere as well known as New York, Paris or London - but Luanda, Angola remains the most expensive city by far for expatriates to live in. Luanda ranked as the most expensive city to live in for the third time in a row. LOS ANGELES, CA (Catholic Online) - ... continue reading


Discovery of purported 'Nazi gold train' taken seriously in Poland Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

The declarations from a German man and Polish man of discovery a long-lost Nazi train filled with gold and other treasures is being taken seriously by Poland's deputy culture minister. He says he is "convinced" the train exists. LOS ANGELES, CA (Catholic ... continue reading


Abandoned truck holds over 20 dead migrants in Austria Watch

Image of Truck found abandoned carrying the bodies of more than 20 dead migrants

By Kenya Sinclair (NEWS CONSORTIUM)

A police manhunt takes place after the discovery of an abandoned truck containing the bodies of migrants attempting to cross Austria's border. LOS ANGELES, CA (Catholic Online) - Austrian police report up to 50 migrants suffocated in the back of a refrigerated food ... continue reading


Vatican involvement in Ashley Madison Web site leak disproven Watch

Image of At first glance, the claim seems questionable - why would top Church officials sworn to celibacy sign up for a Web site for married people, and no less one that promotes adultery?

By CNA/EWTN News

Early this week, a leak of personal data from millions of users of Ashley Madison, a Web site designed to arrange extramarital affairs, wreaked havoc on and off the internet. Vatican City (CNA/EWTN News) - At least two suicides have been reported in conjunction ... continue reading


Four-star General reveals horrendous WWII scenes in never-before-seen photographs (PHOTOS) Watch

Image of

By Hannah Marfil (NEWS CONSORTIUM)

Four-star General Charles Day Palmer detailed the fights in Western Front during World War II by taking snapshots of the bombed-out cities and lifeless bodies. He kept personal photos of the battlefields in Germany and France and is now releasing them to the public for ... continue reading


Brainwashed teenage girl taken away from radical jihadi parents Watch

Image of Judge Anthony Hayden, pictured, today compared the radicalization of the 16-year-old girl, known as B as similar to that as child sex abuse.

By Catholic Online (NEWS CONSORTIUM)

A 16-year-old girl in East London has been removed from her home after a judge ruled that she was being radicalized by her parents with Islamic State propaganda. The straight-A student, known only as "B" was stopped last year when she tried to fly to Syria to ... continue reading


HEROISM - AND EXTREME COWARDICE: American service members disarm terrorist aboard train - as train's staff lock themselves in office, denying help Watch

Image of U.S. serviceman Spencer Stone answering reporters' questions at the U.S. embassy in Paris this past weekend.

By Catholic Online (NEWS CONSORTIUM)

It was an example of high heroism - undercut with a despicable act of cowardice and selfishness. As an Islamic militant from Morocco threatened life and limb a high-speed train bound for Paris with a Kalashnikov, American service members with a British man were ... continue reading


Afghan man rips up Koran sparking threatening riot in overcrowded German refugee camp Watch

Image of A riot sparked in a refugee camp in Germany, leaving 15 civilians injured.

By Linky C. (NEWS CONSORTIUM)

A riot broke in an overcrowded German refugee camp shelter after an Afghan man damaged the Koran and threw pages of it in the toilet. MUNTINLUPA CITY, PHILIPPINES (Catholic Online) - One resident from an overcrowded German refugee camp tore up a Koran and dumped pages ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Colossians 1:1-8
1 From Paul, by the will of God an apostle of Christ ... Read More

Gospel, Luke 4:38-44
38 Leaving the synagogue he went to Simon's house. ... Read More

Saint of the Day

Saint of the Day for September 2nd, 2015 Image

St. Ingrid of Sweden
September 2: Born in Skänninge, Sweden, in the 13th century, St. Ingrid lived ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter