"Cyprus President Nicos Anastasiades says he is battling against eurozone demands that all bank customers pay a one-off levy in return for a bailout.
Mr Anastasiades said he shared people's unhappiness with the terms, whereby all bank customers would pay a levy of 6.75% or 10% on their bank deposits.
The EU and IMF have demanded the levy in return for a 10bn-euro ($13bn; £8.6bn) bank bailout."
The key thing here is that the EU accepted the original proposal, they were okay with seeing deposits of less than €100k being hit, regardless of any deposit guarantee. Public fury resulted in the Cypriot Parliament rejecting the proposal and the EU back-peddling from the original terms.
"Cyprus President Nicos Anastasiades says he is battling against eurozone demands that all bank customers pay a one-off levy in return for a bailout.
Mr Anastasiades said he shared people's unhappiness with the terms, whereby all bank customers would pay a levy of 6.75% or 10% on their bank deposits.
The EU and IMF have demanded the levy in return for a 10bn-euro ($13bn; £8.6bn) bank bailout."
The key thing here is that the EU accepted the original proposal, they were okay with seeing deposits of less than €100k being hit, regardless of any deposit guarantee. Public fury resulted in the Cypriot Parliament rejecting the proposal and the EU back-peddling from the original terms.
[1] http://www.bbc.co.uk/news/world-europe-21824495