First €20,000 of Cypriot deposits to be protected

The newest proposals for a bank levy on Cyprus deposits would see the first €20,000 of deposits protected, with a 6.7% from €20,000 to €100,000 then 9.9% over €100,000 (unchanged).

Cyprus' parliament will meet at 16:00 GMT to vote on the levy proposal. Financial Minister Michael Sarris remains scheduled to fly to Moscow this Wednesday. Kremlin spokesman Dmitry Peskov has said that:

While assessing the proposed additional levy on bank accounts in Cyprus, Putin said that such a decision, should it be made, would be unfair, unprofessional and dangerous.