Cyprus tax must still yield 5.8 billion, Eurogroup says
Eurozone finance ministers on Monday insisted that a controversial bailout-dictated depositor tax in Cyprus must still yield 5.8 billion euros (7.5 billion dollars) in case of changes, while recalling the importance of protecting smaller savers, DPA reported.
"The Eurogroup continues to be of the view that small depositors should be treated differently from large depositors and reaffirms the importance of fully guaranteeing deposits below 100,000 euros," the ministers said following a special conference call.
They noted that the tax could be implemented more progressively, provided that it "continues yielding the targeted reduction of the financing envelope."
"The implementation of the reform measures included in the draft programme is the best guarantee for a more prosperous future for Cyprus and its citizens, through a viable financial sector, sound public finances and sustainable economic growth," the ministers said.