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Cyprus 'unlikely' to pass bank tax law

Mar 19 2013 08:41 Reuters
Cyprus

Cypriots show their palms reading \No\ during a protest against an EU bailout deal outside the parliament in Nicosia, Cyprus. (Patrick Baz, AFP)

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Nicosia - Cyprus's parliament is unlikely to pass legislation taxing deposits which has prompted turmoil in its banking system, falling short on a condition for an international bailout, government spokesperson Christos Stylianides said on Tuesday.

Cypriot President Nicos Anastasiades briefed German Chancellor Angela Merkel and EU economics affairs commissioner Olli Rehn on Monday evening.

While Anastasiades said he was ready to stand by what was agreed at a euro zone finance ministers' meeting last week, he "insisted that EU partners offer some additional help," Stylianides told state radio.

Parliament was due to convene at 16:00 GMT. No single party has a majority in the 56-member chamber.

Stylianides said Anastasiades was also likely to talk to Russian President Vladimir Putin during the day. A decision to tax bank deposits has far-reaching consequences not just for locals but for thousands of Europeans and Russians with business interests on the island.

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