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Cypriot President Anastasiades (l) insisted that big savers should not to be hit too hard, the commission says (Photo: Council of European Union)

Cyprus blamed for decision to tax small savers

The European Commission on Wednesday (21 March) said Cyprus itself was responsible for the most unpopular detail of its bailout.

Following the Cypriot parliament's rejection of the €10 billion bailout, the commission said it was Nicosia that wanted to apply a levy on all savers - including the least well off - when the terms of the deal were being discussed.

It is this element that sparked Cypriots to queue to take money out of their accounts and led to fears of a bank run that co...

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Cypriot President Anastasiades (l) insisted that big savers should not to be hit too hard, the commission says (Photo: Council of European Union)

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