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Cyprus: Cypriots empty ATM machines after proposed tax levy

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1. C/U Bank sign in Cyprus capital, Nicosia 2. W/S Bank customer approaching ATM cash machine 3. M/S Bank customer withdrawing money from the ATM 4. SOT Bank customer, Hasan Abul: "I definitely am angry because they didn't give us any notification, what will happen with the rest of the amount?" 5. W/S Facade of the Laiki Bank 6. M/S ATm at the Laiki Bank 7. M/S Bank customer withdrawing money from the account 8. M/S ATM machine 9. C/U Broken exchange rate board SCRIPT: Cyprus: Cypriots empty ATM machines after proposed tax levy As banks remain closed in Cyprus due to the national holiday, inhabitants of Nicosia rush to ATMS to withdraw their money after hearing about a European Union bailout on Saturday, 16 March. The Cypriot government was to decide later today, March 17, whether to seize up to 10% of deposits held in national banks however the debate and vote has been postponed until tomorrow. The 10 billion EU bailout deal was agreed between the newly elected government of Cyprus and the so-called Troika, consisting of the European Commission, the European Central Bank and the International Monetary Fund. The deal proposes that people with less than 100,000 EU in their accounts will pay a 6.75% tax. Those who earn more than the 100,000 EU threshold, will have to pay 9.9%. Cyprus will be the first country in the eurozone to finance their bailout by putting a tax levy on people's savings. Hasan Abul, inhabitant of Nicosia, expressed his feelings by stating: "I definitely am angry because they didn't give us any notification, what will happen with the rest of the amount?" Cyprus President Nicos Anastasiades gave a televised address on Sunday night by explaining that the levy on bank deposits was a necessary measure to prevent the country from exiting the euro zone, which would result in total bankruptcy for Cyprus.
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