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Cyprus: Protesters refuse to leave Presidential Palace00:38

Cyprus: Protesters refuse to leave Presidential Palace

Cyprus, Nicosia
March 18, 2013 at 18:40 GMT +00:00 · Published

Cyprus: Protesters refuse to leave Presidential Palace

After 1,000 protesters demonstrated Monday afternoon in front of the parliament in Nicosia, Cyprus, dozens of people marched to the Presidential Palace and staged yet another protest against the recently announced Troika-sponsored rescue package. Police were ready to receive the protesters, who in turn showed signs of peaceful dissent.

The European Union and the International Monetary Fund unveiled Saturday March 16 a €10 billion ($13 billion) bailout deal to rescue Cyprus' outsized banking sector and bring it back from the brink of default. Under the terms of the proposal, people with less than €100,000 ($130,000) in their Cypriot accounts would pay a one-time tax of 6.75%. Anyone over that threshold would pay 9.9%. Should parliament approve the deal, Cyprus will be the first Eurozone country to finance a bailout with a one-off tax on people's savings.

Although members of the Cypriot parliament were supposed to ratify the rescue package Monday, they postponed the vote for Tuesday March 19. Local protesters blame the European Union and particularly Angela Merkel's government for imposing unpopular measures to solve the current financial situation. Tuesday afternoon protesters will march from the Greek Embassy in Nicosia towards the parliament to show again their discontent to the political class.

Banks will continue to be closed to the public and ATMs are already running out of cash, despite the imposition of a €400 ($518) withdrawal limit. It is rumoured that banks will only open after Thursday in an effort to control an eventual flight of capital.

Cyprus: Protesters refuse to leave Presidential Palace00:38
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Cyprus: Protesters refuse to leave Presidential Palace

After 1,000 protesters demonstrated Monday afternoon in front of the parliament in Nicosia, Cyprus, dozens of people marched to the Presidential Palace and staged yet another protest against the recently announced Troika-sponsored rescue package. Police were ready to receive the protesters, who in turn showed signs of peaceful dissent.

The European Union and the International Monetary Fund unveiled Saturday March 16 a €10 billion ($13 billion) bailout deal to rescue Cyprus' outsized banking sector and bring it back from the brink of default. Under the terms of the proposal, people with less than €100,000 ($130,000) in their Cypriot accounts would pay a one-time tax of 6.75%. Anyone over that threshold would pay 9.9%. Should parliament approve the deal, Cyprus will be the first Eurozone country to finance a bailout with a one-off tax on people's savings.

Although members of the Cypriot parliament were supposed to ratify the rescue package Monday, they postponed the vote for Tuesday March 19. Local protesters blame the European Union and particularly Angela Merkel's government for imposing unpopular measures to solve the current financial situation. Tuesday afternoon protesters will march from the Greek Embassy in Nicosia towards the parliament to show again their discontent to the political class.

Banks will continue to be closed to the public and ATMs are already running out of cash, despite the imposition of a €400 ($518) withdrawal limit. It is rumoured that banks will only open after Thursday in an effort to control an eventual flight of capital.