“As Cypriot party leaders met, a senior Cypriot official told Reuters that Nicosia had agreed with EU/IMF lenders on a 20 percent levy over and above 100,000 euros at No. 1 lender Bank of Cyprus, and four percent on deposits over the same level at others. Cypriot lawmakers voted in late-night session on Friday to nationalize state pensions and split failing lenders into good and bad banks.  They also gave the government powers to impose capital controls, anticipating a run on banks when they reopen on Tuesday.  A plan to nationalize semi-state pension funds has met with resistance, being possibly even more painful for ordinary Cypriots than a deposit levy.”

http://www.reuters.com/article/2013/03/23/us-cyprus-parliament-idUSBRE92G03I20130323

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