Cyprus president trying to amend bailout plan
By MENELAOS HADJICOSTISBy MENELAOS HADJICOSTIS, Associated Press?
?An elderly man passes by a cooperative bank in Limassol, Cyprus, Saturday, March 16, 2013. Many rushed to the cooperative banks which are open Saturdays in Cyprus, after learning that the terms of a bailout deal that the cash-strapped country hammered out with international lenders, includes a one-time levy on bank deposits. The move, decided in an extraordinary meeting of the finance ministers of the 17-nation euro zone in the early hours Saturday, is a major departure from established policies. (AP Photo/Pavlos Vrionides)
An elderly man passes by a cooperative bank in Limassol, Cyprus, Saturday, March 16, 2013. Many rushed to the cooperative banks which are open Saturdays in Cyprus, after learning that the terms of a bailout deal that the cash-strapped country hammered out with international lenders, includes a one-time levy on bank deposits. The move, decided in an extraordinary meeting of the finance ministers of the 17-nation euro zone in the early hours Saturday, is a major departure from established policies. (AP Photo/Pavlos Vrionides)
People queue to use an ATM machine outside of a Laiki Bank branch in Larnaca, Cyprus, Saturday, March 16, 2013. Many rushed to cooperative banks which are open Saturdays in Cyprus after learning that the terms of a bailout deal that the cash-strapped country hammered out with international lenders includes a one-time levy on bank deposits. The move, decided in an extraordinary meeting of the finance ministers of the 17-nation eurozone in the early hours Saturday, is a major departure from established policies. Analysts have warned that making depositors take a hit threatens to undermine investors' confidence in other weaker eurozone economies and might possibly lead to bank runs. (AP Photo/Petros Karadjias)
People queue to use an ATM machine outside of a Laiki Bank branch in Larnaca, Cyprus, Saturday, March 16, 2013. Many rushed to cooperative banks which are open Saturdays in Cyprus after learning that the terms of a bailout deal that the cash-strapped country hammered out with international lenders includes a one-time levy on bank deposits. The move, decided in an extraordinary meeting of the finance ministers of the 17-nation eurozone in the early hours Saturday, is a major departure from established policies. Analysts have warned that making depositors take a hit threatens to undermine investors' confidence in other weaker eurozone economies and might possibly lead to bank runs. (AP Photo/Petros Karadjias)
An elderly man holds his bank passbook as he looks through the windows of a closed cooperative bank shop in Limassol, Cyprus, Saturday, March 16, 2013. Many rushed to cooperative banks which are open Saturdays in Cyprus, after learning that the terms of a bailout deal that the cash-strapped country hammered out with international lenders, includes a one-time levy on bank deposits. The move, decided in an extraordinary meeting of the finance ministers of the 17-nation eurozone in the early hours Saturday, is a major departure from established policies. (AP Photo/Pavlos Vrionides)
Cyprus? Central Bank chief Panicos Demetriades, right, leaves the meeting with president Nicos Anastasiades at the presidential palace in capital Nicosia, Cyprus, Sunday, March 17, 2013. Cyprus? parliament had postponed the debate and vote on the controversial levy on all bank deposits that the cash-strapped country?s creditors demanded in exchange for euro10 billion (US$13 billion) in rescue money, officials said. (AP Photo/Petros Karadjias)
NICOSIA, Cyprus (AP) ? Cyprus' president says he is trying to amend a detested bailout plan that would tax bank deposits across the country to reduce its effect on small savers.
But in a nationally televised speech, President Nicos Anastasiades also urged lawmakers to approve the bailout plan Monday, saying it is essential to save the country from bankruptcy.
"I completely share the unpleasant sentiment that this difficult and onerous decision has caused," he said Sunday night. "That's why I continue to give battle so that the decisions of the eurozone are amended in the next hours to limit the effect on small depositors."
In exchange for ?10 billion ($13 billion) in rescue money, creditors would impose a one-time tax of 6.75 percent on all bank deposits under ?100,000 ($131,000) and 9.9 percent over that amount.
Associated PressPeople, Places and Companies: Cyprus
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