A first step. Friday evening, the Cypriot Parliament adopted the first steps of Plan B, which must avoid the collapse of the economy of the island. If the tax on bank deposits, point of contention between Brussels and Nicosia, has not yet been adopted, the Parliament voted to restructure the banking system.
The two major banks and will turn into "bad banks", deposits and house the more than one hundred thousand euros and loans at risk. "Good bank" will be created in parallel, in the ocurrence National Bank of Cyprus, or be based deposits of less than one hundred thousand euros and non-risky loans. The second measure adopted for the freezing of funds. Requested by Brussels, it aims to prevent a massive flight of capital to the banks reopened Tuesday. The debates in Parliament are currently suspended until further notice.
Saturday afternoon, Nikos Anastasiades, the Cypriot president and the leaders of political parties in the country will travel to Brussels to negotiate with European partners. A council of the Eurogroup Meeting will be held late Sunday afternoon, in the presence of Christine Lagarde, IMF Managing Director. On the table, the thorny issue of the tax credit, unanimously rejected by MEPs on Tuesday. This time, it would be to cut 15% to 25% deposit of more than 100,000 euros. The political class remains divided on the subject, but will answer to the dilemma of saving or capital of the country by Monday.
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