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Cyprus bailout: debate postponed by parliament

Cyprus’ parliament had been due to decide whether to back a controversial bailout deal for the country’s banks on Sunday 17 March 2013, but has pushed back the vote until Monday 18 March 2013.

Under the terms of the 10 billion euro (£8.6 billoin) bailout, savers in Cyprus have to hand over up to 10% of their deposits.

Under its terms, people in Cyprus with less than 100,000 euros in their accounts would have to pay a one-time tax of 6.75%.

Those with sums over that threshold would pay 9.9% in tax.

Depositors will be compensated with the equivalent amount in shares in their banks.

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