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ECB Says Will Offer Liquidity to Cyprus Despite Deposit Tax Rejection

European Central Bank ECB
The European Central Bank (ECB) said on Tuesday it remains committed to providing liquidity within certain limits despite Cypriot lawmakers overwhelmingly rejecting a levy on savers – a key term of the €10 billion proposed bailout.
“The ECB takes note of the decision of the Cypriot parliament and is in contact with its troika partners,” the bank said in a statement.
“The ECB reaffirms its commitment to provide liquidity as needed within the existing rules.”
The Cypriot Parliament late on March 19, by a vote of 36-0 with 19 abstentions, overwhelmingly rejected a proposal put forth by international lenders and backed by President Nicos Anastasiades to confiscate up to 9.9 percent of bank deposits to help pay for a bailout. The rejection of the tax throws into doubt an international bailout for the troubled euro zone member needed to avert default and a banking collapse.
The central bank said it is in contact with the International Monetary Fund and its European Union partners on the issue.

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