EU Erosion

EuroGroup insists Cyprus must tax deposits

Photo: EPA

The EuroGroup has rejected the Cypriot plan to raise billions of euros for addressing debt problems by nationalizing pension funds and issuing bonds backed by the promise of massive oil and gas profits.

0Reports say it continues to insist that Cyprus must impose a hefty one-off-levy on deposits in banks.

0Cyprus has to raise 6bln euros if it is to win the promised Eurozone bailout.

0Voice of Russia, TASS