Central Bank of Cyprus governor tells government to scrap small-depositor levy

panicos-demetriades

The governor of the Central Bank of Cyprus, Panicos Demetriades, has weighed in on the battle over a controversial levy on depositors in Cypriot banks, saying those covered by deposit guarantees should not face haircuts.

The Cypriot government is currently racing to agree a deal to raise enough funds to save its banking system, but initial plans to impose a 6.75% haircut on depositors supposedly covered by a deposit insurance scheme up to €100,000 ($129,000) have come in for intense criticism. L

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