Cyrpus Bank Levy

March 18, 2013 by  

Cyrpus Bank Levy, Delays in approving a Cypriot bank levy scuppered a plan for Greek banks to take over their local units before a three-day weekend ends on Tuesday.

Athens had been hoping to sell Cypriot banks’ units in Greece quickly to a local lender, to squash any concerns among their depositors and prevent them from spreading to other Greek lenders.

Greece has been sounding out interest among local banks in taking over the local units of their Cypriot peers since the island’s bailout deal on Saturday, of which the proposed tax on deposits is a part.

Greek units of Cypriot banks account for about a tenth of Greece’s banking market. Eurogroup finance ministers excluded them from the controversial levy imposed as part of Cyprus’s international bailout, on condition that they would be transferred to Greek lenders.

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