Cypriot Government Seeks Delay in Vote on Bailout Plan

The government presented a plan over the weekend to dip directly into people's Cypriot bank accounts in order to contribute €5.8 billion ($7.5 billion) out of a €15.8 billion bailout. The move has caused an uproar.

Associated Press
Associated Press
Mar 19, 2013 at 1:01PM
Markets

NICOSIA, Cyprus (AP) -- The governing party in Cyprus has called for a one-day delay in a crucial parliamentary vote on a plan to seize a part of depositors' bank savings.

DISY lawmaker Averof Neophytou argued Tuesday that postponing the vote to Wednesday would give legislators a chance to seek a solution that would prevent "the big dangers our country is facing."

The government presented a plan over the weekend to dip directly into people's Cypriot bank accounts in order to contribute €5.8 billion ($7.5 billion) out of a €15.8 billion bailout. The move has caused an uproar.

The government brought an amended bill Tuesday that will shield small savers with up to €20,000 ($25,858) in the bank from the seizure.

DISY holds 20 of Parliament's 56 seats. Other parties argued for the vote to go ahead as planned Thursday evening.