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Euro sinks on Cyprus deposit-levy plan

Posted on 18 March 2013

The euro sank against the dollar in Asian trading hours Monday as news that Cyprus plans to impose a one-time levy on bank deposits as part of a sovereign bailout deal spooked investors.
Over the weekend, international lenders agreed to provide a 10 billion euro ($12.9 billion) bailout for Cyprus, but demanded that the nation help pay for its rescue by taxing bank deposits — an unprecedented step in the long-running euro-zone crisis………………………………………..Full Article: Source


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