President bids to amend Cyprus levy

The president of Cyprus has said he is trying to amend a bailout plan that would tax bank deposits across the country to reduce its effect on small savers.

But in a nationally televised speech, President Nicos Anastasiades also urged politicians to approve the bailout plan tomorrow, saying it is essential to save the country from bankruptcy.

“I completely share the unpleasant sentiment that this difficult and onerous decision has caused,” he said.

“That’s why I continue to give battle so that the decisions of the eurozone are amended in the next hours to limit the effect on small depositors.”

In exchange for €10bn in rescue money, creditors would impose a one-time tax of 6.75% on all bank deposits under €100,000 and 9.9% over that amount.