Reuters: US Dollar Report: Cyprus to apply staggered levy on deposits, tax deposit interest - source

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Cyprus to apply staggered levy on deposits, tax deposit interest - source Mar 16th 2013, 02:13 BRUSSELS, March 16 | Fri Mar 15, 2013 10:13pm EDT BRUSSELS, March 16 (Reuters) - International lenders and Cyprus have agreed a one-off levy of 9.9 percent to apply to deposits in Cypriot banks above 100,000 euros and of 6.7 percent for deposits below 100,000 euros, a senior euro zone source said early on Saturday. They had also agreed to tax the interest on deposits in Cypriot banks, the source involved in the negotiations added. The tax measures are to boost Cypriot revenues to diminish the size of the necessary emergency borrowing from the euro zone and keep public debt at a level that will be possible to service.

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