Cyprus President Nikos Anastasiadis told European Commission President Olli Rehn and Eurodeputy Elmar Brok, who is an associate of Angela Merkel, that Parliament of Cyprus would reject the bill on one-time tax of bank deposits. Nikos Anastasiadis also acknowledged that in the event Cyprus fails to meet the EU's requirements, the banks of the country will go bankrupt.
On March 15th, the finance ministers of the euro area agreed to allocate financial aid to Cyprus in the amount of 10 billion euros under the condition of one-time tax on deposits in banks. The Cyprus government prepared a bill stipulating taxes of 6.75 and 9.9 percent for banks deposits under and over 100,000 euros respectively. The contributions from 100,000 euros or more, this figure will increase to. Russian citizens may thus lose up to two billion dollars.