BRUSSELS (AP) — An official says finance ministers from the 17 eurozone countries will hold a telephone conference Monday evening to discuss Cyprus' bailout package and the proposal to seize a percentage of deposits.
A plan to impose a one-time tax on all deposits in Cypriot banks to help fund the bailout has provoked wrath across the island nation. Cypriot authorities are trying to make the levy more progressive — taxing those with smaller bank accounts only 3 percent of their total deposits, rather than 6.75 percent, as originally proposed.
An official said the finance ministers will take stock of the developing situation but no decisions are expected from Monday's meeting. The official spoke only on condition of anonymity because the information was not yet public.