Reuters reports that the Eurogroup of euro zone finance ministers will meet on Sunday in Brussels to discuss the Cyprus situation.
Eurogroup finance ministers to meet Sunday in Brussels, Euro Zone sources tell Reuters #breaking
— Reuters Top News (@Reuters) March 22, 2013
Cyprus is still trying to raise the funds demanded by the EU as the country’s contribution to the larger bailout of its banking system.
One of the ideas back on the table is a controversial levy on deposits – but this time around, it appears that a levy on only uninsured depositors, those with more than 100,000 euros in their bank accounts, is being proposed.
Tomorrow, the Cypriot parliament will vote on the levy proposal. Following the vote, Cypriot President Nicos Anastasiades and other party leaders will travel to Brussels, reports Cypriot state-run broadcaster CYBC (via Bloomberg).
It’s still unclear how Cyprus plans to raise its share of the bailout contribution. If it’s done entirely through levies on uninsured depositors, it’s going to have to be pretty substantial.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.