Eurozone Country Pushes Back Vote on Shock Bank Deposit Tax…For 1 Day

A cut-out image of Cypriot President Nicos Anastasiades decorates a DJ stand as part of carnival celebrations in Nicosia on March 16, 2013. President Anastasiades tried to appease Cypriots angry at having to pay up from their bank deposits for part of an EU bailout deal which his government signed to rescue the island’s banks. (Getty Images)

NICOSIA, Cyprus (AP) — An official says Cyprus’ parliament had postponed the debate and vote on the controversial levy on all bank deposits that the country’s creditors demanded in exchange for (EURO)10 billion ($13 billion) in rescue money.

Parliamentary official Antonis Koutalianos said the vote that was scheduled for Sunday afternoon has been pushed back to Monday, but the exact hour of the vote has yet to be fixed.

The decision to impose the one-time levy of 6.75 percent on all deposits under (EURO)100,000 and 9.9 percent over that amount, has triggered scorn from Cypriot politicians who condemned it as unfair, bringing in doubt its approval in parliament.

It marks the first time that the 17 eurozone countries and the IMF have dipped into people’s savings to finance a bailout.