Cyprus Proposes Exempting Smaller Deposits From Tax

The government of Cyprus is trying to ease fears over a proposed tax on bank deposits. Newly proposed legislation would exempt savers with smaller accounts. It's part of a bailout plan for that Mediterranean country, negotiated with the E.U. and IMF over the weekend.

E.U. Tax Proposal On Cypriot Bank Deposits Riles Russia

There has been angry reaction in Russia and Cyprus to the E.U.'s proposal to seize nearly 10 percent of large deposits in Cypriot banks, and roughly 7 percent of smaller deposits. That would force Russian oligarchs and ordinary citizens to bear much of the cost of the bank bailout in Cyprus.