Cyprus Delays Bailout Debate

After making a controversial decision, postponing the government debate on it probably won’t help matters. Cyprus’s government delayed a parliamentary debate on Sunday, one day after announcing a tax of up to 10 percent on bank deposits. Cyprus’s president said the country faces collapse of its banks without the bailout, but investors already began withdrawing their savings on Sunday. Cyprus’s €10 billion bailout deal, reached by the EU and the IMF, calls for a onetime tax of nearly 10 percent on people with more than €100,000 in their account, while those with less than €100,000 euros will pay 6.8 percent.