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The Boston Globe

Business

Cyprus leader backs savings tax

President seeks to amend plan but urges passage

NICOSIA, Cyprus — Cyprus’ president said Sunday he is trying to amend an unpopular eurozone bailout plan that would tax deposits in the country’s banks.

But in a nationally televised speech, President Nicos Anastasiades also urged lawmakers to approve the tax in a vote Monday, saying it is essential to save the country from bankruptcy. Some 25 lawmakers in the 56-seat Cypriot Parliament said they wouldn’t vote for the tax amid deep resentment over a move some called disastrous.

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