NICOSIA, Cyprus -- Cyprus' president says he is trying to amend a detested bailout plan that would tax bank deposits across the country to reduce its effect on small savers.
But in a nationally televised speech, President Nicos Anastasiades also urged lawmakers to approve the bailout plan Monday, saying it is essential to save the country from bankruptcy.
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"I completely share the unpleasant sentiment that this difficult and onerous decision has caused," he said Sunday night. "That's why I continue to give battle so that the decisions of the eurozone are amended in the next hours to limit the effect on small depositors."
In exchange for $13 billion in rescue money, creditors would impose a one-time tax of 6.75 percent on all bank deposits under $131,000 and 9.9 percent over that amount.