The latest draft bill in Cyprus scraps a proposed levy on deposits of under €20,000 but doesn't...

|By:, SA News Editor

The latest draft bill in Cyprus scraps a proposed levy on deposits of under €20,000 but doesn't make up for the "lost" revenue by increasing the tax on larger accounts. A vote is due later today. Meanwhile, Gazprom has denied speculation that it offered to bail out Cyprus in return for gas-exploration rights. Trading on the Cyprus Stock Exchange has been suspended for today and tomorrow - not a surprise given the chaos that would probably have ensued.