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UK customers escape bank levy

Around 15,000 savers in the UK arm of stricken Cypriot bank Laiki will see their deposits protected under British rules and will escape the Cyprus banking levy.

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Cypriot President 'had to choose levy over bankruptcy'

Cypriot President Nicos Anastasiades has said he had to choose between imposing a levy on peoples' bank deposits in the country or seeing the "disorderly bankruptcy" of the state.

Addressing the public today, he added that the country's financial problems may have led to their possible exit from the Euro Zone.

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