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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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Cyprus bailout deal slammed as 'legalised theft'

Protesters take part in an anti-bailout rally by employees of Cyprus Popular Bank in Nicosia on March 22. Credit: Reuters

The proposed bailout tax on bank accounts in Cyprus amounts to "legalised theft" according to Yury Pyanykh, president of the Association of Russian Businessmen in Cyprus.

Mr Pyanykh told Russia's state news agency RIA Novosti the measure will be successfully challenged in court:

“This is legalized theft. It contradicts fundamental international agreements. If they approve this measure, I can only imagine the number of lawsuits that will be filed and won.”

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