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Anastasiades warned Merkel on no parliamentary majority

FXstreet.com (Barcelona) - Following the teleconference between Cypriot President Nicos Anastasiades and the European Economic and Monetary Affairs Commissioner Mr. Rehn late on Monday, what happened behind the scenes was the realization that the Cypriot government had failed to gain enough parliamentary support for the unpopular deposit levy on the island.

As ekathimerini reports: "Anastasiades is also reported to have spoken to German MEP Elmar Brok, a member of Chancellor Angela Merkel’s CDU party who is close to the German leader. According to Mega TV, Anastasiades is reported to have said to Rehn and Brok: 'When I warned you that there would not be a parliamentary majority to pass the agreement, you didn’t want to listen. Give my regards to Mrs Merkel.' The Cypriot president’s reported comments have not been confirmed."

After the Eurogroup meeting, as has been extensively reported, the Eurgroup released the following communique:

“The Eurogroup continues to be of the view that small depositors should be treated differently from large depositors and reaffirms the importance of fully guaranteeing deposits below 100,000 euros,” the joint statement said.

“The Cypriot authorities will introduce more progressivity in the one-off levy compared to what was agreed on 16 March, provided that it continues yielding the targeted reduction of the financing envelope and, hence, not impact the overall amount of financial assistance up to 10 billion euros.”

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