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Would You Pay a Tax on Your Savings for a State Bailout?


The euro fell sharply on Monday and equity markets tumbled in Asia on concerns that a decision by the euro zone to force bank depositors in Cyprus to contribute towards a bailout could hurt other peripheral countries in the region.

Euro zone finance ministers said at the weekend that savers in Cyprus should pay up to 10 percent of their deposits towards a bailout of the country's troubled banking sector, a move that is expected to raise 5.8 billion euros. In return, Cyprus will get 10 billion euros ($13 billion) in assistance.

Authorities were working on a last-minute proposal to lessen the impact of a bank deposit levy on smaller savers after a parliamentary vote on the measures was postponed until Monday. The levy is due to go into effect on Tuesday.

Vote and tell us if you would agree to a levy on your savings as part of a sovereign bailout.