Eurozone asks Cyprus to amend savings levy

Subscribe to our channel http://bit.ly/AJSubscribe Subscribe to our channel http://bit.ly/AJSubscribe The eurozone has told Cyprus to drop part of a hugely controversial levy on consumer savings that would generate an expected 5.8 billion euro ($7.51 billion), according to a statement released after a meeting between Cypriot and EU officials. The levy would be imposed at a rate as high as 12.5 percent on those with more than 100,000 euros ($130,000) in their bank accounts. Those with less than that amount would be hit by lower rates of deduction. The one-time fee was announced as part of an agreement that would see Cyprus granted a 10 billion euro ($12.95 billion) sovereign bailout to avoid defaulting on its debts. Al Jazeera's Jonah Hull reports from Nicosia. At Al Jazeera English, we focus on people and events that affect people's lives. We bring topics to light that often go under-reported, listening to all sides of the story and giving a 'voice to the voiceless.' Reaching more than 270 million households in over 140 countries across the globe, our viewers trust Al Jazeera English to keep them informed, inspired, and entertained. Our impartial, fact-based reporting wins worldwide praise and respect. It is our unique brand of journalism that the world has come to rely on. We are reshaping global media and constantly working to strengthen our reputation as one of the world's most respected news and current affairs channels. Social Media links: Facebook:   / aljazeera   Instagram: https://instagram.com/aljazeera/?ref=... Twitter:   / ajenglish   Website: http://www.aljazeera.com/ google+: https://plus.google.com/+aljazeera/posts