Cypriot official: vote on savings grab to go ahead

ELENA BECATOROS MENELAOS HADJICOSTIS Associated Press Published:

NICOSIA, Cyprus (AP) -- The Cypriot speaker of the house says a parliamentary vote on a plan to seize part of bank deposits will go ahead as scheduled today, despite a request by the governing party for a delay.

Yiannakis Omirou said the vote would be held Tuesday evening. DISY lawmaker Averof Neophytou had argued that postponing the vote to Wednesday would give legislators a chance to seek a solution that would prevent "the big dangers our country is facing."

The government presented a plan over the weekend to dip directly into people's Cypriot bank accounts in order to contribute €5.8 billion ($7.5 billion) out of a €15.8 billion bailout. The move has caused an uproar.

The government brought an amended bill Tuesday that will shield small savers with up to €20,000 ($25,858) in the bank from the seizure. But the government proposal still faces stiff resistance and may not pass the vote.