Arab banks may withdraw from Cyprus
- Middle East: Wednesday, March 20 - 2013 at 07:45
The head of the World Union of Arab Bankers has said Arab lenders operating in Cyprus may abandon the island if the government does not revoke a proposal to impose taxes on depositors, The Daily Star has reported. "Cyprus is facing a historic challenge that cannot support any mistakes. The Cypriot parliament must reject this miserable plan which will not only lead to the migration of Arab and international deposits, but also deal a blow to Cyprus as an international financial hub in the region," Joseph Torbey said. "It is unfair to burden the Arab banks with the cost of increasing the capital of the troubled Cypriot banks. The customers of these banks should not pay the price of this decision," he said.
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