"Berlin| Europe is bracing for renewed turmoil as outrage in Cyprus over an unprecedented levy on bank deposits threatens to derail the nation’s bailout. Cypriot President Nicos Anastasiades, who bowed to demands by euro zone finance ministers to raise €5.8 billion by taking a piece of every bank account in Cyprus, has appealed to legislators in Nicosia to ratify the levy. A vote was delayed from Sunday over the opposition of the European Central Bank amid talks to restructure the levy. While Cyprus accounts for less than half a per cent of the 17-nation euro economy, the raid on bank accounts risks triggering new convulsions in the financial crisis that began in 2009 in Greece. Moody’s Investors Service said the move was a significant step towards limiting support for bank creditors across Europe and showed that policy makers would risk financial market disruptions to avoid sovereign defaults."
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