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Matviyenko welcomes Cyprus’ position on anti-crisis tax on bank deposits

“I want to say that it was a wrong idea, it would only have exacerbated the situation in Cyprus,” Matviyenko said

STRASBOURG, March 20 (Itar-Tass) – Federation Council Chairperson Valentina Matviyenko lauded Cyprus for taking into account Russia’s position when making the decision on anti-crisis tax on bank deposits.

“I want to say that it was a wrong idea, it would only have exacerbated the situation in Cyprus,” Matviyenko said on Wednesday, March 20. “Because such unlawful decisions to expropriate assets of both commercial companies and individuals violate international law, create a dangerous precedent and, most important, seriously undermine customers’ trust in the banking system.”

“If such a decision had been adopted, I am sure that the absolute majority of bank customers would have left Cyprus’ financial market. This would only have exacerbated the situation in the European economy.”

“You know Russia’s position. It was stated by the president. And we are glad that the voice of Russia was heard and that such a voluntaristic decision was not made,” Matviyenko added.

On March 19, the Cypriot parliament rejected the proposed tax on bank deposits.

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