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On 16 March 2013, the EU and IMF agreed a €10 billion deal with Cyprus to receive money from the EU-IMF. As part of the deal, a one-off bank deposit levy of 6.7% for deposits up to €100,000 and 9.9% for higher deposits, was announced on all domestic bank accounts.

Cyprus is the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help during the region's debt crisis and receive money from the EU-IMF.

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