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Euro ministers to hold teleconference on Cyprus

Don Melvin, Associated Press

Cypriot President Nicos Anastasiades, left, and President of the Parliament Yiannakis Omirou walk toward the parliament following a meeting in capital Nicosia, Cyprus, Monday, March 18, 2013. Cyprus' president is briefing lawmakers ahead of a crucial parliamentary vote on a controversial levy on bank deposits that the cash-strapped country's creditors have demanded in exchange for a euro10 billion (US$13 billion) rescue package.(AP Photo/Petros Karadjias)

BRUSSELS (AP) -- An official says finance ministers from the 17 eurozone countries will hold a telephone conference Monday evening to discuss Cyprus' bailout package and the proposal to seize a percentage of deposits.

A plan to impose a one-time tax on all deposits in Cypriot banks to help fund the bailout has provoked wrath across the island nation. Cypriot authorities are trying to make the levy more progressive — taxing those with smaller bank accounts only 3 percent of their total deposits, rather than 6.75 percent, as originally proposed.

An official said the finance ministers will take stock of the developing situation but no decisions are expected from Monday's meeting. The official spoke only on condition of anonymity because the information was not yet public.