The eurozone has told Cyprus to drop part of a hugely controversial levy on consumer savings that would generate an expected 5.8 billion euro ($7.51 billion), according to a statement released after a meeting between Cypriot and EU officials. The levy would be imposed at a rate as high as 12.5 percent on those with more than 100,000 euros ($130,000) in their bank accounts. Those with less than that amount would be hit by lower rates of deduction. The one-time fee was announced as part of an agreement that would see Cyprus granted a 10 billion euro ($12.95 billion) sovereign bailout to avoid defaulting on its debts. Al Jazeera's Jonah Hull reports from Nicosia.