Saturday, March 23, 2013

Cyprus: 20% Robbery Tax On Bank Deposits Agreed

Politicians in Cyprus have agreed a new levy on the country's savers in order to secure a European bailout.

The measures include a 20% tax on savers with deposits over 100,000 euros at the country's largest bank, the Bank of Cyprus, which would see some individuals lose a fifth of their money.

A 4% tax on deposits over 100,000 euros will be levied at other banks.

We won’t be next. We could be next-but-three

Don’t believe Cyprus couldn’t happen here. The best thing for politicians is to tell the truth and hang the consequences

In centuries past it was the habit of kings to commission portraits with an inconspicuous death’s-head placed somewhere within the composition. This was to remind viewers of the mortality even of monarchs. The leaders of European nations, including our own, should adapt the practice to modern times.