Friday, March 22, 2013

Cyprus Bailout: 15% Tax On Big Savers Mulled...........Which is the Deal EU gave to Cyprus to start with!

Cypus is reportedly considering a levy of 15% on all bank deposits over 100,000 euros as its attempt to secure a rescue for the economy.

The original terms of the EU bailout for Cyprus proposed by the troika of international lenders would have slapped a levy on all bank deposits - 6.75% on accounts holding up to 100,000 euros and 9.9% on those over that - in order to raise 5.8bn euros (£4.9bn).

But that was overwhelmingly rejected by MPs earlier in the week, leaving them less than a week to find a 'Plan B' with which to raise the cash.