Cyprus Bailout | Tax on Deposits Rumoured to be Back on Agenda

Cyprus Bailout | Tax on Deposits Rumoured to be Back on Agenda

It looks as if Greek Cypriot anger at depositors losing money is beginning to waver with a rumoured promise of deposits below €100,000 being protected using the international idea of them being insured. These deposits will be moved to a ‘good’ bank, leaving deposits over €100,000 in  a ‘bad’ bank awaiting a levy rumoured to be somewhere between 20-40%. There would be less sympathy for the protests of wealthy people, especially if they are foreigners.

There is a rumour that there are 7 bills being passed through the south’s Parliament, at least one of which has been accepted by the troika of the EC, ECB and IMF. It is also rumoured that the final plan will not be ready until Tuesday, the day that the ECB withdraws financial support.

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