Cyprus Problem | Bailout Deal Fine Details Being Reconsidered

Cyprus Problem | Bailout Deal Fine Details Being ReconsideredCyprus Problem | Bailout Deal Fine Details Being Reconsidered

As expected, it looks as if the south’s President is changing the bands that the bailout tax was said to be set at. First he said that €0-100,000  deposits would be taxed at 6.75% and above at 9.9%. He waited for the shock to set in and then prepared to put forward his real intention with a lower tax for for those with less in the bank. The rumour is that it will be

€0-100,000 – 3%, €100-500,000 – 10%, €500,000+ – 15%

The average depositor would then be less likely to complain and MPs more likely to vote for the package in a few hours. Currently the government have 30 MPs, out of 56, who could vote for the package but at least 10 of these are fluid in their alliance.

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