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Thread: Cyprus works on last-minute deal to soften bank levy

  1. #1
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    Cyprus works on last-minute deal to soften bank levy

    Cyprus works on last-minute deal to soften bank levy | Reuters


    I did not see an article about this before but this is huge

    Cyprus was working on a last-minute proposal to soften the impact on smaller savers of a bank deposit levy after a parliamentary vote on the measure central to a bailout was postponed until Monday, a government source said.In a radical departure from previous aid packages, euro zone finance ministers want Cyprus savers to forfeit a portion of their deposits in return for a 10 billion euro ($13 billion) bailout for the island, which has been financially crippled by its exposure to neighboring Greece
    Expect a run on banks world wide because of this
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    Re: Cyprus works on last-minute deal to soften bank levy

    I am suprised that no one has commented on this

    From libertarians to anti euros and anit IMF's

    This is what I consider outright theft, far worse then known income taxes, or sales taxes. A one time (they say) tax on deposits. Taking 10% on deposits over 100 000 euro's and I think 6 % on deposits under that amount.


    It is going to cause a run on any bank in any country that has the potential to require a bailout. Instead of creating stability it will destroy the banking systems.

    Not to mention, it will create a lot of pissed off Russians


    Putin hits out at dangerous Cyprus bank deposit levy | Reuters


    Russian President Vladimir Putin criticized on Monday a levy imposed by the European Union on bank deposits in Cyprus as unfair and setting a dangerous precedent."While assessing the proposed additional levy on bank accounts in Cyprus, Putin said that such a decision, should it be made, would be unfair, unprofessional and dangerous," Kremlin spokesman Dmitry Peskov told journalists.
    Russian citizens account for the majority of the billions of euros held in Cypriot banks by foreign depositors, and Russian banks are heavily exposed to the island as a favored offshore centre for big business
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  3. #3
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    Re: Cyprus works on last-minute deal to soften bank levy

    Definitely troubling, as it speaks to the fragility of the EU and a sign of bad faith in terms of future negotiations with other debt laden EU members. It'll be interesting to see the effects of civil unrest on the decision making process.
    Last edited by a351; 03-18-13 at 10:44 PM.

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