Cyprus Robbery Rising From 10% To 25%

Cyprus Depositor Haircut: 25% Off the Top for the Rich

 

 

” Cyprus said on Saturday it was looking at seizing a quarter of the value of big deposits at its largest bank as it races to raise the funds for a bailout from the European Union and avert financial collapse.

Finance Minister Michael Sarris said “significant progress” had been made in talks in Nicosia with officials from the European Union, European Central Bank and International Monetary Fund.

He confirmed discussions were centered on a possible levy of around 25 percent on holdings of over 100,000 euros at Bank of Cyprus, and expressed hope that a package could be ready by the end of the day for approval by parliament.”

Related articles

• Cyprus discussing 25% levy on big bank savers (itv.com)
• DISY apologises to Cyprus but says ‘we all share the blame’ (cyprus-mail.com)
• Cyprus considers 25 percent bank account levy (worldnews.nbcnews.com)
• Cyprus, Troika agree to 20% tax on deposits over 100,000 euros at Bank of Cyprus (rt.com)
• Cyprus closes in on EU bailout, U-turn on levy (ekathimerini.com)

 

 

 

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Get Ready For Bank Runs … Withdraw Your Money Now … Interest Rates Suck Anyway

Cyprus Bank Depositor Tax Could Lead To Run On Europe Banks

” Ordinary people with bank accounts in Cyprus have been well and truly screwed by eurozone officials who raided their savings with a one off solidarity tax levy. The fall out could be a run on European banks.

People across Europe can hardly be expected to trust a word that comes out of the mouths of their political masters after the unprecedented bailout levy enforced on Cypriot bank deposits.

No distinction was drawn between the bank accounts of supposed Russian money launderers and ordinary citizens in Cyprus with accounts containing less than €100,000. Britons, not even part of the eurozone, have an estimated €2 billion in Cyriot accounts. As Forbes pointed out, these depositors were under the “impression they were protected by a deposit guarantee scheme.” Now they find their accounts raided and 6.75 percent of their cash deposits stolen in a hastily dreamt up tax. It will be little consolation to receive bank shares in compensation, particularly if deposits were needed to finance standing orders and mortgage payments.”

Related articles

• The Cyprus precedent (blogs.reuters.com)
• Bailout Cuts Cyprus Bank Accounts, Withdrawals Barred (greece.greekreporter.com)
• Cyprus savers “one-time taxed” 10% of money in shock bailout (irishexaminer.com)
• Troops’ savings ‘must be protected’ (standard.co.uk)
• A look at Cyprus’ decision to tax depositors (miamiherald.com)
• Britons hit by Cyprus bank bailout (standard.co.uk)
• Insane EU: Bank depositors in panic as they pay for Cyprus €10bn bailout (keeptalkinggreece.com)
• Cyprus parliament meets on EU bailout (bigpondnews.com)
• Cypriots scramble for their cash as bail-out levies 10% on all bank deposits (standard.co.uk)
• Euro zone finance ministers agree on Cyprus bailout (forexlive.com)

 

 

 

 

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