BRUSSELS—Depositors in Cypriot banks will be hit with a one-off tax on their savings, as part of a €10 billion ($12.96 billion) bailout for the Mediterranean island from the euro zone and the International Monetary Fund.
The deal, announced early Saturday, marks the first time in the euro zone's five-year-old financial crisis that depositors in bloc's banks will lose money. Accounts with more than €100,000 will be taxed at 9.9%, those with less at 6.75%, raising an expected €5.8 billion for the near-bankrupt nation.
http://market-ticker.org/cgi-ticker/akcs-www?post=218812&page=1
Bulldozers and hilarity.
http://www.zerohedge.com/news/2013-03-16/excavator-parks-outside-cyprus-bank-full-video
The deal, announced early Saturday, marks the first time in the euro zone's five-year-old financial crisis that depositors in bloc's banks will lose money. Accounts with more than €100,000 will be taxed at 9.9%, those with less at 6.75%, raising an expected €5.8 billion for the near-bankrupt nation.
http://market-ticker.org/cgi-ticker/akcs-www?post=218812&page=1
Bulldozers and hilarity.
http://www.zerohedge.com/news/2013-03-16/excavator-parks-outside-cyprus-bank-full-video
