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Monday, March 18, 2013

Yes, it can happen... and could here

What you are reading below is about a new law in Cypress enacting a "one time" tax on money deposited in banks. When a country is broke the unimaginable can happen. Read on.   Ken


'People betrayed'
President Anastasiades is currently briefing lawmakers at the parliament building in Nicosia, which has been cordoned off to prevent protests.
The president has indicated he is trying to amend the levy demand.
The BBC's Mark Lowen, in Nicosia, says there are suggestions Mr Anastasiades is looking at lowering the cost to those with smaller savings.
Under the currently agreed terms, depositors with less than 100,000 euros in Cyprus accounts would have to pay a one-time tax of 6.75%. Those with sums over that threshold would pay 9.9%.