As many commentators have pointed out, this move to grab money from bank deposits in Cyprus is a violation of the sacrosanct deposit insurance guarantee we all think keeps us safe. The fact is that if you save money in a bank, the authorities know exactly how much and where it is and can take it anytime (and call it a “levy” or a “tax”). This is not a good trend.
The original terms of the bailout called for a one-time tax of 6.75 percent on deposits of less than €100,000, and a 9.9 percent tax on holdings of more than €100,000. The moves are designed to raise €5.8 billion of the total €10 billion bailout cost — a condition imposed by Cyprus’s E.U. partners.
Under a new plan put forward by Mr. Anastasiades early Tuesday, depositors with less than €20,000 in the bank would be exempt, but the taxes would remain in place for accounts above that amount.
Um, maybe they should rethink those water quality standards? End Times: The Bank Won’t Let You Have Your Money Back!
The NC discussions are open to anyone. It's a friendly place, easy to join. Just sign in on the comment box with your email address and write your comment. If you stick around, people will get to know you and you're in (except, of course, for the usual credit and criminal record checks, birth and citizenship authentication, school transcripts starting from kindergarten, photocopies of tax records, ID, credit cards, debit cards, etc.). If you turn up often and seem to get the drift of the magazine, you'll be invited to submit. Please respect the generally high level of camaraderie and amiability already in evidence.
The management wishes to acknowledge the financial support of Douglas "Deep-Pockets" Glover and no one else.