Cyprus to impose one-time levy of 9.9% on all deposit over €100,000

[indomie]

Cyprus Postpones Debate On Bailout Terms, Official Says
by THE ASSOCIATED PRESS
March 17, 2013 5:17 AM

Petros Karadjias/AP
An official says Cyprus' parliament had postponed the debate and vote on the controversial levy on all bank deposits that the country's creditors demanded in exchange for $13 billion in rescue money.

Parliamentary official Antonis Koutalianos said the vote that was scheduled for Sunday afternoon has been pushed back to Monday, but the exact hour of the vote has yet to be fixed.

The decision to impose the one-time levy of 6.75 percent on all deposits under €100,000 and 9.9 percent over that amount, has triggered scorn from Cypriot politicians who condemned it as unfair, bringing in doubt its approval in parliament.

It marks the first time that the 17 eurozone countries and the IMF have dipped into people's savings to finance a bailout.

[teddybear]

Wow! that tell you the danger of keeping your money as CASH in the banks!


Cyprus Postpones Debate On Bailout Terms, Official Says
by THE ASSOCIATED PRESS
March 17, 2013 5:17 AM

Petros Karadjias/AP
An official says Cyprus' parliament had postponed the debate and vote on the controversial levy on all bank deposits that the country's creditors demanded in exchange for $13 billion in rescue money.

Parliamentary official Antonis Koutalianos said the vote that was scheduled for Sunday afternoon has been pushed back to Monday, but the exact hour of the vote has yet to be fixed.

The decision to impose the one-time levy of 6.75 percent on all deposits under €100,000 and 9.9 percent over that amount, has triggered scorn from Cypriot politicians who condemned it as unfair, bringing in doubt its approval in parliament.

It marks the first time that the 17 eurozone countries and the IMF have dipped into people's savings to finance a bailout.

[kane]

keep in khong guan biscuit tin better.

[buttercarp]

Will they put money elsewhere , eg here in SG?


LOL.... or hide in the navel - like Japanese women - hesokuri 臍繰り.

[Arcachon]

They should do what the Iceland do to their politician and banker.

Convictions
Baldur Guðlaugsson, Permanent Secretary of the Ministry of Finance, was sentenced to two years probation by the District Court of Reykjavík for insider trading. The case was remitted to the Supreme Court of Iceland which upheld the ruling.[167]
Aron Karlsson was sentenced to 2 years in prison by the District Court of Reykjavík for defrauding Arion Bank in real estate dealings.[168]
Lárus Welding, CEO of Glitnir, and Guðmundur Hjaltason, Managing Director of Corporate Banking of Glitnir, were sentenced to 9 months in prison by the District Court of Reykjavík for a major breach of trust. Out of the 9 months, 6 are probationary for 2 years.[169]
Friðfinnur Ragnar Sigurðsson, Glitnir employee, was sentenced to 1 year in prison by the District Court of Reykjanes for insider trading.[170]

http://en.wikipedia.org/wiki/2008%E2%80%932011_Icelandic_financial_crisis

[indomie]

Since they delay the decision to monday, they will rush the bank the first thing tomorrow. They will sell their euro and convert it to USD or asian currencies. The rest of the weak euro countries will do the same too, fearing for the same fate.

[radha08]

Will they put money elsewhere , eg here in SG?


LOL.... or hide in the navel - like Japanese women - hesokuri 臍繰り.

they need a BIG navel...:D:D:D

[leesg123]

This will cause a run on the bank, further worsen the situation. If other europeans also see amd start to worry, it may trigger a tsunami. God bless to everyone.

[kane]

This is tax on savers in a literal sense.