Lessons from Cyprus *Must Read*

Posted by M ws On Wednesday, April 10, 2013 1 comments

On March 16, 2013 an alarm should have gone off in the minds of any who held money in a bank anywhere in the world. On that day, banksters attempted an unprecedented money grab of depositor money held at banks in Cyprus.

In a new plan to bail out the government of Cyprus, under the watchful eye of the European Commission, the International Monetary Fund, and the European Central Bank (the “troika”), depositors in Cypriot banks were to be hit with a one-time tax on their savings, as part of a €10 billion ($12.96 billion) bailout.

In a deal, announced early that Saturday, accounts with more than €100,000 would be taxed at 9.9%, those with less at 6.75%, raising an expected €5.8 billion for the near-bankrupt nation.

The eventual terms of the deal were changed and small depositors were protected against the tax, while larger depositors are now to suffer even greater losses of 40% or more; some may lose everything.

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1 comments to Lessons from Cyprus *Must Read*

  1. says:

    UP41 Malaysia gov no longer protect yr $$ in yr bank. This government duty is taken over by an Insurance Company & only insure 250K of yr $$. I am not sure in total or by bank or by each bank account. What if the insurance company also kaput ????? So how ?

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