Sunday, March 17, 2013

REPORT: Changes in Tax Levy for Cyprus Bank Accounts

FT is reporting:
Cyprus’ embattled president was on Sunday in talks with Brussels and political rivals to ease the terms of a planned levy on smaller deposit holders[...] 
Cyprus levy could rise to 12.5% for large deposits and fall to 3.5% under 100K, say officials.
At this point it is not the size of any levy, but the fact of a levy in the first place, that will make depositors nervous throughout the eurozone.


  1. Good theatre. All part of the plan, or did they blink?

  2. My guess: part of the plan. Make it bad and then soften the blow until the proletariat believes that you are doing them a favor. You can bet the Obama administration is taking notes.